Bear funds subject of bankruptcy test case

Two of the highest-profile hedge fund casualties of the US subprime crisis so far, the Bear Stearns High-Grade Structured Credit Strategies Master Fund and High-Grade Structured Credit Strategies Enhanced Leverage Fund, are at the centre of a legal wrangle over which jurisdiction they should be liquidating in.

The two had filed for liquidation in the Cayman Islands, where they are registered, then requested protection from US creditors' lawsuits as foreign entities. But an August 30 decision by

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