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From Kirsten Bischoff, Opalesque New York: In late 2008 Sandra Manzke, pioneering hedge fund investor and founder of Tremont Capital Management and Maxam Capital Management rallied hedge fund investors to act on what many described as outrageous abuses and breaches of trust. As part of a grass roots movement to unite hedge fund investors Manzke began a blog about what she saw was the diminishing values of the industry only to find herself become one of the many victims of the largest hedge fund fraud in history.
Now, with only a handful of entries (and one biting reader comment) on the site (Source), Manzke has posted a farewell letter announcing that because of the Madoff situation she feels unable to lead the reform. "I would welcome anyone who would like to take over the blog, because I am a true believer in the cause. If hedge funds do not accept reform, they too will go away," she says.
Maxam files suit against firm auditors
Manzke's firm Maxam Capital ran the Maxam Absolute Return Fund LP, a fund of hedge funds which has been listed as a $280m victim of the Madoff Fraud. Late last week Maxam became one of the long list of Madoff victims seeking restitution by going after the deep pockets of accounting firms. Maxam has filed charges against Goldstein Golub Kesler and McGladrey & Pullen, and Reuters reported the lawsuit states auditors i...................... To view our full article Click here
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