IMA Investors Ask Judge To Liquidate Fund

Law360, New York (March 28, 2006, 12:00 AM EST) -- A group of investors caught up in the spectacular collapse of hedge fund International Management Associates has asked a bankruptcy court judge to liquidate the fund’s remaining assets.

The six investors asked the judge to convert IMA’s Chapter 11 petition to Chapter 7, in order to expedite liquidation and repayment of debts. The investors had collectively sunk $11 million into the fund, with the two largest creditors owed $5 million and $2 million.

The investors also asked the court to remove the acting debtor in possession...
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