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Offshore Sphinx Fund Seeks Ch. 15 Protection

Law360 (June 8, 2006, 12:00 AM EDT) -- One of Sphinx Managed Futures Fund’s offshore hedge funds ran for cover under Chapter 15 bankruptcy protection just a day before a bankruptcy judge signed off on Sphinx’s contested $263 million settlement with Refco Inc. creditors.

Sphinx Strategy Fund Ltd., a fund located in the Cayman Islands that feeds resources to Sphinx Managed Futures Funds SPC, petitioned for bankruptcy protection Wednesday in the U.S. Bankruptcy Court for the Southern District of New York.

Geoffrey E. Varga, the fund’s provisional liquidator assigned by the court, initiated the...
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