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12 Mar 2009

Madoff Linked Fund Manager Sells NY Condo

A hedge fund manager and his partner recently sold their NY condo in Midtown East/Turtle Bay for $1.049 million, according to the Manhattan Blockshopper.

David S. Upson III is the director of hedge fund research, managing director and partner at CTC Consulting, Inc., an investment consulting firm in New York City.

Although there were some links in a court filing to the Madoff hedge fund, CTC says that none of its present and past employees have ever been clients of the Madoff hedge fund, however, according to a statement this month, CTC did provide the performance data given to them by the Madoff funds upon request.

Hedge Fund Manager Joins Water Reclamation Company

Long time hedge fund manager, Eric D. Pedersen has been appointed to the position of Chief Executive Officer and Chairman of the Board of Directors at fresh water reclamation company, STW Resources, Inc.

Pedersen has over 20 years of mergers and acquisitions and financing transaction experience, a significant portion of which has been in the water industry. Prior to joining STW, Pedersen co-managed The Water Fund, LP, a New York-based hedge fund that invested globally in water-related companies.

“We are delighted to bring someone with Eric’s skill set aboard,” Gene Brock, President of the Company, commented. “The depth of his experience in both the finance and water sectors is very complementary to our already strong management bench.”

Pedersen added, “The combination of STW’s oilfield and project management capability with GE’s robust technology creates a partnership that can provide truly unique solutions to our customers’ product water challenges. I am very excited to be part of this dedicated and capable team.”

STW’s first project will utilize technology developed by GE Water & Process Technologies to reclaim approximately 70% of the fresh water from otherwise unusable oil and natural gas hydraulic fracture flow-back water and salt water that is produced in conjunction with the production of oil and natural gas.