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US firms asked to explain relationship with 24 Cayman funds

Two subsidiaries of alternative investment provider Man Group Plc are seeking to avoid providing details about 24 Cayman Islands funds for use in legal proceedings concerning the collapse of Philadelphia Alternative Asset Management Company, LLC.It is part of the legal

Man Financial sues UBS (Cayman) after hedge fund collapse

Fund administrator UBS Fund Services (Cayman) Ltd. has been dragged into litigation concerning a hedge fund group that allegedly concealed $179 million of losses from investors before collapsing. On January 22, 2007, UBS was added as a third-party defendant to an action that was started nine months ago at the U. S. District Court for the Eastern District of Pennsylvania against Delaware-incorporated, New York-based futures broker Man Financial Inc. and others by C. Clark Hodgson, Jr., as Receiver for Philadelphia Alternative Asset Management Company, LLC (“PAAMCo”), Philadelphia Alternative Asset Fund, Ltd. (the “Offshore Fund”), Philadelphia Alternative Asset Feeder Fund, LLC, Philadelphia Alternative Asset Fund, LP, and Option Capital Fund, LP. The case has been set for trial in May, 2007.

Onshore-Offshore battle for control of failed hedge fund

A Cayman Islands judge has put back a key ruling in a battle for control of an offshore hedge fund that is part of a failed North American group whose losses are estimated at US$179 million.Justice Henderson, sitting at the Grand Court of the Cayman Islands, must decide whether to grant a petition to liquidate Philadelphia Alternative Asset Fund Limited by five investors who claim to have collectively invested $32 million in the Fund.
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