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
A Month After the Quake, Haiti Needs to Rebuild
Prepared press release with one photo for one time blast - e-mail distribution - Corporate
James River Group Holdings Reports First Quarter Net Operating Income of $11.7 Million or ...