Liquidators of Kingate Funds Obtain Key Court Approval in New York
The Joint Liquidators of Kingate Global Fund, Ltd. and Kingate Euro Fund, Ltd. (“the “Kingate Funds”) have announced that the US Bankruptcy Court for the Southern District of New York has granted key relief to protect the global settlement with Irving H. Picard, as trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”), through which certain victims of the fraud will receive compensation.
US Bankruptcy Judge Stuart M. Bernstein signed an order on October 18, 2019 granting recognition of the Kingate Funds’ liquidations in accordance with Chapter 15 of the United States Bankruptcy Code.
The New York court, the High Court of the Virgin Islands and the Supreme Court of Bermuda have all previously approved the global settlement. The result is that the parties have agreed to a mutual release of all claims which has been approved in the relevant jurisdictions subject to appeal periods that expire this month.
“Granting of the Chapter 15 petition for recognition is an important step for the successful liquidation of the Funds following the settlement,” said Paul Pretlove, managing director of Kalo and one of the Joint Liquidators of the Kingate Funds alongside Tammy Fu and John C. McKenna. “Notably, it both protects the global settlement while also ensuring an orderly liquidation of the Kingate Funds’ assets.”
The Kingate Funds invested approximately $1.7 billion with BLMIS over a 14-year period. Following the arrest of Mr. Madoff and the commencement of liquidation proceedings of BLMIS, the Kingate Funds also went into liquidation in the British Virgin Islands.
Kalo’s Paul Pretlove and Tammy Fu are joint liquidators of the Kingate Funds alongside John C. McKenna of Finance & Risk Services.
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Kalo is a specialist insolvency and restructuring practice located in the British Virgin Islands and the Cayman Islands. Kalo is an independent and conflict-free advisory firm. For more information visit www.kaloadvisors.com
CONTACT: Tom Becker, of Sitrick And Company, at 212-573-6100, or Tom_Becker@Sitrick.com, Rich Wilner, of Sitrick And Company, at 212-573-6100, or RWilner@Sitrick.com, or Sophie Morgan, of Mourant, at Sophie.Morgan@Mourant.com