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.

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