UPDATE: Failed Bear Funds Win Extended Stay

Sep 26 2007 | 7:43am ET

The U.S. bankruptcy court judge who ordered two failed Bear Stearns hedge funds to file for bankruptcy in the U.S. has postponed the deadline he set to allow the funds to appeal his order.

U.S. Bankruptcy Judge Burton Lifland on Monday awarded the extension, without which creditors may begin to seize the funds’ assets on Sept. 29, however: Bear must return all funds transferred to the Cayman Islands, where the funds are registered, or an equal amount as bond, possibly as much as $8 million.

Lifland had rejected the fund’s and their Cayman Islands liquidators’ filing for Chapter 15 bankruptcy protection, which would allow them to liquidate in the Caymans. The liquidators have appealed his ruling.

RELATED STORIES:


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Versum Materials (VSM), with a market capitalization of $2.7 billion, enables chipmakers to achieve higher performance at lower cost with enhanced reliability. Versum is a leading global provider of electronic materials for the integrated circuit and flat-panel display markets.