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.
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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)