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Embattled Bermuda hedge fund Fletcher International 'corrects' ownership structure

July 23, 2012 by David Marchant

HIGHLIGHTS

  • Floyd Saunders first claimed Fletcher International, Ltd. was owned by Cayman-domiciled Fletcher Income Arbitrage Fund
  • Two weeks later, he claimed Fletcher Income Arbitrage Fund did not own any shares
  • Offshore liquidators object to appointment of Young Conaway Stargatt & Taylor as Bermuda fund's bankruptcy counsel

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Bermuda-domiciled hedge fund Fletcher International, Ltd. is so dysfunctional that, in just 17 days, its own president and director - Floyd Saunders - gave a court in the United States two different versions of who owns it.

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