During the 2008 credit crisis, offshore funds found themselves in distress over a combination of unrealistic NAV valuations, investments into failed asset classes (such as asset-backed securities) and a lack of liquidity. Under pressure from investors, many of those funds were wound down, either voluntarily or through liquidation, and litigation over redemption requests proliferated. Such litigation, while initiated in the offshore jurisdictions, quickly spread to the US and UK where the managers, investors and assets were located. Fast forward to today’s economic crisis, which whilst anticipated was accelerated and aggravated by Covid-19, what are the challenges for funds? How will they properly value volatile assets and maintain liquidity while preparing for a potential wave of redemption requests. What will be the differences this time round? What trends are we already seeing on the ground? Hear from veterans of the past crisis about what we can expect in the US and UK disputes arena as offshore funds enter crisis mode.
- Jon Sablone, Partner at DLA Piper
- Chris Parker, Partner at DLA Piper
- Charles Allin, Legal Director at DLA Piper
Recorded at OffshoreAlert vGLOBAL on Friday 11 December 2020 • 11:00am – 11:45am EST