Marc Hogan
@marchogan.bsky.social
3.2K followers 1.1K following 690 posts
Freelance journalist. Bylines: FT, NYT, NPR, etc. Former Pitchfork senior staff writer. marchogan at gmail dot com. He/him. Iowa since 2009, but ex–NY, IL, MA, AZ, TN; CA native. https://www.linkedin.com/in/marc-hogan-00b34b1a photo by Erol Reyal
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marchogan.bsky.social
A Michigan pension fund is suing a Swiss firm and its two principals over $52.7 million they allegedly poured into a failing investment to salvage their own personal stakes. My latest for The Allocator. Subscription info: pardot.withintelligence.com/e/284832/l-2...
A $52.7m Mess  

The Municipal Employees’ Retirement System of Michigan has sued Switzerland-based investment firm Verdantf and its two principals, Berry Polmann and Gaia Arnaboldi, over an allegedly unrecouped investment of more than $52.7M. 
 
The $15.3bn allocator—also known as MERS—filed the lawsuit on September 30 in federal district court in Grand Rapids, Michigan. 

The suit claims that Polmann and Arnaboldi secretly bought personal stakes in certain entities in which Verdantf was also investing MERS’ assets, creating a conflict of interest. 

When it should have become clear to Verdantf that the investments were failing, the 65-page complaint asserts, the defendants instead allegedly “doubled down,” pouring more of MERS’ funds into the investments “because they were attempting to salvage their undisclosed, conflicted personal interests in these investments.” 

 David Fink, a Michigan lawyer representing Verdantf and Polmann, roundly denied the allegations. “This lawsuit is a shameless attempt by MERS to walk away from the fees that Verdantf earned,” he said in an interview with The Allocator. 

As for the personal investments that the Verdantf principals were allegedly making alongside Verdantf’s deployments of MERS’ capital, Fink said, “These types of co-investments are very common in the industry and were fully known to MERS every step of the way.” 

He further denied the allegation that MERS has yet to recover the more than $52.7m. “MERS does not understand the value of its investment,” Fink said. 

Arnaboldi hasn’t formally responded to the allegations, court records show, and emails sent to addresses associated with her didn’t immediately elicit a response. She is no longer with Verdantf, according to a LinkedIn profile. 
Polmann and Arnaboldi began providing investment advisory services for MERS more than a decade ago, when they were with a previous firm. When they left to found Verdantf in 2015, MERS hired them as part of a strategy to identify emerging real asset managers, the suit says. 

In March 2016, MERS and Verdantf entered into an investment management agreement providing Verdantf with “full fiduciary responsibility” over a $150m pool, court documents show. 

Soon after finalizing the agreement, Verdantf started investing MERS’ assets in a series of alternative energy companies called Concord Blue, the suit asserts. 

Verdantf invested a total of $56,555,079 of MERS’ assets in the Concord Blue ventures, from which MERS received only a dividend of $3,845,064 in 2016, per the allegations. 

However, the suit alleges that Verdantf, Polmann, and Arnaboldi consistently misrepresented the health of the Concord Blue investments and failed to disclose material facts, such as Lockheed Martin’s June 2021 termination of a contract with a pair of Concord Blue entities. 

MERS terminated the investment management agreement with Verdantf in 2023, court documents show. 

The allocator hasn’t recovered any portion of the net $52,710,015 of its assets that Verdantf invested in Concord Blue entities, the suit claims. Because of the defendants’ actions, the complaint further maintains, MERS is unlikely to receive any material recovery on the investments. 

The suit alleges fraud, negligent misrepresentation, bad faith, breach of fiduciary duty, breach of contract, and violations of securities laws. 

MERS is seeking an unspecified monetary award, plus a judgment rescinding the investment management agreement, according to the suit. 
“As fiduciary for the retirement plans of Michigan’s public servants, we are committed to holding our investment managers to the highest standards of integrity and ensuring they act in the best interest of our participants,” a MERS spokesperson told The Allocator in an emailed statement. 

