Forget Mitchells & Butlers — another battle royal is raging in the City that shows no sign of abating despite having gone on for several months.

Last year, Greg Hutchings, the multi-millionaire former boss of Tomkins, was ousted from Lupus Capital, a decision reiterated at an extraordinary general meeting. Then two weeks ago, Lupus, which had designs on being a mini-conglomrate specialising in unfashionable products such as seals for doors and windows, reinforced the message by appointing a new chief executive, Louis Eperjesi, formerly executive director at building group Kingspan.

But Hutchings, a fiercely competitive individual who in his early sixties still plays hockey to a high standard (he turns out for the England Veterans team) and keeps himself fit, refuses to go quietly. He upped his stake in Lupus to 11%, and he's writing to his fellow shareholders again.

“Lupus has recently announced a new CEO — Louis Eperjesi,” says the letter. “As a shareholder, like me, you should make enquiries whether he is the right man with the vision, international experience, reputation, track record, financial commitment and skills to develop Lupus. Was this choice made hurriedly to hinder my campaign?”

Adds Hutchings: “Ask the chairman, Jamie Pike, whether all members of the board, including the turnaround directors, were always certain and convinced, having interviewed Mr. Eperjesi, that he was the right man for this job and not just a compromise candidate.”

The ex-chief sets out why he should be reappointed, including having £9 million invested in the firm, his track record and so on.

And he says: “I will further align with shareholders by working for £1 per annum until the share price reaches 90p.” (The shares are currently around 60p.) Hutchings is requisitioning another general meeting — this time to secure his £1 a year reappointment.

“Lupus can be a great company. The requisition questions I am asking need to be addressed and not glossed over. I do not seek to remove any directors, but only that your company should be run efficiently and effectively, with good governance and transparency and with a vision for the future.”

They're asked to write to him via his website, www.gregegm.com

A heavy blow from Myners for Brown's bank light touch

What we don't want, City Minister Paul Myners argues, is “some kind of arbitrage in which banks gravitate to those jurisdictions which they believe to have the lightest regulation”. That should be the final nail in the coffin for the politician who, in 2005, assured us of the City's competitive advantage, thanks to “not just a light touch but a limited touch”. One Gordon Brown.

Archer finally on target - just

City forecaster Howard Archer, the chief UK economist at IHS Global Insight, threatened to quit if he was once again wrong in predicting that the recession has finally ended. “I would be astounded if the UK did not grow in the fourth quarter of 2009 and would have to seriously consider giving up economic analysis and forecasting, which admittedly would not be the greatest of losses to the business world,” he said ahead of yesterday's figures. “Actually, come to think of it, I may well be asked to give up forecasting if the economy contracted again.” So what did he make of the meagre 0.1% growth figure for the fourth quarter? “I have to admit that growth of 0.1% marks a pyrrhic victory in my forecast of a return to growth,” says Archer. “There may still be pressure to fall on my sword, or do something rather nasty with it.”

Lawyers: Gizza bonus

Gnashing of teeth at Simmons & Simmons where, The Lawyer reports, the City firm introduced a new bonus scheme for its 98 salaried partners and … nobody got one. Payouts were dependent on the firm hitting budget, and that didn't happen — Simmons & Simmons blames the Lehman collapse for hitting business. So, has it stayed with this arrangement? No, Simmons & Simmons has introduced a revised formula so that bonuses kick in as long as a mere 50% of the budget is reached. Lawyers, dontcha just love 'em?

Morgan Stanley hedge fund falls on its own apocalypse

Morgan Stanley can't be too chuffed at potentially having to flog off its FrontPoint Partners hedge fund to satisfy Obama's Volcker Rule. The $7 billion fund it bought in 2006 has been a tidy little earner. The reason it fared so well? FrontPoint suspected the sub-prime mortgage market in the US was heading to hell as long ago as 2004. It took big short positions in the CDOs, the rating agencies and, finally, the Wall Street banks (all except its parent company Morgan Stanley). Now it may have to be sold as the result of the very apocalypse it predicted.

Art lover who won't lose £1m needed

Wanted: a visual arts lover, consummate City and business networker and spotter of potential donors and fund-raising opportunities, no salary. That's the job description as the Tate searches for a new trustee. Whoever lands the job will mix with the likes of ex-BP boss Lord Browne, CBI President Helen Alexander, Morgan Stanley banker Frank Petitgas, London School of Economics director Sir Howard Davies and Shine TV boss Elisabeth Murdoch. “We are seeking an individual with senior leadership and management experience in a commercial business environment,” says the recruitment advertisement. What is not mentioned is that a prospective trustee needs commercial nous for good reason — the Tate managed to lose £1 million on hedge fund investments last year.

Shopping centres get a malling

The full extent of the carnage faced by shopping centres is laid bare in the latest annual report from tycoon John Whittaker's Trafford Centre in Manchester. The parent company Peel Holdings (TCL) turned in a useful £78.1 million pre-tax profit on £87.8 million sales in 2008-09. Both were up — by £5 million and £10 million respectively. So all's well and good then? Er, no. The balance sheet shows that net assets are down a whopping £392 million at £564 million. No wonder retail-centre directors are tearing their hair out at talk of VAT going up to 20%.

Financial Times hits the pitmans

People in glasshouses and all that ... but City Spy can't resist mention of the Financial Times referring to the venerable former stockbroker Rowe and Pitman as “Rowan Pitman”. It was enough to cause City old-timers to choke on their 11.30am gin and tonics. What next, spluttered one, the Duke of Marlboro and the Royle Family?

Lovely word: “Obamarama” — how BGC Partners' City commentator David Buik describes the US president's proposed Wall Street reforms.