Thursday, 27 November 2014
Last updated 17 hours ago
Jan 16 2008 | 6:39am ET
For the second time, a U.S. court has rejected a collapsed hedge fund’s bid for bankruptcy protection during its offshore liquidation.
Australia’s Basis Capital Fund Management lost its bid for Chapter 15 bankruptcy protection, which would have allowed it to pursue a liquidation of its Yield Alpha Fund in the Cayman Islands, where the fund is registered. But, deferring to an early decision on the liquidation of two collapsed Bear Stearns hedge funds, U.S. Bankruptcy Judge Robert Gerber said, “the court’s power to ascertain the facts can’t be side-stepped by failures to object.”
Basis had argued that it is entitled to the presumption that it has substantial operations where it is registered, a requirement for Chapter 15 protection.
Bear is currently appealing the decision against it, in which U.S. Bankruptcy Judge Burton Lifland ruled that courts can’t “rubberstamp” protection of foreign firms from their debtors.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...