The City Diary: First London latest

A welcome return to this column for First London, the investment bank that's in administration.

I now learn that First London Group Plc (an Isle of Man-registered business which is not in administration but is the holding company of the First London that is) is experiencing its own difficulties. In a letter dated 8 October and filed at the Isle of Man's Companies Registry, FLG Plc's registered agent (a required post for companies registered on the island) threatens to ditch its client. "I write to formally advise that we will have no alternative but to resign our services for the company," explains John Bateson of Cains Fiduciaries, "if the outstanding matters are not resolved as discussed in the near future." No further details are given, and neither party will explain what the problem is, although I do learn the issue remains unresolved. Who'd have thought it?

Scouse tease

Gerald Krasner, a partner at insolvency and recovery specialist Begbies Traynor and the chairman of Leeds United football club when it was sold to Ken Bates, has been shamelessly hawking himself as a commentator on the battle for control of Liverpool FC. On Friday, he fired off this missive: "[Former owners, Tom] Hicks and [George] Gillett are positioning themselves for an ongoing legal scrap and I certainly don't think we have heard the last of them. The main question now is under what legal jurisdiction will any action be bought [sic]?" What is he implying?

Filly loses double pony

For some reason, which I'm sure will emerge as some ingenious publicity stunt, £50 notes are being sent anonymously to newspaper diary columnists. One so-called rival lamely donated his to charity – while others seem to have remained quiet, possibly because they've spent it. Mine, however, was invested at 4:1 on Romantic Queen, a four-year-old filly which ran in the 5.35 at Wolverhampton on Friday. The nag is trained by my old colleague, George Baker, whose first career as a Barings trader was tragically cut short by a certain Nick Leeson. He, of course, showed a similar disregard for cash as the diarists' benefactor – and ditto Romantic Queen. She limped home in 10th.

Shy Macpherson hides

What is Elle "The Body" Macpherson up to? The former model now flogs her own brand of undies and is desperately trying to convince the world that this makes her a top businesswoman. She's been putting herself about too – giving an interview to the Evening Standard's magazine on Friday (headline: "a body for business"), which followed another given to the Financial Times's magazine last weekend. Such sustained PR activity usually means some deal's afoot but, strangely, the glamourpuss's spokespeople don't call back to explain. Why so coy, suddenly?

postmaster@slackbelly.com