Institutional Investor – Facing a contempt of court charge, Man Financial has now agreed to hand over to the receiver for Philadelphia Alternative Asset Management audiotapes and other communications that may help clarify Man’s alleged role in helping hide some $175 million in losses from the now-defunct PAAM.
“Man Financial had no right to take the position they did and to require this contempt motion,” receiver Clark Hodgson Jr. told Bloomberg News. Man has denied the allegations, which earlier this year focused on Man senior VP Thomas Gilmartin, who traded on behalf of PAAM’s Paul Eustace. Gilmartin, who has since gone on administrative leave, has been ordered to reveal the location of any relevant documents this week, but, according to Bloomberg News, no one involved in the case seems to know where he is at the moment.
