Hedge funder Daniel Zwirn has been using his own money to pay the rent on his office space as well as support vendors and employees as he unwinds his eponymous firm. Fortunately, he had the $50 million such expenses totaled.
NY Post: Daniel Zwirn, a once-highflying hedge-fund manager whose fund imploded back in February, has been dipping into his own pocket over the past several months to keep the lights on at his firm D.B. Zwirn & Co.
According to sources, Zwirn has been writing checks totaling as much as $50 million to cover the costs of staying in the Midtown office he leases at 745 Fifth Avenue, as well as to pay vendors and employees as he unwinds his $5 billion hedge fund.
Zwirn’s problems began when confidence among some clients eroded after the firm disclosed accounting problems and a Securities and Exchange Commission investigation.
The hedge-fund manager has been liquidating the fund since February, but has had trouble doing so because of the fund’s shrinking asset base.
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