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Hedge fund manager faces arrest over $533 million taken from Byju's
Economic Times
ยท
1y ago
Medial
A U.S. bankruptcy judge has ordered the arrest of William Cameron Morton, a hedge fund manager accused of helping Indian edtech startup Byju's hide $533 million from its lenders. Byju's Alpha, a subsidiary controlled by the lenders, filed for bankruptcy earlier this year after defaulting on $1.2 billion in debt. The lenders discovered that Byju's had sent the funds to Morton's hedge fund, Camshaft Capital. Morton failed to appear in court and provide evidence of hospitalization abroad, resulting in a warrant for his arrest and a $10,000 per day fine until compliance is achieved. Byju's lenders have sued Morton and Camshaft for the missing funds.
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BYJU'S' Hedge Fund Manager Faces Arrest Over Missing $533 Mn
Inc42
ยท
1y ago
Medial
BYJU'S, an edtech major, is facing trouble as a US insolvency court has ordered the arrest of a hedge fund manager allegedly involved in hiding $533 million from the company's lenders. The fund manager, William Cameron Morton, claimed to be hospitalized in a foreign country and refused to appear before the court. However, the judge found the excuse not credible and issued an arrest warrant. The court also fined the hedge fund $10,000 per day until it cooperates with the investigation into the missing funds. BYJU'S is already dealing with multiple challenges, including a looming debt crisis and legal cases.
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Hedge fund manager faces arrest in US over $533 mn taken from Byju's
VCCircle
ยท
1y ago
Medial
William Cameron Morton, a hedge fund manager, is facing arrest in the US for allegedly helping Indian edtech startup Byju's hide $533 million from its lenders. Byju's Alpha, a subsidiary controlled by the lenders, filed for bankruptcy after the startup defaulted on $1.2 billion in debt. Upon investigation, it was found that the funds had been transferred to Morton's hedge fund, Camshaft Capital. The court ordered Morton's arrest, stating that he had shown contempt for the court and failed to cooperate with the investigation. Morton could also face fines of $10,000 per day until he complies with court orders.
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Order maintains status quo: Byju's after US bankruptcy court orders hedge fund manager arrest
Business Today
ยท
1y ago
Medial
Byju's, the embattled edtech company, has responded to an order from a US court directing the arrest of hedge fund manager William Cameron Morton for alleged involvement in concealing $533 million from Byju's creditors. Byju's stated that the order maintains the status quo as they have always maintained that the funds are safely held in one of their subsidiaries. The court also issued a preliminary injunction to freeze the loan proceeds and an arrest warrant for Morton. The order prohibits further transfer or use of the funds, while creditors believe this indicates potential fraud by Byju's.
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Order maintains status quo: Byju's after US bankruptcy court orders hedge fund manager arrest
Business Today
ยท
1y ago
Medial
The US court order directing the arrest of hedge fund manager William Cameron Morton for allegedly helping Byju's conceal $533 million from its creditors has maintained the status quo for the edtech company. Byju's stated that the funds are safely parked in one of its subsidiaries, which aligns with their previous claims. The court denied the request for the funds to be deposited into court, but issued a preliminary injunction to freeze the loan proceeds belonging to Think & Learn Pvt. The court also issued an arrest warrant for Morton, further complicating the situation.
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BYJUโS Claims US Court Denied Relief To Creditors
Inc42
ยท
1y ago
Medial
BYJU'S, an Indian edtech major, has accused its TLB lenders of creating fake narratives to tarnish its image. This comes after a US bankruptcy court issued orders for the arrest of a hedge fund manager for allegedly helping BYJU'S hide $533 million. BYJU'S claims that the judge denied the lenders' request for a mandatory injunction to deposit the funds with the court, and instead issued an interim injunction maintaining the status quo. The company alleges that the lenders are working with certain large investors to exploit the situation and extract monetary concessions.
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US hedge fund exec left with โน2 lakh to defend himself in BYJU'S case
Inshorts
ยท
11m ago
Medial
William Morton, the hedge fund manager accused of helping BYJU'S hide $533 million from lenders, told a US court he is left with less than $3,000 (around โน2 lakh) to defend himself. He requested the court to not let his lawyers quit. He also stated that BYJU'S had pledged to pay his legal bills but quit funding his lawyers.
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Byjuโs loan dispute: US court orders hedge managerโs arrest
The Arc Web
ยท
1y ago
Medial
William Morton, the manager of hedge fund Camshaft Capital, has been ordered to be arrested by a US judge. The judge has also imposed a $10,000 daily fine until Morton reveals the location of $533 million that Byju's had deposited in the fund. The money is part of a $1.2 billion loan that Byju's raised in 2021, and there have been court battles over repayment since Byju's defaulted on an interest payment. Morton, refusing to disclose the location, claims concerns for his safety and remains outside the US. Byju's is facing legal disputes on various fronts.
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BYJUโs Bankruptcy Case: US Court Pushes To Retrieve โMissingโ $533 Mn
Inc42
ยท
1y ago
Medial
US Bankruptcy Judge in Wilmington, Delaware, has lifted the arrest warrant for William C. Morton, founder of Camshaft Fund, after he transferred $533 million of loan proceeds from BYJU's to a UK lender and then to an unnamed non-US entity linked to BYJU's.
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How Byju's US lenders ran into a hedge fund wall
Livemint
ยท
1y ago
Medial
Education technology company Byju's has bewildered its US lenders by shifting the ownership of $500 million borrowed by its subsidiary Alpha to an unnamed subsidiary. Byju's moved $533 million of the $1.2 billion loan to Camshaft Capital Fund, a hedge fund. When asked about the money's whereabouts, the hedge fund stated that Alpha is no longer a partner in the fund, leaving lenders unable to retrieve their funds. Byju's has faced legal challenges surrounding its loan and questions about corporate governance and execution. It is now looking to sell some of its assets to repay its debts.
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Byjuโs hid $533 million in hedge fund once run from Miami IHOP, lenders allege
Economic Times
ยท
1y ago
Medial
Indian ed-tech company Byju's has been accused of hiding $533 million in a hedge fund founded by William C. Morton, who allegedly had no formal training in investing. The fund, Camshaft Capital Fund, listed its principal business address as an IHOP pancake restaurant in Miami, according to court papers.
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