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U.S. Recognition Of Offshore Insolvency: Impossible?

Law360 (August 8, 2008, 12:00 AM EDT) -- The November/December 2007 issue of Insolvency Notes featured an article highlighting a Manhattan-based federal bankruptcy court's refusal to officially recognize proceedings commenced in the Cayman Islands to liquidate two Bear Stearns-managed hedge funds that collapsed in June of that year.

Given the number of funds managed on-shore but registered in the Caymans and other off-shore jurisdictions, the bankruptcy court's opinion has received considerable attention, as recognition can have major effects on the rules and procedures governing the restructuring or liquidation of such funds, including who will...
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