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Rating:Court Approves an Overseer for Reserve Fund Distribution Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 10, 2008

Court Approves an Overseer for Reserve Fund Distribution

by: Armie Margaret Lee

Denis O'Connor of Alix Partners, a firm that provides corporate turnaround services and litigation consulting, will supervise the distribution of assets in Reserve Management Company's International Liquidity Fund, Dow Jones reports.

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.

New York State Supreme Court Justice Barbara Kapnick approved O'Connor's appointment on Friday. O'Connor will put together a report for the court by December 8 containing details about the fund's assets, transfers and redemption requests.

Roger Netzer, a lawyer for the international fund, said two weeks ago that it intends to distribute $854 million in cash it holds within the next month.

The fund is regulated by British Virgin Island authorities. 

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