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January 14, 2008 |
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BASIS YIELD: Case Now Under Official Liquidation Hugh Dickson, Stephen John Akers, and Paul Andrew Billingham, joint liquidators of Basis Yield Alpha Fund (Master), filed a statement regarding the status of Basis Yield's liquidation proceedings before the Grand Court of Cayman Islands. In the statement, the JPLs notified the U.S. Bankruptcy Court for the Southern District of New York that, on Dec. 19, 2007, the Cayman Court directed that Basis Yield be officially wound up pursuant to the provisions of the Cayman Islands' Companies Law (2007 Revision). The Statement also said the Cayman Court has appointed Messrs. Dickson, Akers and Billingham as Basis Yield's joint official liquidators. U.S. counsel for the Liquidators, Karen B. Dine, Esq., at Pillsbury Winthrop Shaw Pittman LLP, in New York, relates that, pursuant to the Cayman Court's order, the Official Liquidators are authorized to: -- do any act or thing they consider to be necessary or desirable in connection with the liquidation of Basis Yield and the winding up of its affairs; -- exercise all powers set out in Section 109 of the Cayman Companies Law without further sanction of the Cayman Court, including the liberty to employ attorneys, counsel and professional advisors in the Cayman Islands or elsewhere; and -- pay invoices out of the assets of Basis Yield for attorneys' and accountants' remuneration at the usual rates together with all costs and expenses. Ms. Dine further relates that the Cayman Court also authorized the Official Liquidators to file with the Cayman Court Clerk a report, in writing, of the position of and the progress made with the winding up of Basis Yield and with the realization of its assets, and as to any other matters connected with the company's liquidation, every 12 months or as the Cayman Court may direct. On Aug. 28, 2007, Basis Yield asked the Cayman Court to immediately appoint Messrs. Dickson, Akers and Billingham as the company's joint provisional liquidators. The Cayman Court granted Basis Yield's request on that same day. The Liquidators were first appointed temporarily by the Cayman Grand Court as an interim measure designed to ensure that the status quo is maintained pending a full hearing of a winding up petition. The following day, the Liquidators filed a petition under Chapter 15 of the U.S. Bankruptcy Code believing that an ancillary case would facilitate an efficient, fair, prompt, and orderly conduct of the Cayman Islands Proceeding. The Cayman Grand Court usually appoints a provisional liquidator if it is persuaded that in all probability a winding up order will ultimately be made. About Basis Yield Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund. It operates as a master-feeder structure that allows investors' funds to be channeled through two companies operating in a single jurisdiction to a "master" company operating in the same jurisdiction. These two feeder funds are Basis Yield Alpha Fund (US), a US feeder fund for US taxable investors, and Basis Yield Alpha Fund, a non-US feeder for all other investors. On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul Andrew Billingham filed a chapter 15 petition for Basis Yield (Bankr. S.D.N.Y. Case No. 07-12762). Karen Dine, Esq. at Pillsbury Winthrop Shaw Pittman LLP represents the petitioners. (Basis Yield Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/ or 215/945-7000) |
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