Walker liquidating ltd
The problem is investors say they never received a transparent valuation from Plainfield, or the liquidator Pw C Cayman, of the remaining amount of their interest in the funds.
Plainfield made international headline news in 2008 for gating their billion hedge fund and locking investors from cashing out.
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The best guidelines for determining whether or not the actions taken by the director were legitimate or illegitimate business risks were set down by the High Court (in South Pacific Shipping Limited (in Liquidation), Re; Traveller & Anor v Lwer (2004) 9 NZCLC 263,570).
Walker Mac Leod is a partner in our Bankruptcy & Restructuring Group in Calgary.
The SEC cleared the fund of its investigation in June 2012, according to a letter from the SEC, but Holmes was extremely slow in winding down the fund. Plainfield was also investigated by the Manhattan D. for its loan to own practices with small cap companies but was never charged by the D. The Hudson Bay Absolute Return Credit Opportunities Fund made the offer to Plainfield investors, who are mostly institutional money, on December 16th 2014.The Court of Appeal concluded that the company's circumstances, considered objectively, warranted the shutting down of business, and not the taking of further extensive risks.