What’s the Value of Hedge Funds?

Bankruptcies are never pleasant, but Whitehall's creditors got a particularly unpleasant surprise at the company's first bankruptcy hearing. According to witnesses and court documents, company attorneys say they can claim ownership of consignment goods unless the goods' UCC filings are “perfected.” Among the issues: Whether the UCC filings used the exact name of the chain (spelling of the company name switched from “Whitehall Jewelers” to “Whitehall Jewellers”) and the proper location (which had switched from Chicago to Delaware). If they didn't, the UCCs are not “perfected,” the lawyers claimed. “It's a complete gotcha,” said one observer to the first day hearings. “Only a bank and a hedge fund that is exiting the industry would try to pull this.” (Executives from Whitehall, formerly owned by Prentice Capital Management, did not return requests for comment. T

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