Monday, 20 October 2014
Last updated 2 days ago
Jan 28 2010 | 1:45pm ET
A closing Cayman Islands fund of hedge funds has been won bankruptcy protection in the U.S.
The liquidation of SIFCO5, which also invested in private equity funds, in the Cayman Islands was recognized by the U.S. Bankruptcy Court in Wilmington, Del., which granted Chapter 15 bankruptcy protection to the fund’s U.S. assets. The law firm representing the Caymans-appointed liquidators called the decision significant, as U.S. courts have been reluctant to grant Chapter 15 protection to other Cayman companies.
The decision is “welcome news to investors, managers, administrators, liquidators and receivers of funds in foreign insolvency proceedings who may have seen earlier decisions as closing the door to obtaining the assistance of U.S. courts in connection with the liquidation of fund assets,” Brian Pfeiffer of Schulte Roth & Zabel said.
SIFCO5 went into liquidation in September.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...