ICP Hedge Funds Seek Ch. 15 Protection In NY

Law360, Chicago (July 1, 2013, 9:26 PM EDT) -- Two hedge funds formerly managed by Thomas Priore — an investment adviser who recently settled allegations that he and his firm ICP Asset Management LLP defrauded mortgage-backed securities investors — filed for Chapter 15 bankruptcy in New York on Friday.

Already in liquidation proceedings in the Cayman Islands, the two funds — ICP Strategic Credit Income Master Fund Ltd. and ICP Strategic Credit Income Fund Ltd — want the U.S. court to recognize their bankruptcy so they can identify and secure any assets they may have...
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