Cayman lawyers say toxic asset funds multiplying

(Reuters): Distressed asset funds targeting US toxic bank assets are being set up at a rapid clip using Cayman Islands legal structures, said lawyers from a Cayman law firm on Tuesday. "There are a lot of funds being established now to take on the toxic assets," Charles Jennings, managing partner at the law firm of Maples and Calder, told Reuters. Prominent hedge fund, private equity and other distressed asset investors are involved, said Henry Smith, also a partner at the firm, which specializes in international and offshore law, particularly Cayman Islands financial law.

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