Board of Leyne, Strauss-Kahn & Partners Says Firm is Insolvent

Leyne, Strauss-Kahn & Partners, the financial-services firm that was headed by former International Monetary Fund chief Dominique Strauss-Kahn and late financier Thierry Leyne, said on Wednesday that it is insolvent, The Wall Street Journal reported. The Luxembourg-based firm said in a short statement that, after the “tragic death” of Mr. Leyne, the board had discovered “additional commitments within the group of which it was unaware and which aggravate the delicate financial situation.” It added: “Consequently [the board] has decided to declare insolvency.” Franco-Israeli financier Mr. Leyne was 49 years old when he committed suicide in Tel Aviv on Oct. 23, according to an Israeli official. Luxembourg regulators were at LSK’s headquarters on Wednesday afternoon, according to a person who works at the firm. In the statement, LSK’s board said the new information “called into question the future of the company, whose credit is irreparably compromised.” An LSK spokesman didn’t respond to a request for further comment.
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