Liquidations & Insolvencies

Joint Inspectors' Final Report in Isle of Man Financial Services Commission v. Louis Group Structured Capital Limited, LG SP Investments Ltd., Louis Group International (Europe) Limited, Louis Group SLN Limited, Louis Group Structured Fund Plc, and Louis Group (IOM) Limited at the Isle of Man High Court.

Nigel Fielding, the CEO of HSBC (Luxembourg), is being sued in the Cayman Islands for breach of duty, willful neglect and willful default in his capacity as a director of Primeo Fund, whose entire assets of more than $786 million were invested in Bernard Madoff's fraudulent enterprise.

Originating Application in Field Investment Holdings Limited (in liquidation) v. Nordic Investors Corp. at the British Virgin Islands High Court.

Writ of Summons in Primeo Fund (in Official Liquidation) v. Nigel Fielding at the Grand Court of the Cayman Islands.

A religious charity in the United States - The Marvin M. Schwan Charitable Foundation - appears to have potential liabilities of more than $400 million due to the financial collapse of The Ritz-Carlton, Grand Cayman development, OffshoreAlert can reveal.

Order for Leave to File Amended Winding Up Petition in Robert Earl Lee v. Fortune Nest Corporation at the Grand Court of the Cayman Islands.

Plaintiff's Motion for Temporary Restraining Order and Anti-Suit Injunction Against the Cayman Proceedings in Trikona Advisers Limited v. Rakshitt Chugh, Peak XV Capital Advisers, LLC, Peak XV Capital, LLC, Peak XV GP, LLC, Peak XV Fundamental Value, LP, ARC Capital, LLC, and Rakshitt Chugh, Trustee of the RC Family Trust, at the U. S. District Court for the District of Connecticut.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Japan by Akihiro Sakaguchi, as the Foreign Representative of Taicom Securities Co. Ltd., at the U. S. Bankruptcy Court for the Central District of California.

Order Refusing Defendants' Costs Security Application in Cesar Hotelco (Cayman) Ltd., Cesar Properties Ltd., Condoco Grand Cayman Resort Ltd., Condoco Properties Ltd., and Endless Service Ltd. v. Michael Ryan, Orion Developers Ltd., Deckhouses Construction Company Ltd., IRR Limited, Endless Service Management Ltd., and Bluetip Watersports Ltd. at the Grand Court of the Cayman Islands.

Writ of Summons in Singularis Holdings Limited (in Official Liquidation) v. Maan Al Sanea at the Grand Court of the Cayman Islands.

Order on Liquidators' Remuneration In the Matter of Heriot African Trade Finance Fund Limited (in Official Liquidation) at the Grand Court of the Cayman Islands.

Order transferring a case styled as 'In the Matter of Baker Group International Holdings Limited (in provisional liquidation) to the Financial Services Division of the Grand Court of the Cayman Islands.

Winding Up Order In the Matter of MG Capital, Ltd. at the Grand Court of the Cayman Islands.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Michael Morrison, Charles Thresh, and John McKenna, as the Foreign Representatives of Gerova Financial Group Ltd. and Gerova Holdings Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Judgment in Lansdowne Limited and Silex Trust Company Limited v. Matador Investments Limited and Englefield Holdings Corp. and Maritime Guerrand-Hermes at the Grand Court of the Cayman Islands.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom by Mark Fry, as the Foreign Representative of Paul Zeital Kemsley, at the U. S. Bankruptcy Court for the Southern District of New York.

Transcript of Hearing to Show Cause Why an Injunction Should Not Be Issued and Enforcing the Automatic Stay In the Matter of Fletcher International Ltd., held at the U. S. Bankruptcy Court for the Southern District of New York.

Ex Parte Originating Summons in Geoffrey Varga and William Cleghorn, as Joint Official Liquidators of Bear Stearns High-Grade Structured Credit Strategies (Overseas) Ltd. and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage (Overseas) Ltd. v. The Bear Stearns Companies, Inc., Bear Stearns Asset Management Inc., Bear Stearns & Co., Inc., Ralph Cioffi, Matthew Tannin, Raymond McGarrigal, Barry Joseph Cohen, Gerald R. Cummins, David Sandelovsky and Greg Quental and, separately, the same liquidators v. Deloitte & Touche, LLP, Deloitte & Touche (Cayman Islands), Walkers Fund Services Limited, Walkers SPV Limited, Scott Lennon and Michelle Wilson-Clarke at the Grand Court of the Cayman Islands.

Ex Parte Originating Summons in Geoffrey Varga and William Cleghorn, as Joint Official Liquidators of Bear Stearns High-Grade Structured Credit Strategies (Overseas) Ltd. and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage (Overseas) Ltd. v. The Bear Stearns Companies, Inc., Bear Stearns Asset Management Inc., Bear Stearns & Co., Inc., Ralph Cioffi, Matthew Tannin, Raymond McGarrigal, Barry Joseph Cohen, Gerald R. Cummins, David Sandelovsky and Greg Quental and, separately, the same liquidators v. Deloitte & Touche, LLP, Deloitte & Touche (Cayman Islands), Walkers Fund Services Limited, Walkers SPV Limited, Scott Lennon and Michelle Wilson-Clarke at the Grand Court of the Cayman Islands.

Ruling allowing substituted service on James Little in CIGNA Worldwide Insurance Company, through its court-appointed Receiver, Josie Senesie, regarding its Liberian branch, v. ACE Limited at the Grand Court of the Cayman Islands.

Opposition to Motion for Contempt In re. Fletcher International Ltd. at the U. S. Bankruptcy Court for the Southern District of New York.

