Caribbean Net News – The trustee liquidating Bernard Madoff’s investment-advisory business has asked a judge for a default ruling against Harley International Ltd, arguing that the Cayman Islands hedge fund failed to respond to a lawsuit accusing it of taking $1.07 billion in fake profit from Madoff’s firm.

If trustee Irving Picard’s July 2 request is granted, the hedge fund, run by Cayman Island-based Euro-Dutch Management Ltd, would be ordered to return money it allegedly withdrew during the six-year period before New York-based Bernard L Madoff Investment Securities LLC collapsed in a $65 billion fraud. Harley is being liquidated in a Cayman Islands court.

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Tags: appointment, assets, attorneys, bankruptcy case, bankruptcy protection, chronicle herald, dual role, hedge fund, horse track, lenders, magna entertainment, offshore partners, parent company, rsquo, ties, trustee

CNBC – Attorneys for a hedge fund are asking for the appointment of an examiner in horse track owner Magna Entertainment’s Chapter 11 bankruptcy case.

A hearing was scheduled Tuesday on the request by Greenlight Capital Offshore Partners, which wants an investigation of ties between Magna and its parent company, known as MID.

MID has played a dual role as both a potential bidder for MEC assets and one of its primary lenders.

Greenlight, an unsecured creditor of Magna as well as a large shareholder in MID, is concerned about the fairness of any asset sale.

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Tags: appointment, assets, attorneys, bankruptcy case, chapter 11 bankruptcy, cnbc, dual role, fairness, greenlight capital, hedge fund, horse track, lenders, magna entertainment, offshore partners, parent company, shareholder, ties, unsecured creditor