Daily News; White Plains

Shareholders Want Their Nav From Zweig Fund

NEW YORK (HedgeWorld.com) - Another contentious shareholders' meeting looms for the Zweig Total Return Fund, Inc., a closed-end mutual fund. The meeting will take place May 10. Phillip Goldstein and Arthur Lipson are soliciting proxies to prevent a quorum for the meeting's business, given them some leverage in demanding what the proxy statement calls "substantive action to address the Fund's persistent discount from net asset value."

Gao Report Highlights Sec's Slow Reaction to Market Timing

WASHINGTON (HedgeWorld.com) - In an extensive report on the mutual fund market-timing and late-trading abuses, and the Securities and Exchange Commission's response to them, the Government Accountability Office on Friday criticized the commission's failure to detect the problem earlier. In a report written for the House Judiciary Committee, GAO officials also praised some of the actions taken by the SEC in response to the scandals - including expanding examiners' mandate to review mutual fund...

Ilex Hires Meek

LONDON (HedgeWorld.com) - Ilex Asset Management (UK) LLP, a hedge fund specializing in long-short European credit opportunities, hired David Meek as a partner and senior portfolio manager. Mr. Meek came from Citigroup, where he was responsible for trading investment grade bonds, credit default swaps and related products, according to a news release from Ilex.

Sec Sues Sg Cowen Ex-Managing Director Over Pipes

WASHINGTON (HedgeWorld.com) The Securities and Exchange Commission charged that a former managing director of SG Cowen & Co., LLC, New York, sold short the stock of companies in advance of their private offerings, including offerings in which SG Cowen has assured the issuer that it would not short sell. The charges, spelled out in a complaint the SEC filed April 21 with the U.S. District Court for the Eastern District of New York, allege that during 2001, defendant Guillaume Pollet trade...

Marshall Wace Signs On to Flextrade System

GREAT NECK, N.Y. (HedgeWorld.com) - Long/short equity hedge fund Marshall Wace North America LP has opted to use FlexTrade Systems Inc.'s FlexTrader trading platform and FlexTQM trade evaluation tools. FlexTrader is a customizable algorithmic trading and order management platform for equities, foreign exchange, options and futures, according to a news release from FlexTrade Systems. Among its functions are pretrade cost estimation, listed and over-the- counter order routing, execution strateg...

Nasdaq Buys Instinet

NEW YORK (HedgeWorld.com) - In the second major exchange by an exchange this week, Nasdaq announced it would buy Instinet Group for US$1.88 billion. Nasdaq will retain Instinet's electronic trading platform and sell the institutional brokerage business. The deal, rumored for weeks, comes two days after the New York Stock Exchange made a deal to buy the Archipelago electronic trading network.

First Quadrant Names New Partner

PASADENA, Calif. (HedgeWorld.com) - Ken Ferguson was named partner at First Quadrant, a firm specializing in absolute return strategies. Mr. Ferguson will continue to contribute to the firm's derivatives effort as co-director of global derivatives; the promotion is in recognition of his long-term contribution to the firm, said Max Darnell, chief investment officer and partner at First Quadrant, in a statement.

Calamos Taps Bank One Executive for Growing Hedge Fund Operation

NEW YORK (HedgeWorld.com) - Mutual fund company Calamos Asset Management Inc. hired David Schabes as director of alternative products and an executive vice president. He reports to Nick Calamos, senior executive vice president and co-chief investment officer of the Naperville, Ill., firm.

Child's Mystery Illness Causes Concern for Inglewood Mum[No Published Headline]

INGLEWOOD mother Susie Hutson waited six distressing months to find out why her son wasn't growing. He was born in the top 10% for size; the two-year-old is now in the bottom 3%.

Ironsand Mining Venture Could Bring Benefits

TARANAKI'S depleted beaches could benefit from a proposed multi- million-dollar ironsand mining venture now under investigation. A spokesman for Iron Ore NZ Ltd, Christchurch solicitor John Rutherford, said that if the venture went ahead, large amounts of sand would become available for projects such as beach replenishment and erosion protection.

Timber Workers Put Positive Spin On Syndicate's Success

A BUNCH of lucky New Plymouth timber workers are gearing up for a shot at $1 million. The 11-member Clelands Timber top shed social club syndicate -- which only started in January -- won Lotto's Winning Wheel and in a couple of weeks they will have the chance to spin for a prize.

From Russia with Love: Veterans Honoured for Role in War Convoys

RUSSIA thanked Taranaki yesterday for its war veterans' part in the Arctic convoys of World War II. Russian ambassador to New Zealand Mikhail Lysenko presented six medals to veterans at the New Plymouth RSA to commemorate the men's efforts.

Okato Doctor to Feature On His Own Tv Show

AN Oprah Winfrey-style television chat show featuring Okato GP Tom Mulholland aims to help people solve everyday issues. TV2 has billed Dr Mulholland as "a doctor with attitude who claims he can turn life's lemons into lemonade".

Woman Conned Elderly Victims

CAREER criminal and modern day Robin Hood were two descriptions given to the same woman in the New Plymouth District Court this week. But it was the career criminal moniker that saw Mareta Iokopeta Marsters (38) sentenced to two years in prison.

Np Branch Sends Its Ideas

CAPITAL punishment and nuclear power could become New Zealand First policy in the future. A majority of NZ First New Plymouth branch members have voted in favour of sending the controversial ideas for killing serious criminals and powering New Zealand to the political party's headquarters for consideration.

Suzanne Paul's Radiant Return

PINT-SIZE powerhouse Suzanne Paul is doing the hard graft -- working towards rebuilding her world as a successful entrepreneur and media personality. "I'd like to take a year before I'm back on top again," she said in New Plymouth yesterday.

Tractor Boy in Lucky Escape

A 13-YEAR-OLD boy is lucky to be alive after he was run over by a tractor at Waikawau yesterday. The boy received moderate head and chest injuries in the accident and was airlifted to Waikato Hospital by the TET Rescue Helicopter about noon.

Truck Overturns

Waitara Man Hid Escapers in Home

HAVING prison escapees at your house is not a good idea, as a 44- year-old Waitara invalid found out at the New Plymouth District Court yesterday. Raymond Taimoana Morehu, National Tattoo Museum curator in Wellington, pleaded guilty to sheltering one prisoner serving four years for burglary and another serving a life sentence for murder.