Media Mentions
2008
Hedge Funds Review (August 2008) quoted Charles Shiramba regarding where insolvent funds are handled. Bear Sterns hedge funds demonstrate this can be an open question. "These funds were domiciled in Cayman and it was widely assumed by restructuring and insolvency professionals...that the funds would be formally wound up in that jurisdiction, albeit that many investors would be international and...US investors. Instead the Cayman liquidators' attempt to apply for recognition in the US...was rebuffed, despite the fact that US insolvency law was recently changed to facilitate this type of cross-border liquidation," notes Mr. Shiramba. "The important point is...that when a fund blows up, the legal forum for its insolvency should be predictable. If not, insolvency becomes a less quantifiable risk and...this kind of uncertainty is bad for the hedge fund industry."
Charles Shiramba, Banking and Finance - London, Hedge Funds, London, Restructuring & Insolvency
Charles Shiramba was quoted in the April 2008 edition of the International Financial Law Review regarding a proposal by the European High Yield Association to reform UK insolvency law to make it more like Chapter 11 of the U.S. Bankruptcy Code to enable easier restructurings. "This is a laudable proposal. It's clear to all of us that we could be going into a recession. If we do, highly-geared structured companies will fall first."
Charles Shiramba, Banking and Finance - London, London, Restructuring & Insolvency
Charles Shiramba was quoted in the March 20 edition of Legal Week in relation to the global turmoil in credit markets which led to the collapse of two hedge funds in Europe and the fire-sale of Wall Street giant Bear Stearns. Mr. Shiramba said, “Insolvency law in the UK is not geared up to dealing with hedge funds the size of Carlyle going bust. I think the law will struggle to cope."
Charles Shiramba, Banking and Finance - London, London, Restructuring & Insolvency
Andrew Watson was quoted in the March 13 edition of Legal Week in relation to a Greek infrastructure project that McDermott Will & Emery advised on. Mr Watson said, "The Greeks have been shown where our PPPs went wrong, ironed any issues out and have really taken to the model. So far it has worked well."
