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Bankruptcy court orders return of over $140 million of margin payments made by hedge fund to prime broker

  • Fried Frank Harris Shriver & Jacobson LLP
  • -
  • USA
  • -
  • February 16 2007

A recent bankruptcy court decision in the Southern District of New York may raise concern among brokerage firms which execute and clear brokerage transactions for hedge funds and similar investment vehicles

Bankruptcy judge in Southern District of NY compels members of ad hoc committee to disclose pricing and other information related to their positions

  • Kramer Levin Naftalis & Frankel LLP
  • -
  • USA
  • -
  • March 19 2007

Over the last several weeks, Judge Allan L. Gropper of the United States Bankruptcy Court for the Southern District of New York has issued two rulings in the Northwest Airlines case that threaten to alter significantly the consequences to distressed investors of serving on ad hoc committees in bankruptcy cases

Court denies hedge funds' motion to seal confidential trading information

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • March 12 2007

Members of the ad hoc shareholders’ committee in the Northwest Airlines reorganization case lost their attempt on March 9 to seal “the amounts of claims or interest they owned , the times when acquired, the amounts paid therefor, and any sales or other disposition thereof.”

Hedge fund must disclose ID of investor allegedly involved in fraudulent conveyance, despite foreign secrecy law

  • White & Case LLP
  • -
  • USA
  • -
  • July 29 2008

In a recent opinion, the U.S. District Court for the Southern District of New York emphasized that foreign confidentiality statutes do not deprive an American court of the power to order a party subject to its jurisdiction to produce evidence even though the act of production may be considered a criminal offense in a foreign jurisdiction and subject the party to serious consequences, including imprisonment and fines

Bear Stearns may well be found to have acted in good faith in the Manhattan Investment Fund Case

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • January 31 2008

In the summer of 2007, we reported on Gredd v. Bear, Stearns Securities Corp. (In re Manhattan Investment Fund, Ltd.), decided by the United States Bankruptcy Court for the Southern District of New York

Revisiting insider trading in the debt markets: lessons for debt investors and members of committees in bankruptcy cases

  • Fried Frank Harris Shriver & Jacobson LLP
  • -
  • USA
  • -
  • June 19 2007

For some participants in the debt and credit markets, insider trading risks seem like a problem for someone else

New York Bankruptcy Court refuses to recognize hedge funds’ winding up proceedings in the Cayman Islands

  • Paul, Weiss, Rifkind, Wharton & Garrison LLP
  • -
  • Cayman Islands, USA
  • -
  • September 5 2007

In a decision rendered late last week, Judge Lifland of the Southern District of New York Bankruptcy Court 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 Cayman Islands by two Bear Stearns hedge funds that were victims of volatility in the sub-prime lending market

Margin payments are reclaimed through avoidance action: new duties imposed regarding brokerage firm’s obligation to investigate account party

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • September 21 2007

While the Bankruptcy Code’s safe harbor provision in section 546(e) previously provided comfort for brokerdealers, the Bankruptcy Court’s decision in Gredd v. Bear, Stearns Securities Corp. (In re Manhattan Investment Fund, Ltd.), 359 B.R. 510 (Bankr. S.D.N.Y. 2007), chips away at this provision and creates new risks for those providing brokerage account services

The Dana NOL Trading Order: new protections for investors

  • Kramer Levin Naftalis & Frankel LLP
  • -
  • USA
  • -
  • October 4 2007

On August 9, 2006, Judge Burton R. Lifland of the United States Bankruptcy Court for the Southern District of New York entered a Final Order Establishing Procedures for Trading in Claims and Equity Securities of Dana Corporation (the “Dana NOL Trading Order”

Enron redux: round two goes to claims purchaserstraders

  • Jones Day
  • -
  • USA
  • -
  • October 1 2007

In previous editions of the Business Restructuring Review, we reported on a pair of highly controversial rulings handed down in late 2005 and early 2006 by the New York bankruptcy court overseeing the chapter 11 cases of embattled energy broker Enron Corporation and its affiliates

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