The firm clarified that the recent Cayman ruling holds no legal weight over its US-based entities, which are currently undergoing Chapter 11 restructuring. According to the company, the US Bankruptcy Court has not recognized the officeholders appointed by the Cayman proceedings. Consequently, the Delaware court retains sole authority over the future of the fund and its portfolio companies.
Apple Tree Partners Defends US Control Amid Cayman Court Ruling
The Cayman Court’s July 10 order has sparked a jurisdictional clash, but Apple Tree Partners insists its US operations remain untouched. While external reports suggest a shift in leadership, the firm maintains that Seth Harrison, M.D., continues to serve as the managing director of ATP GP III Ltd. without interruption.
Two Delaware courts previously established that maintaining the current trajectory of these companies is essential to the public interest and the bankruptcy estate. The US court explicitly mandates that any modifications to boards or senior management must receive approval from ATP III GP Ltd., which remains under Harrison's control. To stabilize operations, the firm has filed a funding motion with Justice Silverstein. This proposal aims to secure capital through 2026, effectively insulating the portfolio from liquidity issues and contractual defaults linked to Rigmora.
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