In re Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd.
United States Bankruptcy Court for the Southern District of New York
374 B.R. 122 (2007)
The Bear Stearns High-Grade Structured Credit Strategies Master Fund and an affiliated fund (creditors), both Cayman Islands limited liability companies with no employees, office, or place of business there, kept their manager, administrator, books, records, and assets entirely in the United States. After the funds filed for bankruptcy in the Cayman Islands, their representatives asked the U.S. bankruptcy court to recognize that proceeding as either a foreign main proceeding or, alternatively, a foreign nonmain proceeding.
Whether a United States bankruptcy court can recognize a bankruptcy proceeding pending in another country as a foreign main or foreign nonmain proceeding under § 1517 of the Bankruptcy Code.