In the News October 23, 2009

Tim Selby Quoted in Am Law Daily

Tim Selby was quoted extensively in an Am Law Daily article discussing the shutting down of a hedge fund associated with the biggest insider-trading case in decades.  “They're going to suspend any redemptions to enter into an orderly wind down and put all investors on equal footing,” he said.

 

“When you unwind the fund, you're going to have a lot more assets left,” he continued, speaking generally. “If you have any administration expenses associated with that, those expenses would be borne by a small group. So if it looks like a fund is going down, you want to suspend redemptions and liquidate the portfolio in an orderly and efficient manner.”

 

Selby also noted that though larger investors may have already moved to pull out of the fund, they’ll likely be informed that all such requests will be processed in an orderly manner, along with mandatory redemptions.  “It's the most equitable approach, as all investors are treated fairly.”

 

According to Selby, a bankruptcy filing is unlikely.  “If you're a disgruntled investor you're filing suit against the manager, not the fund, because then you'd be suing yourself.”

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