December 7-9 2009
START DATE
END DATE
December 18 2009
Class K of New Stream Capital Fund Ltd v. UBS Fund Services (Cayman) Ltd & Tensor Endowment Limited
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Supreme Court of Bermuda Civil Jurisdiction (Commercial Court)
Commercial Court
Kawaley J
Andrew Martin Mello Jones & Martin
Thomas Lowe QC and Cameron Hill Sedgwick Chudleigh
FACTS OF THE CASE:
Tensor sought to redeem Class K shares in January 2008 expected completion by May 31 2008. Respondent declined to pay out redemption proceeds and promoted an out-of-court plan to avoid investment losses for all shareholders due to the 2008 financial crisis liquidity
SUMMARY:
Whether the Respondent was obligated to pay the redemption price on May 31 2008 validity of the out-of-court restructuring plan and whether Class K is insolvent under the Segregated Accounts Companies Act 2000 (as amended)
OUTCOMES:
Class K not insolvent for the purposes of the Act Plan not unlawful dismissal of the application for the appointment of a receiver
RULED IN FAVOUR OF:
Defendant
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Class K of New Stream Capital Fund Ltd v. UBS Fund Services (Cayman) Ltd & Tensor Endowment Limited
Tensor sought to redeem Class K shares in January 2008 expected completion by May 31 2008. Respondent declined to pay out redemption proceeds and promoted an out-of-court plan to avoid investment losses for all shareholders due to the 2008 financial crisis liquidity