1. As readers know, Carl Barney and Craig Biddle have been in
litigation for a while now. Barney has gone on an internet offensive
recently asserting that
Biddle stole $9 million from him.
Craig originally drafted an Advisement Agreement that he, Sarah
[Biddle], Lenny Esmond (our joint accountant at the time), and I
signed. The Agreement required OSI to maintain these funds in a
segregated investment account. Use of the funds required my approval;
without my approval the “funds may not be used”.
On January 26, 2024, Craig confirmed: “The funds are held in trust
by OSI, not grants to OSI”—emphasis added.
In the same exchange, Craig wrote: “They are held in trust and may
be used only with Carl’s and Lenny’s permission.”
In January 2026, having become concerned with the Biddles’
behavior, I directed OSI to transfer the trust funds and demanded an
accounting. Craig refused. On January 12, 2026, using money from the
trust, Craig filed suit to seize the $9 million.
In any event, the episode has caused
Barney to rethink
his view of human nature.
For much of my life, I believed that people were fundamentally good.
I was inclined to trust. I wanted to see the best in others. In many
cases, that openness served me well, but that belief carried a cost.
Two long-term and personal relationships ended in profound betrayal.
People I trusted personally and financially proved themselves
dishonest. Those experiences forced me to reexamine my longstanding
assumption.
I assume Barney is referring to
Biddle and Yaron Brook.