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Platinum Partners' Alleged Alter Ego Seeks Ch. 15 Shield

Law360 (May 16, 2019, 3:14 PM EDT) -- Cayman Islands-based reinsurance company Beechwood asked a New York bankruptcy court Thursday to recognize its foreign liquidation proceedings and put a stay on several U.S. cases in which it is accused of being an alter ego for hedge fund Platinum Partners in a securities fraud scheme.

Beechwood Re’s foreign representative, Stuart Sybersma, told the Southern District of New York bankruptcy court that after Platinum Partners collapsed in 2016, Beechwood has been the subject of several civil suits in the U.S. The suits prompted the Cayman Islands Monetary Authority, or CIMA, to order Beechwood into liquidation, the petition said.

With the liquidation...

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