Hearst Newspaper Executives Can't Believe That
You Wont Read About This In The Greenwich Time:
Assets Related To Fairfield Greenwich To Be Sold In New York
Someone Had Better Stop This Horse Sale ,
By The "Richest Man On God's Green Earth" !!!!!
Owner of Stonebridge Farm's firm out $7.5B in Madoff investments
SARATOGA — A hedge fund investor who poured millions into Saratoga's equine economy has abruptly stopped all new construction on his huge horse farm and wants to sell his thoroughbreds ......
....Jeffrey Tucker, the founding partner of Fairfield Greenwich Group, bought Stonebridge Farm in Schuylerville in 2004, and has since built New York's first track with a synthetic racing surface and indoor arena on the 188-acre farm.
Tucker, 62, owns and cares for about 50 thoroughbreds on the site, considered one of horse racing's premier training facilities, and recently purchased a 230-acre satellite farm in Gansevoort.
But two weeks ago, his Connecticut-based investment firm said it had lost $7.5 billion — apparently more than anyone — in the Madoff scandal ...
...The losses have caused all construction on Tucker's vast farm to grind to a halt, and the properties' manager says Tucker will soon sell his horses. "It's going to be tough financial times," manager Dennis Brida said in an interview this week. .....
He said that rumors about the farm closing and laying off its 50 employees are false. But Tucker plans to carefully evaluate the farm and make necessary changes, Brida said, including unloading his 20 to 25 horses, some of which ran at Saratoga Race Course, in the coming months.
Tucker, a Manhattan resident, has worked in the finance industry for most of his life. He likes to spend weekends in a home he built on Stonebridge Farm because he loves horses, those who know him say.
Tucker serves on the board of Equine Advocates of Chatham, and has hosted multiple celebrity galas on his farm to raise money for the charity. He is chairman of Empire Racing Associates.
"He's the nicest man walking God's green Earth," said developer Sonny Bonacio, who helped build Stonebridge, but recently was asked to cease work on a barn.
"He asked us to hit the brakes until he figures out what his long-term plan is," Bonacio said. "It's such a shame what happened."
Tucker did not respond to a request for an interview. In a Dec. 16 letter to investors, Fairfield Greenwich Group reported that it had invested approximately $7.5 billion of its $14.1 billion in assets with Bernard L. Madoff Investment Securities.
"We are seeking to gather all facts, work diligently with counsel to determine the appropriate course of action toward recovery, and stand ready to assist the authorities with their investigation," the company statement said.
It was Tucker who introduced the firm to Madoff in 1989, according to The Wall Street Journal. The fund that Fairfield Greenwich set up through Madoff had lost money in only 13 months over 15 years, the newspaper reported......
...... "Everything at Stonebridge is "top shelf," Peck said, and Tucker tried to buy and hire local.
If Tucker cannot sustain the farm as is, there's hope at least one of the properties could be remade into a commercial operation.
"It's in a great location in a really great racing community," Brida said. "It will still thrive."
Comment:
Maybe His Long Term Plan Is To Get The Hell Out Of Dodge, Before The SEC And The FBI Sieze His Assets.
Source: timesunion.com: Local Breaking News - http://timesunion.com/local/BreakingNews.asp
Maybe His Long Term Plan Is To Get The Hell Out Of Dodge, Before The SEC And The FBI Sieze His Assets.
Source: timesunion.com: Local Breaking News - http://timesunion.com/local/BreakingNews.asp
PLEASE ALSO SEE:
RELATED:
Greenwich Guys Behaving Badly
There Has Been Very Little Published By The Greenwich Time On Walter Noel And The Madoff Scandal And Most Of It Has Been Wire Service Reports:
12/30/2008 - Two Greenwich private schools and a Stamford-based Hebrew school are among the hundreds of nonprofit organizations across the country that were partly funded by foundations invested in Bernard Madoff's allegedly fraudulent fund
12/23/2008 A Web page dedicated to Bernard Madoff was taken down by Facebook Inc., operator of the world's largest social-networking site, after some users posted comments complimenting and jeering his alleged similar results
12/21/2008 The almost unfathomable $50 billion Ponzi scheme of Wall Street money manager Bernard L. Madoff, which in all probability has created staggering investment losses for a wide swath of people and
Madoff misled SEC in '06, got off
Madoff misled SEC in '06, got off
12/18/2008 - Securities and Exchange Commission investigators discovered in 2006 that Bernard Madoff had misled the agency about how he managed customer money, according to documents, yet the SEC missed an similar results
By Gregory Zuckerman The Wall Street Journal
12/18/2008 - Securities and Exchange Commission investigators discovered in 2006 that Bernard Madoff had misled the agency about how he managed customer money, according to documents, yet the SEC missed an opportunity to uncover an alleged Ponzi scheme.
By Gregory Zuckerman The Wall Street Journal
12/17/2008 - NEW YORK - Disgraced investor Bernard Madoff made an appearance at the federal courthouse in Manhattan to complete paperwork for his bail after a judge set new conditions for release, including a curfew and monitoring bracelet
Wire report The Associated Press
12/20/2008 - NEW YORK - One of the nation's leading educational philanthropies announced that it would close in the coming months, brought down by the alleged financial fraud
orchestrated by Bernard Madoff.
Wire report The Associated Press
12/19/2008 - Members of the Greenwich Retirement Board pressed their pension consultant Thursday to explain how they let another client, the town of Fairfield, invest $42 million in a high-risk pool under the management of Bernard Madoff Douglas Moseley, a partner with Cambridge, Mass.
================================================================
Please send your comments to GreenwichRoundup@gmail.com or click on the comments link at the end of this post.
No comments:
Post a Comment