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Judge orders Sextant into receivership

An Ontario Superior Court judge yesterday ordered that Sextant Capital Management Inc. and related entities, including its hedge fund invested in Icelandic glaciers, be put under receivership. PricewaterhouseCoopers will be receiver and manager of the property of Sextant Capital Management, Sextant Capital GP Inc. and Sextant Strategic Opportunities Hedge Fund, Mr. Justice Geoffrey Morawetz said in his ruling. "A receiver is necessary for the Sextant Canadian fund to ensure that investors' assets in the fund are managed and potentially distributed in an orderly fashion," Judge Morawetz said. OSC staff said that nearly 250 Canadians invested just under $30-million in the Sextant Canadian fund since 2006. At a court hearing in April, OSC lawyer Susan Kushneryk said there was ample evidence of "potential fraud, misappropriation of investors' money, misrepresentation, self-dealing and record manipulation."

© 2007 The Globe and Mail. All rights reserved.

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