Historically, hedge funds are noted for their secrecy. They don’t want the public knowing who their investors are, what they invest in, what they pay for their investments or, most important, what their return is on their investments. Some enshroud themselves in a cloak of impenetrability, employing statutory loopholes in the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940.
Bankruptcy, on the other hand, is the antithesis of secrecy. Under a prevailing full-disclosure policy, the U.S. Bankruptcy Code is designed to aid creditors in obtaining critical information and making informed financial decisions. When the irresistible force of hedge funds meets the immovable object of the Bankruptcy Code, however, something has got to give.
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