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The undeterred Australian hedge fund is back again in its ongoing war against Goldman Sachs, after the investment bank sold it a hybrid collateralized debt obligation called Timberwolf in 2007, which then collapsed - as did then many other mortgage-linked securities.

Basis Capital Funds Management, based in Sydney, announced today that the Basis Yield Alpha Master Fund had filed proceedings in the New York State Supreme Court against Goldman Sachs. The bank is alleged to have committed a fraud when it sold Basis the infamous Timberwolf securities and the Point Pleasant security.

The Basis Fund suit was filed in June 2010 after the fund saw an $80m investment into Timberwolf disintegrating in a matter of weeks (it allegedly lost $50m in losses and margin calls) in the summer of 2007. Timberwolf was liquidated in 2008.

In August 2010, Goldman submitted a motion asking that the case be thrown out entirely due to jurisdiction because the Basis Fund executives are based in Australia. The fund’s claim was recently dismissed in the US District Court due to a change in the interpretation of US securities law regarding claims by foreign purchasers of securities, says Basis’s announcement. The US District Court in New York allowed Basis to plead again concerning the location of the transaction, but......................

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