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Articles Asset Recovery Bermuda Cayman Islands Featured Fraud Investment Liquidations & Insolvencies Litigation USAJuly 24, 2012

Cayman feeder fund consents to New York court overseeing insolvency of Bermuda hedge fund Fletcher International

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By
10 years ago

Topics

Asset Recovery Bermuda Cayman Islands Fraud Investment
Liquidations & Insolvencies Litigation USA
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Keywords

Conway MacKenzie Management Services, LLC Donald S. MacKenzie Ernst & Young FIA Leveraged Fund Fletcher Fixed Income Alpha Fund Ltd.
Fletcher Income Arbitrage Fund, Ltd. Fletcher International Ltd. Gordon MacRae Robin Lee McMahon Roy Bailey Tammy Fu Zolfo Cooper
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Highlights

  • Litigating in Bermuda, Cayman and New York is "draining" and 'may exhaust' remaining assets, says Zolfo Cooper (Cayman)
  • Consolidation in New York would "reduce" professional fees
  • Fletcher's management team must be removed, though, says Zolfo Cooper

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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.

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