MADOFF SELL-OFF: Times are getting tough for Walter Noel and Jeffrey Tucker Fairfield Greenwich Brass Recently Dumped A Shared Interest In A Cessna 560XL Private Jet
Greenwich Fairfield heads Walter Noel and Jeffrey Tucker have been selling off their fortune in anticipation of legal action
Melanie Tucker has had to cut back on her bridge habit
HEDGE-FUND HONCHOS BURNED IN SCAM START FIRE SALE
New York Post
The founders of a New York hedge fund at the center of the Bernard Madoff scandal have begun selling assets as their firm faces massive losses and a slew of lawsuits, sources told The Post.....
The pair recently dumped a shared interest in a Cessna 560XL private jet, according to a person close to the firm.
The duo purchased a one-sixteenth share in the jet in late 2006, giving them between 25 and 50 hours of use a year. Experts estimate the sale saves them a portion of the plane's $200,000 annual maintenance fees, plus $2,000 for each hour of use.
Meanwhile, Tucker - the lesser-known founder of the Madoff-scarred firm - is looking to sell his posh horse farm in Schuylerville, NY, near Saratoga Springs .....
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The New York Post Article Continues.......
.....Sources say Tucker, who's chairman of horseracing group Empire Racing, is leaning toward listing the grand estate with the upscale real-estate arm of Sotheby's.
Tucker, a prominent member of the elite horseracing community.....
.....The asset sales come amid a torrent of lawsuits by investors who say Fairfield Greenwich got hefty fees to select and monitor investments made on behalf of its clients only to miss several red flags that might have uncovered Madoff's alleged shenanigans......
.....Thomas Mulligan, a spokesman for Fairfield Greenwich declined to comment. Tucker, who years ago worked as an SEC lawyer, didn't respond to a request for comment.....
.....Even Tucker's wife Melanie, an avid bridge player, has had to tighten her belt.
Sources told The Post that as a member of the Midtown bridge club Honors, Melanie Tucker was accustomed to using her husband's jet to fly herself, and the bridge pros hired to play on her team, to bridge tournaments across the country......
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Local Greenwich Sources Tell Greenwich Roundup ....
Hedge fund firm Fairfield Greenwich, which lost more than half of its assets to scummier Bernard Madoff, is in the process of or preparing to winding down operations and could shutter its doors by summer.
The fund, which is headed by Greenwich Resident Walter Noel has been rumored to have cut its staff by 30 - 50% Greenwich Roundup has learned and people familiar with the situation have said that some remaining Fairfield Greenwich employees have been told that they may be let go by late July. Generous severance packages are being offered to keep key staff members on board and quite.
Walter "Feeder Fund" Noel lost a who headed the Fairield Sentry Fund "invested" a whopping $7.5 Billion with his chum Bernard Madoff. Fairfield Greenwich Investors have been lead to believe that there was an additional $6,5 Billion left to pay investors back. This might not be entirely accurate.
While Walter "Feeder Fund" Noel has suspended seeking new investors and has said ,"it retains the staff necessary to seek and recover any available Madoff assets."
The formerly high flying Fairfield Greenwich Group had $7.5 Billion out of $14 Billion in assets invested with Walter Noel chum Bernie Madoff through the firms fund of hedge funds, known as Fairfield Sentry.
Walter Noel who long ago suspended investor redemption requests for non-family members and is now apparently working toward selling off the firms surviving assets held in offshore tax havens.
Also wounded by the Madoff scandal is hedge fund firm Tremont Group run by Mass Mutual . The Rye New York fund also lost more than half of its assets ($3.1 Billion) to Madoff. Press reports last week said that Tremont was in the process of shutting down operations.
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MORE INFO:
Man, oh Manishevitz....
This is a list of some of the Greenwich "clients" who invested funds with Bernard Madoff
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