Cayman hedge fund liqudators not welcome in US?
- In re Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd., 374 B.R. 122 (Bankr. S.D.N.Y. 2007) (applying also to the case of sister fund,
- In re Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Fund, Ltd.), online at http://chapter15.com/c15_files/20070907/AmendedORDdenyingChap15.pdf.
- In re Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd., 389 B.R. 325 (S.D.N.Y. 2008), online at http://chapter15.com/c15_files/20080620/43_27_Master_DistrictJudgeOpinion_affirm.pdf.
- This synopsis glosses over the legal niceties of the distinction between a company’s ‘centre of main interests’ and a simple ‘establishment’, but neither of these was present in the Bear Stearns case, and Cayman liquidators would accomplish very little by showing only that the company had an ‘establishment’ in the Islands – the really meaningful test is whether or not the Caymans represent the debtor-companies’ main operating or asset base.
- In re Basis Yield Alpha Fund (Master), 381 B.R. 37 (Bankr. S.D.N.Y. 2008), online at http://www.nysb.uscourts.gov/opinions/reg/159705_37_opinion.pdf.See Tim Le Cornu & Matthew Clingerman, New Insolvency Rules in the Cayman Islands, CAYMAN FIN. REV., issue 15, Q2 2009, at 66.
- Ben Feder, Judge Again Denies Basis Yield Alpha Fund’s Request for Chapter 15 Recognition, blog post on OVERHEDGED (22 Jan., 2008), online at http://overhedged.blogspot.com/2008/01/judge-again-denies-basis-yield-alpha.html.