Fri, Jul 29, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Hedge fund Fletcher International, files for bankruptcy, sues to stop liquidation

Thursday, July 05, 2012

Bailey McCann, Opalesque New York: US-based hedge fund Fletcher International Ltd. managed by Alphonse "Buddy" Fletcher, has filed for bankruptcy in district court in Manhattan, the Wall Street Journal reports. The filing which went forward on July 2, is for reorganization of the firm under Chapter 11. Fletcher also announced today that he is suing to stop officials in the Cayman Islands from liquidating fund assets.

According to a report in BusinessWeek, the firm seeks to stop Ernst & Young, official liquidators appointed by a Cayman Island judge after three Louisiana pension funds sued to get their money back. Fletcher says that the liquidation is interfering with the firm's ability to reorganize under Chapter 11. The Louisiana funds are making their case in Bermuda, despite the New York filing, a move which Fletcher says is designed to "make an end run," around the New York proceedings.

Last year, local Louisiana press accounts reported that Fletcher's fund had enough assets to cover what is being demanded by the Louisiana funds. That audit, was completed by Ernst & Young,......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: California-based manager launches long/short equity hedge fund with unique algorithm[more]

    Benedicte Gravrand, Opalesque London for New Managers: SJL Capital LLC, an investment advisory firm based in California, has launched its maiden fund, the SJL MarketDNA Hedge Fund LP. The fund, which began trading

  2. Manny Roman to move from Man to Pimco[more]

    Benedicte Gravrand, Opalesque London: Emmanuel (Manny) Roman, an investment world veteran, has been hired by PIMCO, the large US bond fund house, as chief executive officer. PIMCO's current CEO Douglas Hodge will assume a new role as managing director and senior advisor when Roman joins P

  3. Opalesque Exclusive: ArbitrOption outperforms benchmarks, up 7.18% in H1[more]

    Komfie Manalo, Opalesque Asia: Independent registered advisor ArbitrOption breezed through the tumultuous Brexit referendum and outperformed its benchmarks. ArbitrOption was up 7.18% in the first half of 2016 compared to the S&P 500 which gain

  4. Europe - European hedge funds shrink and shutter as turmoil hurts returns, Investors go bargain-hunting for U.K. property after Brexit vote, Brexit: Guidance for fund directors - what to know and what to ask[more]

    European hedge funds shrink and shutter as turmoil hurts returns From Bloomberg.com: Europe’s hedge-fund industry contracted for a sixth straight quarter as the U.K.’s decision to leave the European Union and concerns that China’s growth is slowing caused losses and forced some money man

  5. Platinum Partners starts liquidation of hedge funds following municipal union kickback scandal[more]

    Komfie Manalo, Opalesque Asia: Platinum Partners, the hedge fund in the middle of a New York City municipal union kickback investigation, is reported to be liquidating two of its funds, the New