Ebullio Fund To Be Liquidated To Pay Contract Damages

Aug 29 2013 | 12:03pm ET

The almost-miraculous survival story of Ebullio Capital Management's Commodity Master Fund is at an end.

A Cayman Islands judge has ordered the commodities hedge fund liquidated at the behest of raw-materials trader Noble Group, which alleges that fund owes it roughly all of its remaining assets for two contract breaches. Those damages total US$4.9 million, according to Noble; the Commodity Master Fund has US$5 million in assets.

Ebullio denied breaching the agreements, arguing that it had an oral agreement to roll over the copper contracts. It has filed an arbitration claim against Noble.

Ebullio said the liquidation order does not affect its other funds "in any size, shape or form." The Southend-on-Sea, U.K.-based firm has some US$250 million in total assets.

The Commodity Fund has been limping along for more than three years, after it lost 96% of its value in the first two months of 2010.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...