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GlassRatner Announces Disclosure Statement Approval in Stillwater Asset Backed Offshore Fund, Ltd. Chapter 11 Case

August 25, 2014



NEW YORK--(BUSINESS WIRE)-- GlassRatner Advisory & Capital Group LLC announced today that the bankruptcy court in the Southern District of New York approved the disclosure statement in the Chapter 11 proceeding of Stillwater Asset Backed Offshore Fund, Ltd. (Case No. 12-14140). GlassRatner was formally retained as CRO of the Debtor on March 8, 2013. GlassRatner immediately commenced an extensive investigation into the conduct, assets, liabilities, and financial condition of the Debtor. After months of negotiations, a Global Settlement Agreement (“GSA”) was executed on December 23, 2013.

The GSA settled years of lawsuits in multiple jurisdictions. These lawsuits related to the activities of twelve hedge funds managed by Stillwater Capital Partners, Inc.; the Debtor being the largest of these funds. The GSA provides for the orderly winding down of the funds’ assets, return of capital to investors, and settlement of all outstanding claims that were brought in the lawsuits. The GSA was approved by the Supreme Court of Bermuda, U.S. Bankruptcy Court and, finally, U.S. District Court and went effective on July 11, 2014.

ASK LLP served as counsel for the Debtor and Foley & Lardner LLP served as counsel to the unsecured creditors committee of the Debtor.

About GlassRatner:

GlassRatner Advisory & Capital Group LLC is a national specialty financial advisory services firm providing solutions to complex business problems and board level agenda items. The firm applies a unique mix of skill sets and experience to address matters of the utmost importance to an enterprise such as managing through a business crisis or bankruptcy, planning and executing a major acquisition or divestiture, pursuing a fraud investigation or corporate litigation, and other top level non-typical business challenges. The combination of proven operating and financial expertise, a hands-on approach and an absolute focus on assignment execution makes GlassRatner a unique and valuable ally for its clients and partners. Visit www.GlassRatner.com for more information.



GlassRatner Advisory & Capital Group LLC

Evan Blum, 212-922-2108

eblum@glassratner.com

or

Alyssa Lampertz, 404-835-8846

Media Relations

alampertz@glassratner.com

www.GlassRatner.com

Source: GlassRatner Advisory & Capital Group LLC


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