Summarizing the publicly filed allegations, the spokesperson continued: “Verdantf and its principals acted dishonestly, managed investments poorly, broke their promises, and failed to follow the law. As a result, MERS has asked the court to hold them accountable on behalf of Michigan’s hardworking public employees.” 

On October 2, Verdantf and Polmann filed a motion asking the court to seal the original complaint and certain of its (hundreds of pages of) accompanying exhibits, citing “a risk of significant business and reputational harm” to non-party entities named in them. 

The next day, U.S. District Judge Paul Maloney granted the request. 

The suit, and the Concord Blue entities’ alleged involvement, were also reported by Law.com. 

   —Marc Hogan
Reposted by Marc Hogan
noahshachtman.bsky.social
Maybe I'm wrong. But I don't remember bosses feeling the need to force their employees to use cell phones, PCs, or the internet.
josephcox.bsky.social
New from 404 Media: an internal Meta message we obtained tells employees on its metaverse team that they should be using AI to “go 5x faster”. That's 5 times faster, not 5 percent more.

www.404media.co/meta-tells-w...
Meta Tells Workers Building Metaverse to Use AI to ‘Go 5x Faster’
Meta says that its coders should be working five times faster and that it expects "a 5x leap in productivity."
www.404media.co
Reposted by Marc Hogan
katzish.bsky.social
Got a recent Pulitzer for warning on the spread of autocracy around the globe, after decades of service to the paper? You can bet your butt you're getting laid off by form email, on Yom Kippur
davejorgenson.bsky.social
The Post laid off seemingly the remaining of their liberal-leaning staff members on Opinion last Thursday, when some of them were observing Yom Kippur.

from @oliverdarcy.bsky.social for Status
status.news/p/washington-post-opinion-cuts-adam-oneal
marchogan.bsky.social
Kevin Costner, the guy responsible for the line "You must avenge my death, Kimba—I mean Simba."
tylercoates.bsky.social
you can make up facts and print them in a magazine but that doesn’t make them true!!!
marchogan.bsky.social
"And I don't wanna go where the seekers all go/I don't wanna know"
andrewmale.bsky.social
Just realised that the first line of Sebadoh’s Flame is *not “I don’t want to be the one who writes Flame” and that it’s not a self-reflexive song about not wanting to write a hit song for Sebadoh called Flame. It’s still great but it’s no longer the song I thought it was.

youtu.be/expcmtqTyC4?...
Sebadoh - Flame (1999)
YouTube video by Domino Recording Co.
youtu.be
marchogan.bsky.social
Many people are saying, Weezer's "Hash Pipe" riff is from Midnight Oil's "Beds Are Burning"
Reposted by Marc Hogan
jamisonfoser.bsky.social
I've been largely offline for like a month for reasons too boring to mention. Who has a good primer on what I gather is Bluesky's slightly-sooner-than-expected heel turn?

seems like a good time to tap this sign, btw: bsky.app/profile/jami...
jamisonfoser.bsky.social
I remain deeply apprehensive about a social media platform that doesn't make it easy for users to 1) download a user-friendly archive of their own content and 2) mass-delete their own content.
Reposted by Marc Hogan
ndhapple.bsky.social
Maybe they get better? But, right now, you gotta wonder why Google nuked its signature product for this.
johngramlich.bsky.social
So far at least, Americans are lukewarm about AI summaries in search results. Relatively few who have seen them think they're extremely or very useful (20%) or have a lot of trust in the information they get from them (6%). New data from @pewresearch.org: www.pewresearch.org/short-reads/...
Bar chart showing that 20% of Americans who have seen AI summaries in search results believe these summaries are extremely or very useful. Far more (52%) see them as somewhat useful, while 28% see them as not too or not at all useful. The chart is based on an August 2025 Pew Research Center survey of U.S. adults. Bar chart showing that 6% of Americans who have seen AI summaries in search results have a lot of trust in the information they get from these summaries. Another 48% have some trust in this information, while 34% have not too much trust and 12% have no trust at all. The chart is based on an August 2025 Pew Research Center survey of U.S. adults.
Reposted by Marc Hogan
highway62.bsky.social
"Yes, I'd like the Mu-Mu muumuu."
whoisrico.bsky.social
Getting ready for Halloween
#KLF
Reposted by Marc Hogan
Reposted by Marc Hogan
rjritzel.bsky.social
This is my kind of campus revival.
emwhitenoise.bsky.social
College radio stations are seeing a surge in student interest.

