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Hedge Fund Seeks Bankruptcy AbroadBasis Capital Fund Management, an Australian firm that has said losses in its Basis Yield Alpha hedge fund could exceed 80 percent, filed for bankruptcy protection yesterday for the fund, citing defaults in subprime mortgages in the United States. Basis, which is based in Sydney, asked a court in the Cayman Islands late Tuesday for permission to liquidate its assets, according to a petition filed yesterday in New York. The fund, which is registered in the islands, has assets and liabilities of more than $100 million, according to yesterday’s petition, which asked a federal bankruptcy judge to bar lawsuits in the United States while it liquidates in the Caymans. Basis Capital, founded in 1999, had more than $1 billion in assets as recently as May. It lost money as defaults in home loans to the riskiest borrowers spread to the broader credit markets. Basis followed Bear Stearns, which is seeking bankruptcy protection for two of its funds in the Caymans. A federal judge refused this month to grant permanent protection from American lawsuits to the two Bear Stearns funds registered in the Caymans. The judge said he needed more time to determine whether the Caymans was the proper jurisdiction for the liquidation, since most fund assets were in New York. Most of the Basis Yield Alpha Fund’s creditors and assets appear to be based in America, said Kurt Mayr, a lawyer in the financial restructuring group at Bracewell & Giuliani. Creditors of Basis include JP Morgan Chase, Goldman Sachs International, Citigroup Global Markets, Morgan Stanley, Lehman Brothers International (Europe) and Merrill Lynch International, according to court documents. Those creditors issued default notices to Basis Yield after its devaluations in June. Basis Yield Alpha has fewer than 49 creditors, according to the petition, which was filed under Chapter 15 of the federal bankruptcy law. Under Chapter 15, a company based abroad can win protection from United States creditors while it liquidates or reorganizes overseas. Judge Robert E. Gerber of Federal Bankruptcy Court in Manhattan will hear a request on Sept. 6 to temporarily bar American lawsuits while the company makes its case for permanent Chapter 15 protection. Tag CloudExternal InformationAdditional InformationAir travel chaos threat as Virgin votes to strike...Insider inquiry launched into SocGen... United Surgical to Be Bought by Equity Firm for $1.8 Billion... Resource spending a straight run for Leighton... Where Am I?News Main Page - Business - Hedge Fund Seeks Bankruptcy Abroad |
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