Facing a raft of redemption requests, Polygon Investment Partners is looking for cash anywhere it can find it. But the London firm may be barking up the wrong tree.

Polygon has called for winding up an offshore investment company that it owns a 24% stake in to raise cash. The only problem? Prodesse’s other shareholders don’t agree.

“This is absolutely ridiculous,” one of the firm’s other shareholders, which included F&C Investment Management, Blackrock, Artemis Capital Partners and Jupiter Asset Management, told the Financial Times. “Now seems completely the wrong time to call for a wind-up.”

Guernsey-domiciled Prodesse, which has some $2 billion in assets under management investing in mortgage-backed securities, plans to fight Polygon’s proposal, which is reportedly backed by another hedge fund, Laxey Partners, which owns about 14% of the company. The two funds will need to garner more than 50% support to win approval for the wind-up at an extraordinary meeting on Dec. 8.

“My understanding is that this is to do with Polygon’s desire for cash and nothing to do with the management of Prodesse,” Julian Cane of F&C told the FT.

Last week, Polygon suspended redemptions from its US$4 billion Polygon Global Opportunities fund, which it is in the process of liquidating.