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Cayman judge removes Bear Stearns fund liquidators, criticizes Walkers SPV director

Investors in two Bear Stearns-operated offshore hedge funds which have a combined insolvency estimated at more than $550 million have won a legal battle in the Cayman Islands to name their own liquidators. In a verbal opinion rendered on February 22, 2008 at the Grand Court of the Cayman Islands, Chief Justice Anthony Smellie ordered the removal of Simon Whicker and Kris Beighton, of KPMG, as Joint Voluntary Liquidators of Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage (Overseas) Ltd. and Bear Stearns High-Grade Structured Credit Strategies (Overseas) Ltd.