As the summer draws to a close and fall approaches the SEC announced it would not appeal the recent ruling striking down its proxy access rule.
In this opinion, the Delaware Court of Chancery refused to permit management of a hedge fund (the “Paige Fund”) to utilize the provisions of the partnership agreement of the Paige Fund’s Delaware investment vehicle to restrict the withdrawal by the Paige Fund’s only outside investor of its entire capital investment finding, among other things, that imposing such restrictions was a breach of a separate agreement entered into with such investor as well as a breach of fiduciary duty by management of the Paige Fund.
Think the Dodd-Frank Act does not affect real estate investors?
Many jurisdictions offer flexible vehicles and a favourable tax environment, so fund location has tended to be a matter of familiarity and manager preference.
On January 11, 2011, the Shanghai Municipal Government released its Implementation Measures on Trial Projects of Foreign-Invested Equity Investment Enterprises in Shanghai (the "Shanghai RMB Fund Regulation"), which will become effective on January 23, 2011.
Yet another decision has held that the auditors of a fund that invested with Madoff may not be held liable to the investors of the feeder fund.
Those persons and entities that were direct or "indirect" investors with Bernard L. Madoff Investments Securities LLC have been confronted with a myriad of issues affecting their investments and recovering them.