Ex-Polygoner Jackson Dumped From Listed Credit Unit

Jan 24 2011 | 11:21am ET

A co-founder of Polygon Investment Partners has been unceremoniously ousted from a listed credit vehicle he helped set up six years ago.

Alexander Jackson, who stepped down as a principal of Polygon in 2008, was removed from the board of directors of Tetragon Financial Group by its other directors. The Amsterdam-listed firm said the move was "a result of Mr. Jackson's conduct following the board's approval in July 2010 of the investment in GreenOak Real Estate, from which Mr. Jackson dissented."

Jackson has also been removed from the board of an offshore version of TFG. He will remain a principal of Tetragon Financial Management, the former Polygon Investment management and investment manager of TFG.

Last year, TFG bought a 10% stake in GreenOak and committed US$100 million to its investments. It was not the only Polygon affiliate to do so; Polygon Management also invested in TFG.

TFG said the GreenOak deal would help diversify the company's financial services footing from its base in collateralized debt obligations.

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