Offshore Funds, Giordano's, WSAH-TV, RitzCamera.com: Bankruptcy
(This report contains items about companies both in bankruptcy and not in bankruptcy.)
Aug. 30 (Bloomberg) -- The Bermudian liquidators for Millennium Global Emerging Credit Master Fund Ltd. are entitled to use bankruptcy courts in the U.S., Bankruptcy Judge Allan Gropper ruled in a 36-page opinion on Aug. 26.
The master fund and an affiliated feeder fund filed petitions in New York in late June for protection from creditors under Chapter 15 after having begun their liquidations in Bermuda in October 2008 when they couldn’t meet a margin call from the prime broker. Gropper ruled that the court in Bermuda should be the primary court in charge of the bankruptcy.
BCP Securities LLC, which is being investigated by the liquidators and may be sued, objected to a finding that Bermuda was the companies’ “center of main interests.” Gropper disagreed, ruling that Bermuda is entitled to recognition as the “foreign main bankruptcy.” He therefore approved the Chapter 15 petition.
The ruling means that the liquidators from Bermuda may use U.S. courts to perform an investigation and file suits. Meanwhile, Bermuda will distribute assets to creditors and determine the validity of claims.
Gropper, a U.S. bankruptcy judge in New York, disagreed with two prior rulings from other courts and ruled that the location of the COMI, or center of main interests, should be based on facts existing when the first liquidation began in Bermuda. He disagreed with other courts believing that the plain meaning of Chapter 15 requires using facts when the Chapter 15 petition was filed.
The funds’ COMI was in Bermuda, Gropper said, because two of the three directors were from Bermuda while a bank, the custodian, and the auditor were also in Bermuda.
Gropper said that Bermuda was the “only reasonably ascertainable” COMI even though there were no creditors nor any investors in Bermuda and the funds’ manager was in the U.K. To find the COMI anywhere else would be “pure speculation,” Gropper said.
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