Friday, July 19, 2024
HomeWealth ManagementCanadian hedge fund Traynor Ridge positioned into receivership

Canadian hedge fund Traynor Ridge positioned into receivership


On Friday, November 3, the Ontario Superior Court docket of Justice made an order appointing Ernst & Younger Inc. as receiver and supervisor over the affairs of Traynor Ridge Capital and the funds it manages.

“There is no such thing as a query that it’s in the perfect pursuits of the Traynor stakeholders to nominate a receiver. Merely put, there is no such thing as a one accountable for the corporate proper now,” Justice Barbara Conway mentioned within the order.

The OSC had sought the appointment of a receiver and supervisor “to make sure the perfect pursuits of Traynor’s traders and collectors are protected, given latest occasions on the agency, and to carry stability to its operations.”

A spokesperson for the Toronto Police Service mentioned that Callahan’s dying isn’t thought of suspicious in nature, and they aren’t investigating.

Succession plan

Bloomberg experiences that attorneys for Traynor Capital, McMillan LLP, had discovered a enterprise continuity plan which acknowledged that Callahan was the agency’s solely “key personnel”.

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