Puerto Rico’s financial regulator is questioning the source of nearly half a million dollars in attorney retainer payments in the bankruptcy of Phoenix Fund, citing the private equity firm’s earlier claims of liquidity issues.
The Office of the Commissioner of Financial Institutions demanded more details about $450,000 in payments to the law firm representing the company in bankruptcy, as well as the proposed financial consultant and special litigation counsel, according to a Wednesday filing in the US Bankruptcy Court for the District of Puerto Rico.
The agency also said the receiver, Driven PSC, that it appointed for the fund should ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.