Walkers

Cayman Islands based Walkers SPV Limited is being sued by Wells Fargo Bank NA, which claims that a failure to update the share register of a Special Purpose Vehicle has exposed it to damages of $3.5 million.Details are contained in

Writ of Summons in Renova Resources Private Equity Limited v. Brian Gilbertson, Pallinghurst (Cayman) General Partner LP (GP) Limited, Pallinghurst (Cayman) General Partner LP, Pallinghurst Resources Management LP, and Autumn Holdings Asset Inc. at the Grand Court of the Cayman Islands.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Michael Salvati, as the Foreign Representative of Castle Holdco 4 Limited, Balanus Limited, Countrywide Estate Agents, Countrywide Estate Agents FS Limited, Countrywide Estate Agents (South) Limited, Countrywide Franchising Limited, Countrywide Plc, Countrywide Property Lawyers Limited, Countrywide Surveyors Limited, Securemove Property Services 2005 Limited, and Slater Hogg Mortgages Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Statement of Claim filed by the Joint Official Liquidators of Bear Stearns High Grade Structured Credit Strategies Master Fund Limited in a case styled 'In the Matter of Bear Stearns Investment Products Inc.' at the Grand Court of the Cayman Islands.

Cayman Islands-based Walkers Fund Services Ltd. and two of its officers are being sued for a second time regarding their involvement with hedge funds sponsored by New York-based investment bank Bear Stearns that collapsed last year with a total loss estimated at over $1 billion after investing in mortgage-backed securities.

Miami-based businessman Charles Intriago, who sold his anti-money laundering-focused company Alert Global Media, Inc. to New York-based supplier of AML technology Fortent in December, 2006 and continued to manage it before abruptly departing in late March, 2008, is preparing to launch a new business venture that will concentrate on asset forfeiture; Canadian national Wayne Wile, who has been accused of committing securities fraud along with the Cayman, Bahamas and Bermuda operations of investment group Lines Overseas Management, obtained a Cayman Islands Driver's License in a false name, according to the U. S. Securities and Exchange Commission; OffshoreAlert has obtained more information about companies and individuals involved with the Grand Island Commodity Trading Fund group of companies, which went into liquidation on June 17, 2008 - one month before its trading manager, R. Christopher Girvan, was arrested in Cayman on suspicion of theft, false accounting and fraud; Investment fraudster Keem Kalfon is at it again. His latest venture operates as 'The People's Money Center' from a web-site at www.peoplemc.com, which was established in June, 2007; and Despite all that has happened over the last 10 years in terms of legal gateways being implemented to allow foreign parties to obtain information about individuals and businesses operating in offshore financial centers, there is still a misconception among some residents of major countries that the secrecy and anonymity of their offshore transactions is enshrined in law.

Four individuals and companies in the Cayman Islands have been added as defendants to a civil complaint in the United States in which the liquidators of two Bear Stearns-sponsored offshore hedge funds are trying to recover $1.5 billion. Walkers Fund Services Limited, two of its officers, Canadian national Scott Lennon, and U. S. national Michelle Wilson-Clarke, and Deloitte & Touche (Cayman) have been accused of participating in a scheme to defraud investors in the funds and then cover it up. They were added as defendants in an amended complaint that was filed at the U. S. District Court for the Southern District of New York on June 30, 2008, amending an original complaint that was filed on April 4, 2008. The causes of action against the Walkers defendants are aiding and abetting fraud, breach of fiduciary duty, and aiding and abetting breach of fiduciary duty and, against Deloitte and Touche (Cayman), violations of the Securities Exchange Act, fraud; professional malpractice, gross negligence and negligence; breach of contract, aiding and abetting fraud, and aiding and abetting breach of fiduciary duty.

First Affidavit of Naul Bodden in the case of the liquidators of Grand Island Master Fund, Grand Island Income Fund, Grand Island Commodity Trading Fund, and Grand Island Commodity Trading Fund II against Caribbean Commodities Ltd., RCTG Investments Ltd., and Robert Christopher Girvan at the Grand Court of the Cayman Islands.

Letter to Investors of Grand Island Income Fund from Naul Bodden.

