Philadelphia Alternative Asset Management

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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.