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New York judge temporarily halts petition to liquidate Bermuda hedge fund at Bermuda Supreme Court

July 05, 2012 by David Marchant

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  • Faced with liquidation petition in Bermuda, Fund seeks legal protection in New York, where its assets are managed
  • Fund President Floyd Saunders claims Fund has been "the target of a relentless legal assault" by liquidators of its Cayman feeder funds
  • In its bankruptcy petition, Fund cited assets of $52 m and liabilities of $24 m
  • Unsecured creditors include Cayman Islands-based law firm Walkers, with a claim of $167,394

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Bermuda hedge fund Fletcher International, Ltd. today obtained an order in New York that temporarily prevents it from being wound-up in its home jurisdiction - a ruling that will likely lead to a jurisdictional battle between investors and management in courts in Bermuda, the Cayman Islands and the USA as they battle for control of a group that claims to manage $550 m.

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