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Former Allco Chairman Coe Dies on Aspen Skiing Trip, SMH Reports

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Jan. 22 (Bloomberg) -- David Coe, who led Allco Finance Group in a failed bid for Qantas Airways Ltd. before the asset management firm collapsed during the global financial crisis, has died, the Sydney Morning Herald reported.

Coe, 58, died of a suspected heart attack during a skiing trip in Aspen, Colorado, the newspaper reported, citing three friends and colleagues of Allco’s former executive chairman.

Allco, part of a group that bid unsuccessfully for Qantas in 2007, handed operations to outside managers in November 2008 after breaching loan obligations. Creditors decided to wind up the firm in May 2009.

Allco had borrowed to buy assets such as wind farms and aircraft, emulating a model pioneered by Macquarie Group Ltd. The strategy backfired in 2008, as debt markets seized up and bankers forced it to sell holdings as prices slumped.

Coe is survived by his wife Michelle and three sons, the Morning Herald said today.

To contact the reporter on this story: Narayanan Somasundaram in Sydney at nsomasundara@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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