Bear Hedge Fund Vote Postponed

Nov 7 2007 | 8:32am ET

A vote to replace Bear Stearns as controlling party of one of its collapsed hedge funds has been postponed, following reports that not all investors had been notified.

A group of investors wants to dump Bear, which they say is not cooperating in their effort to find out how the High-Grade Structured Credit Strategies Enhanced Leverage Fund lost just about all of its assets. They want to put forensic accountants FTI Capital Advisers at the helm to get their hands on the fund’s records, to determine whether there are any grounds for a lawsuit.

But Bear controls the voting process, which requires limited partners representing at least half of the fund’s assets be present, and investors leading the charge learned that at least some LPs were allegedly not informed about the meeting.

The vote, originally scheduled for today at Bear’s New York office, has been delayed until Nov. 16.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…