Monday, 1 September 2014
Last updated 3 days ago
Aug 30 2013 | 10:52am ET
The U.S. Justice Department has launched an investigation into a private-equity firm's hiring of a former Army officer who led a unit that did business with one of its portfolio companies.
Justice has asked Lynn Tilton's Patriarch Partners for information related to its hiring of retired Col. Norbert Vergez earlier this year. Vergez led a controversial Pentagon program that spent billions buying helicopters for U.S. allies, including from Patriarch's MD Helicopters, until his retirement last year.
The request came last Friday, The New York Times reports. The government plans to look into the circumstance surrounding Vergez's hire.
Tilton said she did not know Vergez until 2011, when his program awarded MD a contract worth as much as $186 million. Vergez approached Patriarch about a job last April—with the approval of a Pentagon ethics officer, a Patriarch spokesman told the Times. He joined the private-equity firm as senior vice-president overseeing aviation and aerospace investments in February.
MD has won no new government business since Vergez's hiring.
"MD and Patriarch are squeaky clean," Tilton said. "Our only fear is any specter that the press might cast and not of any truth than an investigation will find."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...