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.
PLEASE ALSO SEE:
SOME OF GREENWICH FAIRFIELD'S MONEY IS FOUND IN THE VAULTS OF JPMORGAN CHASE
Lawyers Representing Greenwich Fairfield May Be Taking Chase To Court
Fairfield Greenwich Investors Question The Timing Of JP Morgan's Withdrawal - They Say Part Of That JP Morgan Stash Belongs To Them
Walter "Feeder Fund" Noel's Investors WONDER IF JPMorgan Saw Trouble Brewing And Got Out Before The Storm.
JP Morgan Chase Says The Bank "Became Concerned About The Lack Of Transparency" As It Reviewed Its Investments Linked To Bernard Madoff
Why Wasn't Greenwich Resident Walter Noel Concerned About The "Lack Of Transparency" At Madoff's Firm?
Why Didn't Walter Noel Tell His Investors About Chases Withdrawal?
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