| MTSU wants to rename music school
MTSU officials announced Monday they will remove the name of the late Bob McLean from its school of music. McLean, who was found dead in Shelbyville last month in an apparent suicide, had been accused of taking more than $40 million from investors as loans, promising to invest the money in the stock market, but he seems to have lost most of the money day-trading in stocks in 2001 and 2002, a bankruptcy trustee has said. .
Bonds rise; Hedge fund rumor circulates
Treasury prices threw off early weakness and advanced Friday after a rumor that another hedge fund is in financial trouble circulated through trading rooms. "There are a number of names of hedge funds being bandied about as possibly being in trouble," said Tom di Galoma, head of Treasurys trading at Jefferies & Co. It is impossible to discern whether the stories have any basis in fact, he said. Problems at hedge funds in recent months have contributed to the massive declines on Wall Street, and in turn benefited the government bond market. Problems at two funds operated by Bear, Stearns & Co. last fall brought home to the markets the reality that the housing and mortgage crisis was spreading throughout the financial sector. Although the rumor was not verified, it affected the markets, sending the major stock indexes well below their best levels and pushing Treasurys higher.
Nylex falls after takeover bid withdrawn
SHARES in Nylex fell 17.5 per cent today after a private equity firm withdrew its takeover proposal for the building, automotive and plastic products maker. The stock ended down 35 cents to $1.65, after trading as low as $1.55 during the day. On Friday, after the market had closed, Nylex revealed that CHAMP Private Equity would not be making a firm offer for the company after its indicative offer of $2.65 a share in November. Nylex said talks with CHAMP had now ceased. Executive chairman Peter George said the Nylex board was not surprised the proposal had been withdrawn, given the recent turbulence in global financial markets. He said Nylex was still positioned to grow its businesses and build on the benefits of a restructuring program.
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