Another Madoff Customer in Liquidation

24 July 2013

On 23 July 2013, the Grand Court of the Cayman Islands appointed liquidators to Herald Fund SPC after an application by Primeo Fund, one of Herald’s larger investors. The case was keenly followed by Cayman Islands practitioners and the appointment marks the beginning of a process of investigation into the business affairs of the company and the process of maximising the value remaining in the company for distribution to creditors and investors. This development also signals renewed interest in the secondary market for the purchase of creditor and investor claims in the fund. Herald was a customer of Bernard L Madoff Investment Securities LLC and a so-called feeder fund and was one of the hedge funds connected with Bank Medici and Sonja Kohn.

Creditors an investors of Herald or Primeo wishing to discuss the events or who may wish to have their interests represented in the matter by experienced Cayman Islands insolvency professionals may contact us at info@bakertillycayman.com.


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