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New York district court refuses to recognize hedge funds’ winding up proceedings in the Cayman Islands

• Paul, Weiss, Rifkind, Wharton & Garrison LLP
• -
• Cayman Islands, USA
• -
• June 9 2008

In a recent decision, Judge Sweet of the United States District Court for the Southern District of New York affirmed a bankruptcy court decision and refused to recognize under chapter 15 of the Bankruptcy Code either as “foreign main proceedings” or as “foreign nonmain proceedings” the well-publicized liquidations brought in the Grand Court of the Cayman Islands by two Bear Stearns hedge funds (the “Funds”