Bear Funds Appeal Liquidation Ruling

Sep 12 2007 | 7:49am ET

The liquidators of two failed Bear Stearns hedge funds are continuing their battle to liquidate the funds in the Cayman Islands, in spite of last month’s ruling requiring the proceedings to take place in the U.S.

KPMG’s Simon Lovell Clayton Whicker and Kristen Beighton appealed to U.S. Bankruptcy Judge Burton Lifland’s Aug. 30 ruling rejecting the funds’ filing for Chapter 15 bankruptcy protection. Chapter 15 would have allowed the funds to liquidate in the Caymans, which could have shielded their assets from some U.S. creditors.

Lifland said the High-Grade Structured Credit Strategies Fund and High-Grade Structured Credit Strategies Enhanced Leverage Fund operated primarily in the U.S., and as such could not avoid U.S. lawsuits by liquidating in the Caymans. Investors in the former fund are seeking an outside liquidator, asking Lifland last week to appoint FTI consulting.

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