* City "supermum" Nicola Horlick ousted by poker fan
* Calls Horlick bluff on Bramdean approach
By Sinead Cruise and Joel Dimmock
LONDON, June 19 (Reuters) - Vincent Tchenguiz has played another winning hand.
The property tycoon is famous for his poker-playing skills, a fact City "supermum" Nicola Horlick might ruefully acknowledge after losing out in the battle for Bramdean Alternatives.
"Poker taught me about risk-taking, bluffing and was good for mental ability. Poker is good for business," Tchenguiz told the Jewish Chronicle during a rare interview in 2007.
Embattled investment group Bramdean had been Horlick's firm, but embarrassing exposure to Bernard Madoff's ponzi fraud helped isolate her from the investors she had attracted at the 2007 listing, chief among them Tchenguiz.
"He's a powerful individual and a big personality," one of Tchenguiz's former business associates told Reuters.
"I would have thought that right now, he's feeling slightly 'siege mentality' because his business empire isn't looking quite as good as it once was. He would probably fight for everything he can," the source said.
The bespectacled speedboat fan -- well known in European real estate circles for his 'work hard, play hard' lifestyle -- acquired a 28.7 percent stake when Bramdean Alternatives listed.
The investment was concluded at the peak of the UK property boom, during which Tchenguiz and his brother Robert amassed the lions' share of a real estate portfolio worth 4 billion pounds ($6.54 billion).
The deal was feted as a high-profile endorsement of Horlick and many expected Tchenguiz to give Bramdean a much-needed edge in the real estate market. However, the union soured quickly under the pressure of freefalling prices and a withering global economy.
It was Horlick's near-10 percent exposure to Madoff, however, which brought things to a head and eventually convinced enough fellow investors to give Tchenguiz their backing.
BREAK-UPS
Tchenguiz is no stranger to tough times himself and has spoken about reaching his last $10,000 in 1984 before relying on credit to trade himself out of trouble.
As chairman to Consensus Business Group, though, Tchenguiz has shown little stomach for management who blame market turmoil for underperformance.
In just a couple of years, the former Prudential Bache vice president has carved out a fearsome reputation as an activist investor with a penchant for break-ups and asset stripping.
He called for the break-up of Australian infrastructure investor Challenger Financial Services last summer after suggesting asset sales could generate more value for shareholders than was reflected in the share price.
He has shown the same attitude towards Bramdean, forcing a board change that is likely to leave Horlick out in the cold, although people close to her said she is just another unfortunate victim of the Madoff scam.
Sources close to Tchenguiz told Reuters on Thursday he wanted the new board to ask the Takeover Panel to issue a 'put up or shut' demand on the fund manager to force her to drop an approach for Bramdean or reveal details of financing for a deal.
Almost as famous for his generous Mayfair house parties as he is for his property empire, Tchenguiz has always acknowledged he is almost entirely motivated by money.
The Tehran-born bachelor has recounted tales to the Daily Telegraph of a youth spent collecting empty Coke bottles to swap for cash, or trading American chewing gum and chocolates.
His priorities for Bramdean Alternatives will be to exit with as much money as possible, and will offer little sympathy to the usurped Horlick as he does so. (Editing by Andrew Macdonald) ($1=.6113 Pound) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)