Citigroup May Oppose Hedge Fund's Ch. 15 Petition

Law360, New York (September 7, 2007, 12:00 AM EDT) -- A Citigroup unit said Wednesday it may object to the U.S. bankruptcy petition of hedge fund Basis Yield Alpha Fund, which sought Chapter 15 protection last month due to volatility in the subprime lending market.

If confirmed, Basis Yield's Chapter 15 filing would protect it from lawsuits in the United States while it liquidates its assets in the Cayman Islands, where the fund is based. However, in court documents filed with the U.S. Bankruptcy Court for the Southern District of New York, Citigroup Global Markets Ltd....
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