Offshore Hedge Fund Litigation

Posted on January 19, 2010 by mjm · category: Publications · tags:

Andrew A. Martin

Phoenix Cap­i­tal Reserve Fund and Phoenix Global Fund Ltd (“the Funds”) are two related small pri­vate hedge funds which, after a brief period of suc­cess­ful trad­ing, made spec­tac­u­lar losses in 2003 and early 2004. In an action brought against their for­mer admin­is­tra­tors and their cus­to­dian, the Funds alleged that the respon­si­bil­ity for the losses incurred lay with the ser­vice providers because they had failed to stop the Funds from mak­ing the bad investments.

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Segregated Account Companies

Posted on January 19, 2010 by mjm · category: Publications · tags:

Andrew A. Martin

Seg­re­gated Accounts Com­pa­nies (var­i­ously known as ‘cell com­pa­nies’, ‘seg­re­gated port­fo­lio com­pa­nies’, ‘pro­tected cell com­pa­nies’ and ‘incor­po­rated cell com­pa­nies’) have been in exis­tence in dif­fer­ent com­mon­wealth juris­dic­tions from the early 1990’s but have not yet given rise to any reported lit­i­ga­tion analysing their con­sti­tu­tion, effec­tive­ness or the reme­dies avail­able against them.

In the case Ten­sor Endow­ment Lim­ited v New Stream Cap­i­tal Fund Lim­ited, the Bermuda Supreme Court had to con­sider an appli­ca­tion by a seg­re­gated account owner and/or cred­i­tor for the appoint­ment of a receiver over the assets of one of the seg­re­gated accounts on the grounds of insol­vency or that it was ‘just and equi­table’ to appoint a receiver.

PLEASE NOTE: this arti­cle is in the process of being updated

Buying a house? Beware of closing costs

Posted on March 25, 2009 by mjm · category: Publications · tags:

Denis de Frias

Dur­ing these dif­fi­cult eco­nomic times, buy­ing a piece of the rock may be the last thing on your mind. This may, how­ever, be a time to take advan­tage of the great oppor­tu­ni­ties of a “buyer’s mar­ket” and climb on the prop­erty lad­der, espe­cially for the first-time Bermuda home buyer. Prop­erty prices are becom­ing rea­son­able, ven­dors are will­ing to nego­ti­ate and the rates offered by Bermuda lenders are at the low­est lev­els in years. Read more »

Your Estate Part III: I have a will, what do I do now?

Posted on January 28, 2009 by mjm · category: Publications

Nathan Samuels, T.E.P.

It can be said that what you do with your will after it has been writ­ten is just as impor­tant as the will itself. It’s not rare for clients to tell me that they are cer­tain that a recently passed loved one made a will, but at the same time admit that they have no idea where it is. I have seen other clients thank­ful to have been given real estate under a will, only to be dis­ap­pointed later when they dis­cover that the prop­erty was sold by the deceased while he or she was still alive. Read more »

Your Estate Part II: Why can’t I write my own will?

Posted on December 31, 2008 by mjm · category: Publications · tags:

Nathan Samuels, T.E.P.

You won’t hear this from most estate attor­neys but the truth is there is a wide vari­ety of inex­pen­sive home-made will “kits” avail­able on the mar­ket today. From ready-made “fill-in-the-blank type forms” to elab­o­rate com­puter pro­grams. But beware, as the say­ing goes, “You get what you pay for.” Read more »