Hedge Fund Founder & Daughter Die In Plane Crash

Reuters reports that a Cessna plane carrying Michael Klein, the founder of US hedge fund Pacificor LLC, his 12-year-old daughter Talia, her 13 year-old friend Francesca Lewis, and a Panamanian pilot, disappeared from radar Sunday after leaving an island Klein owns off the coast of Panama.

The news agency reports that the Panamanian government said that the plane was lost during a '45 minute flight between Islas Secas, in the Gulf of Chiriqui, and Volcan, a mountainous coffee-growing region'. Rescue teams worked the area, but were initially hampered by poor weather conditions. A $25,000 reward was offered for information that led to the discovery of the location of the plane.

What remained of the plane was evenutally discovered Tuesday in an uninhabited region of Panama known as Las Ovejas, about 270 miles west of the capital. Francesca Lewis was the only survival, and she was rushed to hospital.

According to Associated Press reports, Klein, 37, was CEO of Pacificor LLC, a Santa Barbara-based company that manages several hedge funds, founded two companies in the 1990s before becoming president and CEO of eGroups Inc., which was the world's largest group e-mail communication service. Yahoo Inc. purchased eGroups for $450 million in August 2000.

The cause of the crash has yet to be determined.

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