MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, October 20, 2008 Investors in an International Reserve Fund Face Redemption Delay A New York State Supreme Court judge on Friday extended an order she put forth on October 6 preventing redemptions from Reserve Management Co.'s $3.5 billion International Liquidity Fund, Reuters reports. For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline. Fund shareholders Caxton International Ltd. and Caxton Equity Growth slapped a suit against the Reserve on October 6 (see The MFWire, October 15, 2008). They asked the court on Friday to greenlight the appointment of a receiver to assist with the distribution. New York State Supreme Court Justice Barbara Kapnick extended her October 6 order and adjourned the case until October 31 unless the parties come to an agreement before that time. Printed from: MFWire.com/story.asp?s=19678 Copyright 2008, InvestmentWires, Inc. All Rights Reserved |