October 1, 2022

Cayman Islands: Fairfield Liquidators declare Second Interim Distribution

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By Kenneth M. Krys and Charlotte Caulfield KRYS Global

Fairfield Sentry Limited is one of the first of the larger offshore feeder funds (that we are aware of) to pay distributions to its shareholders. On 24 November 2017, the BVI Court granted sanction to the Fairfield Liquidators to pay a second interim distribution of US$15.00 per share to the Fund’s shareholders, subject to certain exclusions and compliance with anti-money laundering requirements. Shareholders have been notified that the payment of the second interim distribution will occur 15 December 2017. This second interim distribution together with the first interim distribution declared in August 2017 provides for total distributions declared to date of US$30.00 per share.

The Fairfield Liquidators have also got their sights on a potential third interim distribution, which is dependent on certain events happening and has been targeted for the summer of 2018. Said Kenneth Krys, one of the Joint Liquidators, “Our objective since 2014, when it looked like we might have sufficient assets, was to get money into the hands of the victims of the Madoff fraud. We’re extremely pleased that we have been able to find a way to get some funds back to shareholders. With some of the successes we have had in courts recently, we hope to be able to continue making recoveries for their benefit.”

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

SOURCE: http://www.mondaq.com/caymanislands/x/651086/offshore+financial+centres/Fairfield+Liquidators+Declare+Second+Interim+Distribution

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