Activist Investor Renews Attack on Thomas Barrack’s Colony Capital

An activist investor has launched a fresh attack on Colony Capital Inc.’s chief executive Thomas Barrack Jr., criticizing his ‘terrible track record’ and ineffective leadership.

Blackwells Capital LLC, which owns a nearly 2% stake in investment firm Colony, published a letter Thursday accusing Mr. Barrack of overseeing the destruction of more than $7 billion of shareholder value in recent years and using Colony as a personal “piggy bank.”

Colony’s share price has fallen more than 80% from over $26 per share in April 2015 to less than $4 per share last week, the letter states. Colony’s share price closed Wednesday at $4.13. Blackwell attributes the ongoing weakness to Mr. Barrack’s poor performance, among other things.