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JORDAN

June 2, 2003

THE JORDAN (BERMUDA) INVESTMENT COMPANY, LTD., PLAINTIFF,
v.
HUNTER GREEN INVESTMENTS LTD., HUNTER GREEN INVESTMENTS LLC, JOHN SHILLING, ILYA KAMINSKY, JONATHAN VINNIK, INTERNATIONAL FUND SERVICES (IRELAND), INTERNATIONAL FUND SERVICES, INC., INVESTMENT MANAGEMENT SERVICES INC., THOMAS F. GRIZETTI, MARK WILLIAM SOLLY, WILLIAM JAMES COWELL, EUROPEAN FUND SERVICES LIMITED, SUSANA BYRNE, ROSENMAN & COLIN LLP AND FRED M. SANTO, DEFENDANTS.



The opinion of the court was delivered by: Robert W. Sweet, Senior District Judge.

OPINION

Defendants Investment Management Services Inc. ("IMS") and the other IMS Defendants*fn1 have moved for reconsideration of the Court's opinion and order dated March 31, 2003, pursuant to Civil Rule 6.3. The IMS Defendants request reconsideration of the portion of the Opinion finding that the Second Amended Complaint ("SAC") adequately states claims of fraud and breach of fiduciary duty against IMS. For the reasons set forth below, the motion is denied.

Prior Proceedings

This action was commenced on December 5, 2000. The initial complaint was dismissed by an opinion decided on July 19, 2001, Jordan (Berm.) Inv. Co., Ltd. v. Hunter Green Invs. Ltd., 154 F. Supp.2d 682 (S.D.N.Y. 2001) ("Jordan I"). In a June 19, 2002 Opinion ("Jordan II"), this Court dismissed plaintiff Jordan (Bermuda) Investment Company, Ltd.'s ("Jordan") amended complaint holding Jordan's RICO claim legally insufficient and the state law claims lacking jurisdiction. Jordan (Berm.) Invs. Co., Ltd. v. Hunter Green Invs. Ltd., 205 F. Supp.2d 243 (S.D.N.Y. 2002). On March 31, 2003, the Court granted in part Jordan's motion for leave to file a Second Amended Complaint, dropping certain defendants in order to preserve diversity jurisdiction. Jordan (Berm.) Inv. Co., Ltd. v. Hunter Green Inv. Ltd., No. 00 Civ. 9214, 2003 U.S. Dist. LEXIS 5182 (S.D.N.Y. Mar. 31, 2003) ("Jordan III"). Familiarity is assumed with the preceding opinions. The instant motion was marked fully submitted on April 25, 2003.

Parties

As identified in the proposed SAC, Jordan is a corporation organized and existing under the laws of Bermuda, with its principal place of business in the State of Illinois. The sole shareholder of Jordan is The Jordan Trust ("the Jordan Trust"), which is organized and existing under the laws of Illinois. Its sole trustee is John W. Jordan II ("Mr. Jordan"), a resident and citizen of Illinois.

Jordan proposed to retain the following diverse parties as defendants in the SAC:

Hunter Green Investments LLC ("Hunter Green LLC") is a Connecticut limited liability company and was Primary Sub-Advisor and Commodity Trading Advisor to the Beacon Emerging Debt Fund, Ltd. ("Beacon" or the "Fund");

John Shilling ("Shilling") is a resident and citizen of Connecticut and during 1997 and 1998 a director of Hunter Green Investments Ltd. ("Hunter Green Ltd."), the Investment Manager for Beacon and Beacon Emerging Growth Fund LP ("Beacon Growth") and during 1997 and 1998 a director of Hunter Green LLC;

International Fund Services, Inc. ("IFS") is a corporation organized and existing under the laws of the State of Connecticut, with a principal place of business in New York;

Investment Management Services Inc. ("IMS") is a Delaware corporation, and alleged to be, along with International Fund Services, Inc. ("IFS"), the "effective" administrator of Beacon during 1997 and 1998, even though International Fund Services (Ireland) was the nominal administrator;

Thomas Grizzetti ("Grizzetti"), residing in New York, and was during 1997 and 1998, a director, officer and/or employee of IFSI and defendants IMS and IFS;

European Fund Services Limited ("EFSI") is alleged to be a Delaware corporation*fn2 and a director of Beacon during 1997 and 1998;

Rosenman & Colin LLP ("Rosenman") was a New York partnership, and acted as legal counsel for Beacon, Beacon Growth, Hunter Green Ltd., ...


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