What responsibility does a seed investor bear to the hedge fund it helped to create, and what responsibility does the fund manager owe to its investor in return?
Such are the questions Vice Chancellor Leo E. Strine Jr. will have to answer inPaige Capital Management LLC v. Lerner Master Fund LLC , an acrimonious battle being waged in the Court of Chancery, the trial for which wraps up on April 21 with the testimony of Randy Lerner, the owner of the Cleveland Browns NFL franchise and the former chairman of credit card company MBNA.
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