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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,......................

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