Wednesday, October 15th 2008, 1:11 AM
Four top AIG executives spent $86,000 on a partridge hunt at an English country manor as the feds gave their struggling firm billions to stay afloat.
The heedless hunters and their guests traipsed through the fields in tweed knickers, firing at defenseless birds and later washing down pigeon breasts and halibut with "the finest wines taxpayers' money can buy," the London-based News of the World newspaper reported.

There were at least three New Yorkers in the group - Jeffrey Malkovsky, a senior director at AIG's Manhattan office, Hilary James, the general manager of the luxurious Bristol Plaza Hotel, and her pal, John Roberts, who also advises AIG, sources said.

In interviews with undercover reporters, the AIG honchos said they were aware that the markets were crashing back in New York - but were more interested in bagging birds.
"The recession will go on until about 2011 - but the shooting was great today and we are relaxing fine," AIG honcho Sebastian Preil was quoted as saying.

Preil wasn't the least bit embarrassed that AIG, which got its first $85 billion bailout from the feds last month, needed taxpayer money to stay in business. The hunting trip came the week AIG got a second loan of $37.5 billion.

"We should be on an even keel in two years," he reportedly said.

Another AIG executive, Alvaro Mengotti, "slurped fine wine" while dispensing advice on surviving the financial crisis. "Invest your money in gold," he reportedly said.

The AIG hunting party stayed at Plumber Manor, a 17th century country house in scenic Dorset, southwest of London. In four days, they racked up a $17,500 bill for food and rooms.
Priel and a German businessman identified by the paper as Stefan Nill flew in from Frankfurt by private jet costing another $17,500, the paper reported.

Mengotti flew in from Spain and was driven to the hotel in one of the fleet of limos that cost $8,750, the paper said.
Also with them was a client of Preil's identified by the paper as "Herr W. Underburg."

AIG spokesman Joe Norton confirmed Tuesday the hunt happened. He said "it was planned months (ago)," though he admitted it should have been cancelled.
"AIG's priority is to continue to focus on maximizing the value of the business so we can repay the federal reserve loan."

AIG last month it was revealed that top executives spent $500,000 at a swanky California resort after the failing insurer got it's first infusion of bailout bucks.

Last week, AIG cancelled another junket to another expensive California resort for AIG agents after word leaked out.