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.
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