Diamondback capital liquidating

23-Oct-2015 19:53

A significant decision that can confront the fund and its principal at the outset of a proceeding is whether the principal should continue to manage and control the general partner and/or management company while at the same time attempting to defend against the allegations.While the decision to remain with the general partner and/or management company does not necessarily belong solely to the principal, since the limited partners do have the power to remove the general partner, usually with a super majority vote, the reality is that the limited partners are unlikely to organize expeditiously to make such decisions and that the decision to stay or go will in practice be left to the principal.Steve Cohen, Raj Rajaratnam, and numerous lesser known hedge fund managers have been charged or otherwise implicated in civil enforcement proceedings commenced by the Securities and Exchange Commission (the “SEC”) over the past few years, alleging misuse of material, non-public, information, sometimes in addition to other wrongdoing.Some of these funds are almost immediately forced to commence liquidation while others like Steve Cohen's SAC Capital, struggle to survive while attempting to defend against the allegations and deal with the unfavorable attendant publicity.Since most funds have been built and exist solely based upon the principal's reputation, the principal may feel he must remain in control both for his own interests as well as survival of the fund--lest the investors begin to redeem .

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This article explores some of the conflicts and governance issues the limited partnership, its general partner and its management company can face during crises where their principals confront allegations that can result in a bar or suspension from the industry and disgorgement of illegally obtained profits and penalties from and against the fund.

These conflict and governance issues arise in part due to the unique nature of limited partnerships and the lack of control the limited partners have over actions taken by the general partner, particularly at a moment in time where the fund's principal, faced with allegations of wrongful conduct, nevertheless attempts to continue to manage the fund as an ongoing operation or during a liquidation, occasioned by the commencement of the SEC proceeding.

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