u.s. hedge fund to save us!!!, page-2

And further more====== I vaguely recollect of another U.S. hedge fund that got screwed by GTP called Ospraie.

OOPS!,I hope the share forum on H/C dont see UGL buying into this,otherwise I wont have a witless knight saving my trees.(pucker up suckers)


Pulpwood gets New York boostArticle from: PerthNowFont size: Decrease Increase Email article: Email Print article: Print Submit comment: Submit comment Michael Bennet

September 09, 2009 10:03am
A WA company set up to rescue Great Southern's forestry schemes has signed an agreement with a New York asset manager to boost its investment capacity.

The Gordon Martin-run Pulpwood Plantations today said it had signed an in principle Heads of Agreement with New York Stock Exchange-listed Och-Ziff which could see Och-Ziff take a 50 per cent stake in the company.

Pulpwood said the proposed investment could see the company extend its offer to all 11 Great Southern plantation projects.

"This acquisition would enhance our ability to deliver a total solution to growers and underpins our commitment to building a long term, sustainable forestry business." Mr Martin said.

Och-Ziff is one of the largest alternative asset managers in the world, with approximately $21.7 billion of assets under management as of September 1, 2009.

Pulpwood had previously planned to invest in six of the schemes in exchange for a share of the harvest proceeds.

The company today said it had received an "overwhelmingly positive response" from growers to its proposal, which includes making Primary Securities Limited the new responsible entity of the schemes.

"We are asking them (growers) to return a power of attorney document so that Primary Securities can call the meeting on their behalf," Mr Martin said.

"Once this is done, growers will be only four weeks away from a meeting at which they can vote for change, either in person or by proxy."

Pulpwood said it has received well in excess of the 5 per cent required to call a meeting of growers to vote on the proposed changes.

The investment by Och-Ziff’s is subject to final investment committee approval.

Privately-held Pulpwood was set up by Mr Martin, who is also the chancellor of Curtin University, to invest in six of Great Southern's plantation schemes.

Mr Martin is also the major shareholder of Coogee Chemicals and a former director of Burswood Ltd and United Group Ltd.

WA olive processors Kailis Organic Groves and Sumich Olive Group last week signed a heads of agreement to develop and present proposals to receivers McGrathNicol for the failed olive schemes.

Great Southern, which operated 45 forestry, horticulture and cattle managed investment schemes on behalf of 43,000 investors, collapsed in May with liabilities of $996.4 million.


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