Even Offshore Fund Directors Can Get the Blues
This article by Sedgwick, Detert, Moran & Arnolds Edward Smerdon and Simon Fish discusses Grand Court of the Cayman Islands first judgment on the duties of directors of offshore hedge funds.
From the Article:
The Grand Court of the Cayman Islands has delivered it's first and seminal judgment on the duties of directors of offshore hedge funds.
The liquidators of Wavering Marco Fixed Income Fund Ltd brought an action against the fund's former directors, Hans Ekstrom and Stefan Peterson, after it was discovered a large proportion of the fund's balance-sheet assets were, in fact, fictitious.