The Australian- The private company controlled by John B. Fairfax, Marinya Media, which owns 14 per cent of Fairfax Media, has issued a blunt message to speculators and hedge funds that it is not vulnerable to margin calls, despite suffering a paper loss of more than $150 million on its Fairfax stake.<\/p>\n
The speculation about possible margin calls has come following the recent disclosure in The Australian<\/em> that Marinya had taken out a margin loan with 159 million Fairfax shares used as collateral. The loan was part of Mr Fairfax’s move to take control of Marinya. <\/p>\n But in an exclusive interview, Marinya investment boss Patrick Joyce said Marinya’s loan was highly prudent. "As part of our capital management, we have a very conservative amount of debt, in the form of a loan secured against Fairfax stock," he said. "We have not been margin-called, and speculation that we have been is completely unfounded." <\/p>\n