A hedge fund that has been ordered by an arbitrator to redeem its former partner’s investment owes the ex-partner the same dollar amount whether it is paid in cash or "in kind" in the form of stocks, a state appeals panel has ruled, reversing a Manhattan Commercial Division judge.
The Appellate Division, First Department, ruling in Pine Street Associates v. Southridge Partners, 652109/10, also held that courts can interpret ambiguous arbitral awards in the light most favorable to the winning party.
