Liquidations & Insolvencies

Complaint in James D. Lyon, as Chapter 7 Trustee of ClassicStar LLC, v. Karren Hendrix Stagg Allen & Co., Terry L Green, Handler Thayer & Duggan, LLC, Thomas J. Handler, Thomas J. Handler, J.D., P.C., Steven J. Thayer, James M. Duggan, Gregory J. Bertsch, and Hanna Strader, P.C. at the U. S. Bankruptcy Court for the Eastern District of Kentucky.

A judge in the United States has denied claims for unpaid compensation by two former senior officers of an 'offshore' bank in Colorado that was forced into liquidation in November, 2007 by state regulators who estimated its "liquidity deficiency" to

A British Virgin Islands domiciled hedge fund claims to have been defrauded of $4.3 million by a New York based law firm and its management, including Emanuel Zeltser, a Russian born, U. S. citizen specializing in anti money laundering and

Winding Up Petition in Cayman Survey Associates Ltd. v. SouthStar Developments Inc. at the Grand Court of the Cayman Islands.

Press Release from the Bermuda Monetary Authority that it has started winding-up proceedings against the Bermuda branch of British American Insurance Company, a Bahamian insurance company which is a majority owned subsidiary of CL Financial Group of Trinidad and Tobago (CL).

A class action complaint has been filed at federal court in Miami against Bermuda domiciled insurance group Willis regarding "safety and comfort" letters allegedly provided to certain victims of offshore banker Allen Stanford's alleged $8 billion Ponzi schemeThe action was

Claims totaling $2 billion "net of security" have been filed against Wachovia Corp.'s failed Bermuda based financial guaranty reinsurer BluePoint Re Limited (in liquidation), according to a recent court filing in the United States.The total comprised 12 claims totaling $1.66

First Report of Liquidators of Grand Island Commodity Fund to the Grand Court of the Cayman Islands.

The Bankruptcy Trustee of Bernard Madoff's fraudulently operated investment firm is suing a Cayman Islands domiciled hedge fund and the Fund's bankers in an attempt to recover $578 million for creditors. Irving Picard, as Trustee for the liquidation of Bernard

Complaint in Raymond Massi and Clifford Culmer, as Receivers and Liquidators of the Norshield Receivership Companies, v. Lowell Holden at the U. S. District Court for the District of Minnesota.

Complaint by Stan Springel, Chapter 11 Bankruptcy Trustee of Innovative Communication Corporation Bankruptcy Trustee v. Ronald Sanders at the U. S. District Court for the Virgin Islands, Bankruptcy Division.

Complaint in Tradex Global Master Fund SPC Ltd. and The ABL Segregated Portfolio v. Blue Point Management Ltd., James Fry, Metro II LLC, Arowhead Capital Management LLC, and PricewaterhouseCoopers at the U. S. District Court for the District of Minnesota.

Press Release by the Bermuda Monetary Authority that it has initiated winding-up proceedings against three licensed companies in local investment group, the Emerald Financial Group in conjunction with the Registrar of Companies.

Petition In the Matter of Library Assets Limited (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

Petition filed by Kaupthing Bank Luxembourg SA to wind up JukeBox LP at the Grand Court of the Cayman Islands.

A second civil complaint in less than three months has been filed against Cayman Islands based auditor McGladrey & Pullen regarding a failed offshore hedge fund.The latest complaint is a class action that was filed at the U. S. District

A Cayman Islands resident has filed a shareholders' derivative complaint in New York against a Bernard Madoff feeder fund that is domiciled in the British Virgin Islands. The Fund's Bermuda based administrator and auditor are also being sued.The action was

Dutch criminal investigators looking into 66 year old Bermuda based businessman John Deuss suspect that his offshore bank in the Netherlands Antilles may have misappropriated at least $191 million of depositors' funds, OffshoreAlert can reveal. The amount is the difference

The Royal Bahamas Police Force has launched a murder investigation following the death on May 8, 2009 of Bahamas based offshore provider Hywel Jones, who had been in a coma since he was shot in the head 16 days earlier

The liquidators of Cayman Islands based investment firm SEGOES Services Ltd., whose admitted claims are US$9.8 million, have told creditors they will receive no pay out.As the liquidation draws to a close, there are nowhere enough assets to cover the

The Cayman office of hedge fund auditor Rothstein Kass & Company is among the defendants in a class action lawsuit filed by investors in Bernard Madoff feeder funds operated by a Texas based investment manager.The complaint was filed at the

Bernard Madoff's Bankruptcy Trustee has sued three British Virgin Islands domiciled hedge funds and two offshore banks in Bermuda and Gibraltar in an attempt to recover $405 million that he claims they collectively redeemed from the Ponzi scheme shortly before

Twenty nine insureds of British Virgin Islands domiciled Boston Life and Annuity Company Ltd. (in liquidation) have suffered a humiliating end to their attempt to recover premiums they claimed were defrauded from them. In an agreement dated April 8, 2009

Amended Schedule F in the bankruptcy of Wayne Harold Coleson at the U. S. Bankruptcy Court for the Northern District of California.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Bahamas by Craig A. (Tony) Gomez, as the Foreign Representative of CLICO (Bahamas) Limited, at the U. S. Bankruptcy Court for the Southern District of Florida.

