In re Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd.
United States Bankruptcy Court for the Southern District of New York
374 B.R. 122 (2007)
The Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd. and the affiliated Enhanced Fund (the funds) (creditors) were investment firms registered as limited liability companies in the Cayman Islands. The manager, administrator, books, records, and assets of the funds were all located in the United States, and the funds did not maintain a place of business or have employees in the Cayman Islands. The funds filed for bankruptcy in the Cayman Islands. The funds’ representatives filed petitions with the United States Bankruptcy Court for the Southern District of New York seeking recognition of the Cayman Islands proceeding as a foreign main proceeding, or alternatively as a foreign nonmain proceeding.
Rule of Law
Holding and Reasoning (Lifland, J.)
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