PRINCETON, N.J., Oct. 22, 2018 /PRNewswire/ -- Princeton
Alternative Income Fund's (PAIF) latest attempt to resolve its
bankruptcy dispute by appointing an independent restructuring
officer was rejected by Ranger Direct Lending (RDL.L)(RDLZ:LN) last
week.
The fund proposed hiring respected former United States
Bankruptcy Judge Donald H. Steckroth
as an independent officer to oversee the fund's restructuring to
protect all its investors. The executives at Ranger had demanded
the appointment of an independent officer earlier in the bankruptcy
process only to reject it this week.
"We are disappointed Ranger rejected the proposal to appoint
Judge Steckroth, whose experience and reputation make him
imminently qualified to oversee PAIF's restructuring," said PAIF
President Jeff Davner. "Every step
of the way we have been striving to protect all investors in the
fund. And at each step, Ranger's leadership has rejected reasonable
measures to resolve the dispute. Ranger seems committed to
continuing its legal campaign to exert and obtain ownership and
management over assets Ranger may have incorrectly told its
investors it controls."
An independent investigation of Ranger's claims of self-dealing
against PAIF was conducted by Bernard
Katz of BAK Advisors Inc. at the request of PAIF's Board of
Directors. In its extensive September
2018 report, BAK concluded that Ranger's claims were not
supported.
Additionally, in August 2018,
after eight months of hearings and testimony, a JAMS Arbitration
panel entered a partial final award in the redemption arbitration
matter between Ranger and PAIF that rejected Ranger's claims of
fraud and denied them attorney fees.
"Appointing Judge Steckroth and providing him the independence
needed to oversee the fund's restructuring is a fair solution for
all of our investors. It's unfortunate that Ranger's leadership
rejected it," said Davner. "We will continue to work to resolve
this dispute in a way that is fair and equitable to everyone."
Princeton Alternative Income Fund provides capital for
businesses that make consumer loans in the non-prime
market.
View original
content:http://www.prnewswire.com/news-releases/princeton-alternative-income-funds-independent-restructuring-officer-rejected-by-ranger-direct-lending-300735299.html
SOURCE Princeton Alternative Funding Management