In re Basis Yield Alpha Fund (Master)

Ruling: 
Cayman Islands insolvency proceeding of exempted company was not required to be recognized as a foreign main proceeding in absence of evidence of nature of business.
Procedural posture: 
Petitioner liquidators of a foreign debtor, an exempted limited liability financial company incorporated under the laws of the Cayman Islands, sought U.S. recognition of the debtor's Cayman Islands insolvency proceeding. No objection to recognition was made by any party, and the liquidators moved for summary judgment of recognition of the foreign proceeding as a foreign main proceeding.
Issue: 
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Commercial case opionion summary, case decided on January 16,2008, LexisNexis #0208-061