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First department rules derivative claims under Cayman law must first go through Cayman courts
  • Schulte Roth & Zabel LLP
  • Cayman Islands, USA
  • March 24 2016

The Appellate Division of the New York Supreme Court, First Department recently held that a minority shareholder's claims against directors and

The Canada Public Sector Pension Investment Board launches a lawsuit against saba capital: lessons for fund managers when valuing illiquid securities
  • Lavery de Billy LLP
  • Cayman Islands, USA
  • November 10 2015

On September 25, 2015 the Public Sector Pension Investment Board (the "PSP Investment Board") filed a lawsuit before the New York State Supreme Court

Second Circuit holds that federal common law prohibits trading by insiders of a Cayman Islands corporation while in possession of material nonpublic information
  • Sheppard Mullin Richter & Hampton LLP
  • Cayman Islands, USA
  • February 4 2014

In Steginsky v. Xcelera Inc., Nos. 13-1327-cv, 13-1892-cv, 2014 WL 274419 (2d Cir. Jan. 27, 2014), the United States Court of Appeals for the Second

Is it time to revisit your hedge fund structure?
  • Chadbourne & Parke LLP
  • Cayman Islands, USA
  • July 25 2013

A typical "master-feeder" private investment funds structure uses a combination of corporate entities, including companies, limited partnerships

Commonwealth of the N. Mariana Islands v. Millard, No. 11 MC 99, 2012 U.S. Dist. LEXIS 127085 (S.D.N.Y. Apr. 12, 2012)
  • Baker & McKenzie
  • Cayman Islands, USA
  • March 25 2013

Plaintiff, the Commonwealth of the Northern Mariana Islands (the “Commonwealth”), had judgments against William and Patricia Millard (the “Millards”

Zais Investment Grade Limited VII CDO noteholders take advantage of Chapter 11
  • Schulte Roth & Zabel LLP
  • Cayman Islands, USA
  • October 3 2011

The U.S. Bankruptcy Court for the District of New Jersey recently held that a Cayman Islands collateralized-debt obligation issuer (“CDO”) could be a debtor under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) and declined to dismiss an involuntary case commenced against the CDO by certain noteholders on the grounds that the notes held by such noteholders were “non-recourse” notes

COMI: new developments for offshore liquidators
  • Ogier
  • Cayman Islands, USA
  • May 14 2010

National interests play a distinct part in the application of the UNCITRAL Model Law on Cross-Border Insolvency

Cayman investment company obtains Chapter 15 protection in the United States
  • Harney Westwood & Riegels
  • Cayman Islands, USA
  • February 19 2010

The United States' Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited ("SIFCO5") (an SPV established to operate as an investment company), as a "foreign main proceeding" under Chapter 15 of the United States' Bankruptcy Code

Delaware Bankruptcy Court grants Chapter 15 protection over U.S. assets of Cayman Islands fund in liquidation
  • Schulte Roth & Zabel LLP
  • Cayman Islands, USA
  • January 26 2010

In a recent decision, the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) granted protection over the U.S. assets of a Cayman Islands exempted company in liquidation

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”