Investor Zwirn Goes Out-Of-Pocket To Pay $50M In Fund Expenses
November 14, 2008 at 5:42 AM (PT)
The NEW YORK POST reports that DANIEL ZWIRN, head of hedge fund company D.B. ZWIRN AND CO., has been writing checks totaling as much as $50 million to keep his operation going and pay rent, vendors and employees while unwinding his $5 billion hedge fund.
ZWIRN, who has investments in radio that include the BERNARD RADIO stations and a stake in TAMA BROADCASTING that led ZWIRN to get a court to appoint a receiver for the stations in SEPTEMBER, has been liquidating the fund since FEBRUARY, but has had to dip into his own pocket to pay expenses because the fund's asset base has shrunk.