In ongoing litigation relating to the collapse of MAT Five LLC, a hedge fund sponsored by a Citigroup affiliate, the Delaware Chancery Court on June 26, 2008 granted the plaintiffs’ motion to expedite the proceedings and scheduled a hearing on the plaintiffs’ motion for a preliminary injunction. The case demonstrates some of the problems encountered by large institutions that manage internal hedge funds, and also highlights the various pitfalls faced by such institutions when they attempt to “bail out” an internal hedge fund experiencing performance difficulties.