Cayman Islands Liquidations of Failed Bear Stearns Hedge Funds Denied Access to US Bankruptcy Court

In an opinion filed on May 27, 2008, Judge Sweet of the US District Court for the Southern District of New York affirmed a Bankruptcy Court decision holding that the official Cayman Islands liquidations of two failed Bear Stearns hedge funds were not entitled to recognition by the US Bankruptcy Court as either “main” or “nonmain” proceedings under Chapter 15 of the Bankruptcy Code.

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