Troubled hedge fund Platinum Partners is the focus of another investigation. Shareholders of Implant Sciences Corp., one of Platinum’s investments, is calling for the firm to open its books about its dealings with the company, which filed for bankruptcy last month, the Wall Street Journal reported today. Shareholders of Implant, a Massachusetts company that makes and sells high-tech detector systems and devices that trace amounts of explosives and drugs, said in a court filing on Tuesday that the company’s primary source of debt was a series of bonds issued to a family of funds managed by Platinum. Court papers show the bonds were allowed to be converted into equity interests. Implant is said to be a major position in Platinum funds. Shareholders are requesting documents from Platinum and its affiliated funds for a deeper look into Implant’s financial position, management and debt before the bankruptcy filing.
