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March 28, 2006

Public and Private Batlle for the remains of IMA II

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In the SEC's response to the motion by Laird and Baker to intervene, remove the receiver and provide private prosecution of the case, SEC's Brief, the SEC argues that as a matter of law the SEC adequately represents the investors interests because they are pursuing the same objective - the return of the funds to the private investors. The SEC also argues that their delay of nine years is immaterial since there is no evidence that the SEC knew or ought to have known that the hedge fund was a fraud. Finally, the SEC argues that the Receiver will necessary work very hard at the beginning of the case and it is unrealisitic to imagine to project the cost to assets found ratio, 9/10 right now, through to the end of the case.

Posted by michael webster at 9:16 AM | | Comments (0) | TrackBacks (0)

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