Lake Shore over $100 m insolvent, Bermuda manager fined $25,000 per day for contempt

The Lake Shore group of offshore investment funds appears to be insolvent by more than $100 million, according to its Receiver, Robb Evans & Associates LLC.In its first Receiver’s report that was filed at the U. S. District Court for the Northern District of Illinois on December 5, 2007, Robb Evans painted a gloomy picture for investors and creditors of the group, whose funds were domiciled in the British Virgin Islands and the Turks and Caicos Islands and managed by a Bermuda company.