Fletcher International, Ltd.

Young Conaway acted as lead counsel to Fletcher International, Ltd. In its chapter 11 proceeding in the United States Bankruptcy Court for the Southern District of New York. The Debtor was a "master fund" in a "master-feeder fund" structure known as the Fletcher Funds. A master-feeder fund, by definition and design, is comprised of multiple entities through which profits and losses flow in a predetermined way. Many of the financial instruments owned by the Debtor were long-term, illiquid investments, and the majority of the Debtor's assets were complex financial positions, or litigation actions which arose from such positions, which require specialized technical knowledge and experience - or historical knowledge - in order to maximize value.