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Sphinx Group Makes Bid For Chapter 15 Shelter

Law360 (August 1, 2006, 12:00 AM EDT) -- Less than two months after a federal judge signed off on a $263 million settlement award for one of the offshore hedge funds shuttered by the collapse of Refco Inc., Sphinx Ltd. and 21 other Sphinx-affiliated funds are seeking U.S. bankruptcy protection as a result of an investigation into that settlement.

Kenneth Krys and Christopher Stride, the Cayman Islands-based liquidators of the offshore funds, filed the Chapter 15 petition Monday in the U.S. Bankruptcy Court for the Southern District of New York.

The liquidators are responsible...
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