Two Firms Offer Reassurance On Chapter 15 Fall-Out
Daily News; White Plains › September 20, 2007
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Summary
GRAND CAYMAN, Cayman Islands (HedgeWorld.com) - A company that provides independent directors for hedge funds has joined the list of industry service providers that have issued cautions about reliance on Chapter 15 bankruptcy proceedings in the United States.
In a recent decision two hedge funds bearing the Bear Stearns name, both exempted limited liability companies organized and registered under the laws of the Caymans, filed wind-up petitions with the Grand Court there. The court then appointed joint provisional liquidators which sought relief from the bankruptcy court in Manhattan pursuant to Chapter 15 of the U.S. Bankruptcy Code, hoping to protect the funds against the seizure of assets located in the United States.See the full content of this document
Extract
Two Firms Offer Reassurance On Chapter 15 Fall-Out
The hedge funds involved in this decision incurred portfolio losses in the crash of subprime lending markets this summer and couldn't meet the margin calls from counterparties.
The court...See the full content of this document
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