Culross forges path for Cayman clarification
Tue Jul 5, 2011
Paperwork glitch caused extended legal headache
By Niki Natarajan
This is a cautionary tale for hedge fund investors large and
small: make sure the language of the Articles of Association
and supporting offering documents tally. Culross Global
Management has learned the hard way that no matter how good the
due diligence on a manager is, how they play when the chips are
down can show a completely different face.
The story of Culross Global SPC versus Strategic Turnaround
Master Partnership Limited (STMP) started as one investor
trying to redeem from a fund, and concluded by creating case
law for what happens when a fund suspends redemptions before
the investor’s name is taken off the register of
Due to a delay that always occurs when a redemption notice
is served and accepted, and the time that the shareholder
becomes a creditor, Culross found itself setting a precedent by
being adjudged to be both a...
ISSN: 2151-1845 / CDC10004H
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