The provisional liquidators of a Cayman Islands hedge fund have abandoned their attempt to have the Cayman liquidation proceedings recognized in the United States after a U. S. Bankruptcy Judge ruled that Cayman was not the Fund's Center of Main Interests. Hugh Dickson, Stephen John Akers, and Paul Andrew Billingham, as JPLs of Basis Yield Alpha Fund (Master), filed a motion to dismiss their petition on April 3, 2008 at the U. S. Bankruptcy Court for the Southern District of New York and the petition was dismissed by the court on April 30.

Letter to OffshoreAlert's editor from attorney Steven Barrie, of Nelson & Company (Cayman), representing Walkers SPV Ltd., regarding an article the Bear Stearns High-Grade Feeder Funds, Causes No. 551 and 552 of 2007. In the letter, Barrie was seeking an assurance that OffshoreAlert would not further publish details of a Grand Court of the Cayman Islands ruling that was embarrassing to his client, claiming that the court had banned publication. OffshoreAlert's reply is also included in the article.

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.

Fourth Affidavit of Receiver George Clifford Culmer in Lester Turnquest, Jr. and The Bonnycord Group Limited v. Hywel Jones, The Britannia Group Ltd., Hampton Insurance Company Limited, and Stephen Dickson at Bahamas Supreme Court. The Receiver, inter alia, accuses Lester Turnquest of failing to co-operate with the Receivership and of failing to disclose certain asset transfers.

Two senior officers of a Cayman Islands mutual fund administrator have refused to comply with subpoenas requiring them to provide evidence in the United States about two failed offshore funds operated by Bear Stearns. Scott Lennon and Michelle Wilson-Clarke, each a Senior Vice President at Walkers Fund Services Limited, were subpoenaed by the Enforcement Section of the Securities Division of the Massachusetts Secretary of State for an investigation into Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd. and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund Ltd., of which they were directors and which collapsed in July, 2007, wiping out $1.6 billion in investor capital.

Regulators in Dubai have taken action against a British national for promoting a Cayman Islands-domiciled, Iran-focused investment fund in the jurisdiction without authorization.The Dubai Financial Services Authority has accepted an enforceable undertaking from Rupert Neil Bumfrey, 52, concerning his activities in the Dubai International Financial Centre.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Hugh Dickson, Stephen Akers, and Paul Billingham, as the Foreign Representatives of Basis Yield Alpha Fund (Master), at the U. S. Bankruptcy Court for the Southern District of New York.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Simon Whicker and Kris Beighton, as the Foreign Representatives of Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Geoffrey Varga, as the Foreign Representative of SPhinX Strategy Fund Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Section 304 Petition for Assistance in Insolvency Proceedings in the Cayman Islands by Gordon MacRae and James Cleaver, as the Foreign Representatives of Bayou Offshore Master Fund Ltd., at the U. S. Bankruptcy Court for the District of Connecticut.

A Cayman Islands-registered hedge fund is being sued in the United States by a publicly-listed firm for alleged violations of the Securities Exchange Act. Tilson Offshore Fund Ltd., which is 'based' at Walkers SPV Ltd., Grand Cayman, and several affiliates have been accused of making false filings with the SEC as part of a scheme to profit from the proposed buy-out of TROY Group Inc., whose shares are quoted on the pink sheets, by one of TROY's minority shareholders, Dirk Inc.

An Internet Service Provider has been ordered to turn over records about a client who allegedly tried to manipulate a stock by posing as an officer of a Cayman Islands registered hedge fund.In a ruling delivered by the U. S.

Private Placement Memorandum for Grand Island Commodity Trading Fund.

A Florida court has granted a motion for a default judgment against two Cayman companies which allegedly defrauded a United States citizen of $550,000.The order was entered against Cayman Reinsurance Group and CRG Advisors Ltd. on March 26, 2003 after their registered agent, Cayman-based law firm Walkers, did not respond to a complaint filed in 2002. The case against co-defendants Wentworth Capital Ltd., of Switzerland; and Frank C. Blunt Jr., Ann Wentworth Blunt and Gavin C. Blunt, all of Florida, is ongoing.

Cayman Islands Immigration Board approves Ann Nealon's work permit for Walkers law firm by a vote of two to one; Banc Caribe potential target for Cash 4 Titles victims; Antigua assures USA that William Cooper will be extradited; Scott Oliver leaves Lines Overseas Management; and Hundreds of Caribbean immigrants living in the US and residents of Dominica lose $1.2 million in investment scam.