Complaint in Irving Picard, as Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC v. Kingate Global Fund Ltd., of the British Virgin Islands; Kingate Euro Fund Ltd., of the British Virgin Islands, and Bank of Bermuda Ltd., of Bermuda, at the U. S. Bankruptcy Court for the Southern District of New York.

Funds controlled by Goldman Sachs have paid $450,000 to settle litigation brought by the Bankruptcy Trustee of Bermuda domiciled ex insurance broker AlphaStar Insurance Group, formerly known as Stirling Cooke Brown Holdings, which collapsed in 2003 after committing a fraud

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Stephen Akers, Mark Byers, and Andrew Hosking, as the Foreign Representatives of Madoff Securities International Limited, at the U. S. Bankruptcy Court for the Southern District of Florida.

A Receiver has been appointed for Millennium Bank, which is licensed in St. Vincent & the Grenadines, after the offshore bank was accused of perpetrating a $68 million Ponzi scheme by the United States Securities and Exchange Commission. Details of

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Michael Salvati, as the Foreign Representative of Castle Holdco 4 Limited, Balanus Limited, Countrywide Estate Agents, Countrywide Estate Agents FS Limited, Countrywide Estate Agents (South) Limited, Countrywide Franchising Limited, Countrywide Plc, Countrywide Property Lawyers Limited, Countrywide Surveyors Limited, Securemove Property Services 2005 Limited, and Slater Hogg Mortgages Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Summary of Schedules in the bankruptcy of Wayne Harold Coleson at the U. S. Bankruptcy Court for the Northern District of California.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Peter Mitchell, as the Foreign Representative of SageCrest Limited and SageCrest Holdings Limited, at the U. S. Bankruptcy Court for the District of Connecticut.

Four Bermuda residents are being sued in Connecticut as part of a battle for control of the assets of a bankrupt hedge fund group that is subject to bankruptcy re organization in the United States and liquidation in Bermuda.Peter C.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Tom Meganck, as the Foreign Representative of Shelby Overseas Invest & Trade Ltd., Grand Prix Associates Inc., Bundora Associates Inc., Bundora Investments Limited, Bundora Investments NV, Ruby Investments Sp zoo, Bundora Corp., Lockhart Overseas Investments Corp., Lockhart Limited, Naven Investments Sp zoo, and Lockhart Corp. I, at the U. S. Bankruptcy Court for the District of New Jersey.

Voluntary Petition by Wayne Harold Coleson at the U. S. Bankruptcy Court for the Northern District of California.

A class action complaint has been filed against Ernst & Young (Bermuda) in the United States on behalf of investors in a hedge fund for which it was the auditor.The action was filed at the U. S. District Court for

Companies and individuals in the United States and the British Virgin Islands are seeking an injunction to prevent bankrupt businessman Jeffrey Prosser from filing repetitive lawsuits against them. It is the latest salvo in a legal battle between Prosser and

Canadian national George Georgiou has been criminally indicted in the United States for allegedly defrauding two Bahamas based broker dealers of at least $29 million in a securities scam. Georgiou, 39, masterminded a scheme that caused losses of "approximately $25

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by Peter Gibson, as the Foreign Representative of Redcorp Ventures Ltd. and Redfern Resources Ltd., at the U. S. Bankruptcy Court for the Western District of Washington.

Complaint in The Official Joint Committee of Unsecured Creditors on behalf of the substantively consolidated estates of Puig, Inc. v. Jirehouse Capital and Stephen Jones at the U. S. Bankruptcy Court for the Southern District of Florida.

Indictment of Philip Baker for alleged investment fraud involving the Lake Shore Group of Companies.

Statement of Claim filed by the Joint Official Liquidators of Bear Stearns High Grade Structured Credit Strategies Master Fund Limited in a case styled 'In the Matter of Bear Stearns Investment Products Inc.' at the Grand Court of the Cayman Islands.

The United States Securities and Exchange Commission has appointed a Receiver for, and frozen the assets of, offshore banker Allen Stanford, his offshore bank and related parties after accusing them of perpetrating an $8 billion fraud. The SEC took action

A class action complaint has been brought in New York against the Bermuda based Argus insurance group on behalf of holders of offshore life insurance policies whose premiums were invested with alleged fraudster Bernard Madoff and may now be lost.Details

Dozens of offshore hedge funds, asset managers, IBCs and their representatives, including those in the Bahamas, Bermuda, the British Virgin Islands and the Cayman Islands, are among customers of accused fraudster Bernard Madoff, according to a client list released yesterday.The

List of Customers, Vendors and Employees of Bernard L. Madoff Investment Securities LLC in Securities Investor Protection Corporation v. Bernard L. Madoff Investment Securities LLC at the U. S. Bankruptcy Court for the Southern District of New York.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Denmark by Lisa Bo Larsen, as the Foreign Representative of Atlas Shipping A/S, Atlas Bulk Shipping A/S, and Atlas Shipping Holding A/S, at the U. S. District Court for the Southern District of New York.

Offshore companies in Bermuda and the Cayman Islands and two residents of Bermuda are defendants in action lawsuits brought on behalf of investors in hedge funds domiciled in the British Virgin Islands and Delaware who may have lost up to

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Scotland, as the Foreign Representative of Robert Thomson, at the U. S. Bankruptcy Court for the Southern District of Florida.

Public Statement about Reserve International Liquidity Fund Ltd. by the British Virgin Islands Financial Services Commission.