Report: Zwirn May Give Up Some Control Of Funds
April 3, 2009 at 5:04 AM (PT)
Controversial hedge-fund manager DANIEL ZWIRN could be giving up control of a substantial part of his $2.5 billion in assets in the coming days, reports the WALL STREET JOURNAL. Nine firms, including BLACKSTONE GROUP LP's GSO CAPITAL PARTNERS, INTERNATIONAL INVESTMENT AND UNDERWRITING, and FORTRESS INVESTMENT GROUP, have submitted proposals to take over management of ZWIRN's portfolio.
ZWIRN, who has been under investigation by the SEC and in conflict with investors after he froze withdrawals from the funds, has also touched off controversy in his radio dealings, taking over stations in DALLAS, FLORIDA, and GEORGIA from borrowers. His BERNARD RADIO also owns stations in OHIO.