Prechter raises funds for depression cure

DETROIT - Waltraud Prechter, chairman of Prechter Holdings Inc., has established a foundation in memory of her late husband, Heinz, to raise money to find a cure for manic depression.

Heinz Prechter, who was chairman and founder of Southgate, Mich., supplier ASC Inc., committed suicide in July after suffering from manic depression.

The nonprofit foundation, also in Southgate, is called the Heinz C. Prechter Fund for Manic Depression. "We will build a national alliance of leaders in business, politics, health care and our communities to raise funds for breakthrough medical research," Waltraud Prechter said in a written statement.

The foundation initially will be staffed by employees who work for the Prechter family's World Heritage Foundation, which donates money to nonprofit organizations that specialize in health, education, arts and culture and the community.

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