Stations that once struggled to fill airtime are now overflowing with student DJs. 

I spoke to 7 college radio stations across the U.S. to understand what is driving the revival:

emwhitenoise.substack.com/p/gen-zs-col...
Reposted by Marc Hogan
mbkplus.bsky.social
There’s grasping at straws and then there’s whatever this is
Reposted by Marc Hogan
mikeduquette.bsky.social
For a catalog title, these numbers are absolutely staggering. I’d wager this is more than it sold in 1973!
Reposted by Marc Hogan
benfritz.bsky.social
The most important human story in the entertainment industry right now is the severe downturn in film and TV production in LA and how it's affecting middle-class crew workers. I spoke to dozens of them for this story about the depressed Hollywood economy. www.wsj.com/business/med...
L.A.’s Entertainment Economy Is Looking Like a Disaster Movie
Work is evaporating, businesses are closing, longtime residents are leaving, and Los Angeles’s creative middle class is hanging on by a thread.
www.wsj.com
marchogan.bsky.social
As usual, other institutions are implicated beyond only the press. In 2024, a spokesperson for a major trade group told me their organization had not looked at Project 2025 because Trump had disavowed it.
daveweigel.bsky.social
One example: I got some bad tips that Vought was on the outs w Trump bc of his Project 2025 role. Did the reporting but it was bullshit. Only story I wrote from the reporting was that Heritage was not releasing Vought's exec order drafts, bc it had learned the media coverage hurt.
daveweigel.bsky.social
I did treat it like a lie and it didn't matter to voters because many of them - maybe even a majority - do not base their votes on my takes.

If you want to make fun of the reporters/fact checkers who, in 2024, said "FALSE, Trump has said this is not his plan" please go ahead!
marchogan.bsky.social
"Hey Siri, play the new album by Say She She." "Here's 'Might Delete Later,' by J. Cole." It's 2025 and tech is supposedly very useful and valuable.
Reposted by Marc Hogan
marissarmoss.bsky.social
file under: music journalism, in general
raxkingisdead.bsky.social
you couldn’t pay me to have an opinion about t-swift’s new record. or i mean, you could, but you won’t, and no one has enough money anymore to make the opinion worth having, so here i stand, opinionless
Reposted by Marc Hogan
daveawl.bsky.social
I haven't felt quite this way since Ursula K. Le Guin died. Like UKL, Jane Goodall was a compass — someone you could count on to point the way toward what's true, what's kind, and what matters.

I hope her voice, her work, and her vision stay with us.
billmckibben.bsky.social
Jane Goodall was not only a pioneering primatologist, she also campaigned more relentlessly and selflessly for the natural world than anyone I know.

A great soul if ever there was one
www.theguardian.com/science/2025...
Jane Goodall, world-renowned primatologist, dies aged 91
Jane Goodall Institute says ‘tireless advocate’ for natural world died in California during US speaking tour
www.theguardian.com
Reposted by Marc Hogan
dorianlynskey.bsky.social
Authors have to worry about quoting one line of a song lyric in a book but this is apparently fine
Reposted by Marc Hogan
lopatto.bsky.social
some familiar faces in this story but lol at a bunch of new banks being implicated. "Epstein’s estate has turned over to Congress a list of more than 20 banks that held accounts for Epstein and entities related to him, according to people familiar with the matter." 👀 www.wsj.com/finance/jeff...
Exclusive | The Wall Street Firms That Kept Ties With Jeffrey Epstein Until the End
From TD Bank to Honeycomb Partners, several hedge funds and banks were linked to the wealthy sex offender.
www.wsj.com
marchogan.bsky.social
Correction, sorry: “We” talked to him. This time I just did the writing.