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

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

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

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of