May 31 2011
START DATE
END DATE
July 15 2011
In the Matter of Highland Crusader Fund II Ltd. and In the Matter of the Companies Act 1981
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
COMMERCIAL COURT
Kawaley J
Rod Attride-Stirling and Kehinde George
Delroy Duncan and Nicole Tovey
FACTS OF THE CASE:
Highland Crusader Fund II aimed to determine asset distribution between two creditor classes after the 2008 financial crisis. Scheme Meetings decided on a distribution plan favoring Prior Redeemers with 60% and Compulsory Redeemers with 40% of the Company?s stake in the Master Fund's $1.6 billion assets
SUMMARY:
Whether UBS had standing to object to the scheme and the legitimacy of the scheme?s disclosures and classifications
OUTCOMES:
Scheme sanctioned despite objections focusing on distribution fairness and lack of merit in UBS's objections
RULED IN FAVOUR OF:
In Favour Of Highland Crusader Fund II Ltd.
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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In the Matter of Highland Crusader Fund II Ltd. and In the Matter of the Companies Act 1981
Highland Crusader Fund II aimed to determine asset distribution between two creditor classes after the 2008 financial crisis. Scheme Meetings decided on a distribution plan favoring Prior Redeemers with 60% and Compulsory Redeemers with 40% of the Company?s stake in the Master Fund's $1.6 billion assets