Category: Press

Law360–A U.S. Bankruptcy Court has held that the tolling provisions in the U.S. Bankruptcy Code allowing for extensions of the time to file actions are automatically available to foreign representatives trying to marshal assets for distribution to creditors in cross-border cases. In In re Fairfield Sentry Limited, the foreign representatives of the liquidation proceedings of […]

Press Release–On 23 May 2011, in In re Fairfield Sentry Ltd., Bankruptcy Judge Lifland of the U.S. Bankruptcy Court for the Southern District of New York ruled that the provisions of Section 108 of the U.S. Bankruptcy Code, which grants a two-year extension of time for a trustee in bankruptcy (or a debtor in possession) […]

INSOL International is pleased to announce the second graduating class of the Global Insolvency Practice Course. The successful participants are now formally recognised as a Fellow, INSOL International. Alberto Angeloni, DLA Piper, Italy Timothy Barnes, Curtis, Mallet-Prevost, Colt & Mosle LLP Daniel Bryant, PPB Advisory Jan Bunnemann, Hogan Lovells International LLP Scott Cruickshank, Lennox Paton, […]

The Tribune–The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) has joined with accounting firm KRyS Global to launch an Economic Crime Survey for the Bahamas. The survey, designed to provide information on the true state of economic crime in the Bahamas, and uncover new trends, will be dispatched to all BCCEC members via e-mail […]

Linda Sandler, Bloomberg News–Investors in Fairfield Sentry Ltd., a feeder fund for Bernard Madoff’s Ponzi scheme, asked a judge to withhold approval from Irving Picard’s $4 billion settlement with bankrupt funds related to the Fairfield Greenwich Group. The deal struck by the trustee liquidating Madoff’s firm, who dropped $4 billion in claims in return for […]

New York Law Journal–Foreign Liquidators of the Fairfield group of investment funds, which were created to feed overseas investments into Bernard L. Madoff Investment Securities, can pursue a slew of lawsuits aiming to recover nearly $6 billion for investors in U.S. Bankruptcy Court rather than in the state Supreme Court’s Commercial Division, a bankruptcy judge […]

Morningstar Canada–Hedge-fund manager Otto Spork and two Toronto investment firms under his direction committed non- criminal fraud, according to the findings of an Ontario Securities Commission (OSC) panel released today. A sanctions and costs hearing will be held, the OSC said. The date has not been set. The OSC panel concluded that Spork, Sextant Capital […]

Press Release–Kenneth M. Krys and Joanna Lau of KRyS Global, the Joint Liquidators of Fairfield Sentry Ltd. (“Fairfield Sentry”), Fairfield Sigma Ltd. (“Fairfield Sigma”) and Fairfield Lambda Ltd. (“Fairfield Lambda” and, together with Fairfield Sentry and Fairfield Sigma, the “Fairfield Funds”) (the “Joint Liquidators”) are pleased to announce the entering of a compromise with Irving […]

Law360–Law360, New York (May 5, 2011) — A New York federal judge revived some fraud claims Wednesday in the Refco Inc. multidistrict securities litigation after rejecting a special master’s recommendation that he dismiss the allegations with prejudice. U.S. District Judge Jed S. Rakoff disagreed with the special master’s finding that fraud claims brought on behalf […]

American Bar Litigation News–In a recent decision further clarifying the definition of documents “intended for internal law office review and use” under New York law, the U.S. District Court for the Southern District of New York held that such communications are subject to a common law “privilege.” Krys v. Sugrue. The district court held that […]