A French hedge fund manager whose company lost as much as $1.4bn of clients' money in Bernard Madoff's corrupt investment firm was found dead in his Manhattan office yesterday, reports The Telegraph .
Thierry Magon de la Villehuchet, 65, was pronounced dead at a Madison Avenue building in midtown Manhattan on Tuesday morning, according to a French website.It appeared "highly likely" that he committed suicide, said a source familiar with the investigation who spoke on condition of anonymity. A French newspaper also said he killed himself.
News of the death comes as it emerged that the disgraced New York hedge fund king, accused of defrauding clients across the world of $50 billion, will spend Christmas under nightly house arrest.
He will have an electronic tag fitted to his ankle, after failing to find the four people needed to guarantee his $10 million bail.
Mr De la Villehuchet was a founding partner and chief executive officer of Access International Advisors. Access had reportedly invested $1.4bn with Mr Madoff, who was arrested on December 11. Access raised funds on the European markets to plough into Mr Madoff's investment fund.
MICHAEL SPENCER, THE CONSERVATIVE Party treasurer, has admitted that without informing the stock market he pledged shares worth about £15 million in a company he chairs to a bank as security for a loan, says The Times.
The announcement that a 12 per cent stake in Numis, the City stockbroker, is "included in a package of assets charged pursuant to a loan facility" taken out with HSBC in October comes after the disgrace of David Ross, the Carphone Warehouse co-founder.
It emerged this month that Mr Ross had secured a loan of more than £100 million on his holdings in four public companies without registering the fact.
It is understood that the original agreement between Mr Spencer and the bank to take the shares as collateral dates from January and that all changes in the ownership of such share stakes should be formally announced through the London Stock Exchange.
However, it is a grey area legally whether pledging the shares as collateral constitutes a change of ownership, a point made on Mr Ross's behalf by his supporters.
TAYLOR WIMPEY, BRITAIN'S LARGEST house builder, said yesterday it expected to strike a deal with its lenders over a deferral agreement on its interest cover covenants, reports The Guardian.
The company, which said last month its net debt stood at £1.9bn, had warned it was likely to breach its banking covenants in early 2009 without a deferral deal.
In a statement yesterday, Taylor Wimpey said: "We have been progressing towards a deferral agreement with our lenders on these covenants.
"These discussions are close to completion and we expect to reach an agreement prior to the end of the year." It added: "We are confident that a robust, stable medium-term financing solution for the group, which takes into account the requirements of all relevant stakeholders, will be achieved prior to the announcement of our preliminary results."IFAonline
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