Black Eagle Litigation Fund
TypeMutual fund
IndustryHedge fund
FoundedCayman Islands, (2001)
HeadquartersCayman Islands
Key people
Arthur Lieber
Websiteblackeaglefund.org

The Black Eagle Litigation Fund is a distressed assets and special situations private fund specializing in ex-USSR based legally distressed assets and in offshore asset recovery. The main entity of the fund is based in the Cayman Islands.

The fund is managed by Valery Tutykhin, one of the partners of John Tiner & Partners SA, a Geneva-based financial company.[1][2]

Activities

Early activities

In the early 2000s the fund invested into recovery rights and received recovery mandates for Russian and Ukrainian assets lost by original owners through illegal "raidering" schemes, often forcing the new owners to settle by taking investigation overseas and arresting their offshore assets.[3]

Cyprus bank crisis

The fund is reported to have been speculating in rights to frozen deposits in Cyprus banks in 2013.[3]

Ukrainian bank debt

Following the collapse of a large number of commercial banks in Ukraine during 2014 - 2015[4] Black Eagle Litigation Fund started purchasing selected distressed debt of such banks at the same time offering financial remuneration for information on offshore assets of major shareholders of failed banks.[5][1]

Transaero litigation

It was reported[6] that Kara Burkut Recovery Ltd., a Cyprus entity which in 2018 purchased a 1 billion Russian_ruble defaulted debt of the Russian airline Transaero, and is engaged[7] in asset tracing litigation in the US against the principals of Transaero, is associated with Black Eagle Litigation Fund. This was confirmed[8] by the media center of the Black Eagle Litigation Fund group.

O1 Group bankruptcy

Kara Burkut Recovery Partners Ltd., a Cyprus entity supported by Black Eagle Litigation Fund, in 2020 acquired[9] the largest portfolio of defaulted corporate bonds of O1 Group Finance LLC, an entity involved in refinancing US$1 billion debt of O1 Group Limited, and joined its bankruptcy administration as the largest creditor. O1 Group Limited was part of O1 Properties,[10] one of the largest commercial property owners in Russia, formerly controlled by its original founder, Boris Mints. The nominal value of the O1 debt acquired by the fund was 27,516,481,435 Russian Rubles[11](371,6 million USD).

See also

References

  1. 1 2 "Фонды-стервятники взялись за проблемные банки в Украине" [Vulture Funds Descend Upon Distressed Banks In Ukraine] (in Russian). Vesti. April 28, 2015.
  2. ↑ "V. Tutykhin interview to FORBES "Как отсудить деньги у кипрских банков"". Forbes. April 16, 2013.
  3. 1 2 Elena Zubova (March 28, 2013). "Antiraiders in Cyprus: How Russians Are Saving Their Money". Forbes.
  4. ↑ "Ukraine central bank declares fourth-largest lender insolvent". Reuters. March 3, 2015.
  5. ↑ "Insolvent Banks in Ukraine: Reward for Information". Black Eagle Litigation Fund announcement. March 23, 2015. Archived from the original on June 26, 2015. Retrieved June 26, 2015.
  6. ↑ "Кипрская компания Kara Burkut выкупила у МТС Банка долг "Трансаэро"". Gazeta.ru. August 2, 2018.
  7. ↑ "Кипрская фирма будет искать активы "Трансаэро" во Флориде". РАПСИ. June 29, 2018.
  8. ↑ "Компания Kara Burkut Recovery Ltd., действующая при поддержке Black Eagle Litigation Fund, объявляет о приобретении у российского ПАО МТС Банк прав требования к ОАО "Авиационная компания Трансаэро"". Black Eagle Media Center. March 14, 2018.
  9. ↑ "Distressed Assets Fund To Claim The Assets Of Boris Mints". Forbes. December 25, 2020.
  10. ↑ "Corporate website of O1 Properties".
  11. ↑ "Black Eagle Litigation Fund Media Center". December 24, 2020.


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