NEW YORK, June 29, 2011 /PRNewswire/ — The British Virgin Islands Court of Appeal has unanimously reversed a lower court ruling and dismissed a petition by McKinsey & Co. to liquidate Westford Special Situations Fund Ltd. McKinsey had filed the petition in an attempt to redeem its investment.
McKinsey, which had invested in a feeder fund to Westford Special Situations Master Fund, L.P., attempted to liquidate Westford after the fund suspended redemptions — even though Westford had made partial payments to McKinsey.
In denying McKinsey’s motion, the Court upheld Westford’s argument that, as a redemption creditor, McKinsey did not have the legal standing to force the appointment of a liquidator.
The Westford Special Situations Fund Ltd. and Westford Special Situations Master Fund L.P. are part of the Westford-Epsilon family of funds managed by Steve G. Stevanovich.
Related News
Glory Foods(R) Donates Over 7,000 Cans to Feed the Children(R) for Haiti Earthquake Relief...
Dunkin’ Donuts Celebrates Global Donut Day on Friday, June 3rd by Offering Guests a Free...
Markel Corporation names Mike Clancy Chief Operating Officer, Claims