Black Eagle Litigation Fund
| Mutual fund | |
| Industry | Hedge fund |
| Founded | Cayman Islands, (2001) |
| Headquarters | Cayman Islands |
Key people | Arthur Lieber |
| Website | blackeaglefund.org |
Overview
Black Eagle Litigation Fund is a distressed assets and special situations fund specializing in ex-USSR based legally distressed assets and in offshore asset recovery. The main entity of the fund is based in the Cayman Islands.
Equity Partners
Equity partners of the fund were never officially disclosed. It was reported [1] that Valery Tutykhin, a Swiss-based Russian entrepreneur is one of the partners, also personally managing some of the projects of the fund.[2]
Management
Black Eagle Litigation Fund is managed by John Tiner & Partners SA, a Geneva-based financial company, although other affiliates and units of the fund may be independently managed.
Reported Activities
Early Activities
In early 2000s the fund invested into recovery rights and received recovery mandates for Russian and Ukrainan assets lost by original owners through illegal "raidering" schemes, often forcing the new owners to settle by taking investigation overseas and arresting their offshore assets.[3]
Cyprus Bank Crisis
The fund is reported to have been speculating in rights to frozen deposits in Cyprus banks in 2013.[3]
Ukrainian Bank Debt
Following the collapse of a large number of commercial banks in Ukraine during 2014 - 2015[4] Black Eagle Litigation Fund started purchasing selected distressed debt of such banks at the same time offering financial remuneration for information on offshore assets of major shareholders of failed banks.[5][6]
Criticism
Russian and Ukrainian media is referring to Black Eagle Litigation Fund as one of the so-called vulture funds.[5] and criticizes its aggressive tactics.[7]
See also
References
- ↑ "Vulture Funds Descend Upon Distressed Banks In Ukraine". Vesti Ukraine. April 28, 2015.
- ↑ "V. Tutykhin interview to FORBES "Как отсудить деньги у кипрских банков"". Forbes. April 16, 2013.
- 1 2 Elena Zubova (March 28, 2013). "Antiraiders in Cyprus: How Russians Are Saving Their Money". Forbes.
- ↑ "Ukraine central bank declares fourth-largest lender insolvent". Reuters. March 3, 2015.
- 1 2 "Insolvent Banks in Ukraine: Reward for Information". Black Eagle Litigation Fund announcement. March 23, 2015.
- ↑ "Vulture Funds Descend Upon Distressed Banks In Ukraine". Vesti Ukraine. April 28, 2015.
- ↑ "The Vultures". PravdInform. May 14, 2015.