Welcome to the website for the Millennium Global Emerging Credit Fund Limited (“Feeder Fund”) and Millennium Global Emerging Credit Master Fund Limited (“Master Fund”) (both in liquidation).
By Order dated 28 May 2015 the Supreme Court of Bermuda approved a second interim dividend distribution to be paid to creditors of the Feeder Fund. Following that Order, the Joint Liquidators (“JLs”) paid a second interim dividend of 31% to creditors on 30 June 2015. Combined with the first interim dividend of 25%, creditors of the Feeder Fund have now received a total distribution of 56% of their claim values to date.
Until creditor claims have been paid in full, investors of the Funds cannot receive any distributions in the liquidation. Although there is a possibility for further recoveries to be made into the estate, the JLs believe this is highly unlikely at this time.
Settlement in the US Class Action - Marylebone PCC Limited – Rose 2 Fund v. Millennium Global Investments, Ltd., et al. Case No. 12-CV-3835 (PAC) (S.D.N.Y.) (the “Class Action”)
On 7 July 2014 the United States District Court for the Southern District of New York approved a settlement in the Class Action.
The Class Action was brought initially by certain investors in the Fund. While the Joint Liquidators (“JLs”) of the Funds have been aware of the Class Action, neither the Funds nor the Joint Liquidators are a party to the Class Action which is a separate matter to the liquidation of the Funds. Accordingly, any payment received in respect of the Class Action is not related to the liquidation of the Funds and does not represent a distribution in the liquidation of the Funds.
As previously advised, the JLs believe that it is unlikely that there will be a distribution other than to unsecured creditors of the Funds, i.e. it is not anticipated that there will be any distribution to redemption investors or investors generally.
The following link provides information on the Class Action (http://www.millenniumglobalsettlement.com), including the relevant contact details for the parties bringing the action.
Feeder Fund Notice and proof of debt
Adjourned meeting correspondence
Original Correspondence Sent
Complaints against Balboa
Transfer request forms Transfer of Shares (PDF 991KB) includes
Transfer request letter Share transfer form, Acknowledgement of transfer conditions Extract From Offering Document
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