Madoff's Largest Feeder Seeks Ch. 15 Protection

Law360, New York (June 15, 2010, 11:45 AM EDT) -- Fairfield Sentry Ltd., the largest feeder fund to notorious Ponzi mastermind Bernard L. Madoff, has sought Chapter 15 protection as it hashes out liquidation in the British Virgin Islands.

Fairfield asked the U.S. Bankruptcy Court for the Southern District of New York to recognize its overseas proceeding so as to bar creditors from coming after its assets in the U.S., according to a petition lodged Monday.

The fund listed assets and debts of between $100 million and $500 million each, but liquidation agent Kenneth Krys said...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.