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DD Growth Premium 2X Fund -v- RMF Market Neutral Strategies (Master) Limited. CICA 24/2014 (was FSD 33/2011), per Mangatal J (29 May 2015)

May 2015 Procedure

CAYMAN ISLANDS

COURT OF APPEAL

CIVIL PRACTICE AND PROCEDURE - APPLICATION FOR SECURITY FOR COSTS OF AN APPEAL - SUB-SECTION 19(2) OF THE COURT OF APPEAL LAW (2011 REVISION) - SECTION 74 OF THE COMPANIES LAW (2013 REVISION) (JUSTICE MANGATAL SITTING AS A SINGLE JUDGE OF THE COURT OF APPEAL)

Conyers Dill & Pearman (“Conyers”) represented RMF Market Neutral Strategies (Master) Limited (“RMF”). This case concerned a fund named DD Growth Premium 2X Fund (In Official Liquidation) (“2X”), which suffered severe financial difficulties in the wake of the Lehman Brothers’ collapse in 2008. RMF was an investor in 2X for some time and redeemed shares from 2X on multiple occasions. RMF’s redemption of shares is the primary basis for this dispute.

The issue in this case primarily concerned redemption requests made by a group of redeeming shareholders known as the “December Redeemers” when 2X was of questionable solvency. Certain parties, such as RMF amongst others, were able to redeem their shares and obtain payment whilst others received nothing. Consequently, the dispute involved 2X’s Joint Official Liquidators attempting to “claw back” monies paid to RMF during this period. The Judge ultimately agreed with Conyers’ point regarding Section 37(6)(a) of the Companies Law.

 

To continue reading full articles in PDF format:
DD Growth Premium 2X Fund -v- RMF Market Neutral Strategies (Master) Limited. CICA 24/2014 (was FSD 33/2011), per Mangatal J (29 May 2015)

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

DD Growth Premium 2X Fund -v- RMF Market Neutral Strategies (Master) Limited. CICA 24/2014 (was FSD 33/2011), per Mangatal J (29 May 2015)

20 May 2015

CAYMAN ISLANDS

COURT OF APPEAL

CIVIL PRACTICE AND PROCEDURE - APPLICATION FOR SECURITY FOR COSTS OF AN APPEAL - SUB-SECTION 19(2) OF THE COURT OF APPEAL LAW (2011 REVISION) - SECTION 74 OF THE COMPANIES LAW (2013 REVISION) (JUSTICE MANGATAL SITTING AS A SINGLE JUDGE OF THE COURT OF APPEAL)

Conyers Dill & Pearman (“Conyers”) represented RMF Market Neutral Strategies (Master) Limited (“RMF”). This case concerned a fund named DD Growth Premium 2X Fund (In Official Liquidation) (“2X”), which suffered severe financial difficulties in the wake of the Lehman Brothers’ collapse in 2008. RMF was an investor in 2X for some time and redeemed shares from 2X on multiple occasions. RMF’s redemption of shares is the primary basis for this dispute.

The issue in this case primarily concerned redemption requests made by a group of redeeming shareholders known as the “December Redeemers” when 2X was of questionable solvency. Certain parties, such as RMF amongst others, were able to redeem their shares and obtain payment whilst others received nothing. Consequently, the dispute involved 2X’s Joint Official Liquidators attempting to “claw back” monies paid to RMF during this period. The Judge ultimately agreed with Conyers’ point regarding Section 37(6)(a) of the Companies Law.

 

To continue reading full articles in PDF format:
DD Growth Premium 2X Fund -v- RMF Market Neutral Strategies (Master) Limited. CICA 24/2014 (was FSD 33/2011), per Mangatal J (29 May 2015)

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com