Motion for Contempt In re. Fletcher International Ltd. at the U. S. Bankruptcy Court for the Southern District of New York.

Complaint in Monkton Insurance Services Ltd. v. William G. Ritter at the U. S. District Court for the Western District of Texas.

Amended Winding-Up Order In the Matter of Trident Microsystems (Far East) Ltd. at the Grand Court of the Cayman Islands.

Complaint in Trikona Advisers Ltd. v. Kai-Lin Chuang at the U. S. District Court for the Eastern District of New York.

A bankruptcy judge in New York has extended an injunction preventing Cayman feeder funds from pursuing a petition to wind up Fletcher International in Bermuda. Judge Robert E. Gerber stated that he wanted to give the hedge fund "a reasonable time" to attempt to re-organize, while acknowledging it might be beyond saving.

Re-Amended Statement of Claim in RC Cayman Holdings LLC v. Michael Ryan at the Grand Court of the Cayman Islands.

Originating Application in Plexus Cotton Limited v. Societe de la Distribution Inc. at the British Virgin Islands High Court.

Writ of Summons in Saad Investments Company Ltd. (in Official Liquidation) v. Maan Al Sanea at the Grand Court of the Cayman Islands.

Order In re. Stanford International Bank, Ltd. at the U. S. District Court for the Northern District of Texas.

Transcript of Evidentiary Hearing on TRO in Fletcher International Ltd. v. Fletcher Income Arbitrage Fund, FIA Leveraged Fund, and Fletcher Fixed Income Alpha Fund, Ltd. at the U. S. Bankruptcy Court for the Southern District of New York on July 27, 2012.

Originating Application in Balli Steel Plc v. Reeferway Limited at the British Virgin Islands High Court.

Pre-Hearing Opposition to Plaintiff's Motion for Preliminary Injunction in Fletcher International, Ltd. v. Fletcher Income Arbitrage Fund, FIA Leveraged Fund, and Fletcher Fixed Income Alpha Fund, Ltd. at the U. S. Bankruptcy Court for the Southern District of New York.

New York, rather than Bermuda, is a more convenient jurisdiction to liquidate Bermuda-domiciled master hedge fund Fletcher International, Ltd. - but only if its "pre-petition operating team" is removed. That is the stance of the offshore liquidators of one of three Cayman Islands-domiciled feeder funds that are involved in litigation with the Fletcher Fund Group in Cayman, Bermuda and New York.

Order in Roderick John Sutton v. Pioneer Iron & Steel Group Company Limited at the British Virgin Islands High Court.

Declaration of Donald MacKenzie in support of Fletcher International, Ltd.'s motion for TRO and other relief in Fletcher International, Ltd. v. Fletcher Income Arbitrage Fund, Ltd., FIA Leveraged Fund, and Fletcher Fixed Income Alpha Fund, Ltd. at the U. S. Bankruptcy Court for the Southern District of New York.

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.

Response by Cayman Islands-domiciled Fletcher Fixed Income Alpha Fund, Ltd. (in official liquidation) to Bermuda-domiciled Fletcher International, Ltd.'s motion for temporary restraining order and other relief in Fletcher International, Ltd. v. Fletcher Income Arbitrage Fund, Ltd., Fletcher Fixed Income Alpha Fund, Ltd. and FIA Leveraged Fund at the U. S. Bankruptcy Court for the Southern District of New York.

Objection by offshore liquidators to the employment of Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel to Bermuda-domiciled Fletcher International, Ltd. at the U. S. Bankruptcy Court for the Southern District of New York.

Supplemental declaration of Floyd Saunders regarding ownership structure of Bermuda-domiciled Fletcher International, Ltd., filed at the U. S. Bankruptcy Court for the Southern District of New York.

Originating Application in Memory Tech SDN BHD v. Mechtronic International Limited at the British Virgin Islands High Court.

Order of Dismissal in Verwaltungs- und Prlvat-Bank Aktlengesellschaft v. MVP Fund of Funds Limited at the British Virgin Islands High Court.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Kazakhstan by Askhat Niyazbekovich Beisenbayev, as the Foreign Representative of JSC BTA Bank, at the U. S. Bankruptcy Court for the Southern District of New York.

The Receivers of The Ritz-Carlton, Grand Cayman development are seeking to have law firm Maples and Calder barred from legally representing former owner Michael Ryan, citing a conflict of interest.

Order in Nicholas Francis James Carter v. Philip Shadick, Clifford Johnson, Victor Jong, and Anthony Boswell at the British Virgin Islands High Court.

Originating Application in Kredietbank SA Luxembourgoise v. Kingate Euro Fund, Ltd. at the British Virgin Islands High Court.

Application by Fletcher International, Ltd. to employ Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel, filed at the U. S. Bankruptcy Court for the Southern District of New York.

Originating Summons in Condoco Grand Cayman Resort Ltd. and Cesar Properties Ltd. v. Maples and Calder at the Grand Court of the Cayman Islands.

Motion by Colonial Life Insurance Company (Trinidad) Ltd. to compel CLICO (Bahamas) Ltd. and CLICO Enterprises Ltd. to produce documents and submit to examinations and for sanctions for alleged failure to comply, filed at the U. S. Bankruptcy Court for the Southern District of Florida.

Liechtenstein-headquartered VP Bank has applied to have Luxembourg Stock Exchange-listed MVP Fund of Funds Limited placed into liquidation in the British Virgin Islands, where the Fund is domiciled, claiming it is owed US$9.5 million in outstanding loans.