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Bankruptcy Court Endorses Hedge Fund’s DIP Plan

Law360 (March 27, 2006, 12:00 AM EST) -- PlusFunds Group Inc., the bankrupt hedge fund struggling to get back on sound financial footing, got some good news as a judge gave the go-ahead to a $407,000 debtor-in-possession loan as the company attempts to sell millions of dollars in assets.

Last Thursday, U.S. Bankruptcy Judge James Peck paved the way for the final loan to go through with the recently-formed DIP Funding Group LLC, an entity that is wholly-owned by PlusFunds shareholder and director Mark Kavanaugh.

The hedge fund had originally sought a $1 million...
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