A group of disgruntled shareholders have begun legal action in the Cayman Islands to seize control of the Bear Stearns High Grade Structured Credit Strategies Enhanced Leverage Fund and the Bear Stearns High Grade Structured Credit Strategies fund, both of which collapsed last summer due to the subprime mortgage crisis. The same shareholders successfully waged a campaign to appoint their own directors to the enhanced leverage fund last autumn.
The shareholders want the Cayman court to reverse Bear Stearns’s decision to put the funds into liquidation.
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