Chapter 15 Out Of Bounds For Bear Funds: Court

Law360, New York (May 28, 2008, 12:00 AM EDT) -- In a move that could open the door to future litigation, a district judge has upheld a bankruptcy judge's ruling that blocked two failed Bear Stearns Cos. hedge funds from filing for Chapter 15 bankruptcy protection.

Judge Robert W. Sweet of the U.S. District Court for the Southern District of New York on Wednesday found on appeal from the bankruptcy court that an August 2007 ruling nixing the funds' bids for Chapter 15 represented a correct reading of the enabling statute and the facts of the...
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