CRS Master Fund, L.P., Cyrus Opportunities Master Fund II, Ltd., Cyrus Select Opportunities Master Fund, Ltd., and Crescent 1, L.P., owning more than $230 million of junior preferred stock at the time the Net Worth Sweep was imposed, filed a lawsuit in the U.S. Court of Claims. “At the time of purchase, Cyrus had no reasonable ground to expect that, while the Companies were in conservatorship, the United
States instead would expropriate its investment and force shareholders into years of litigation to recoup their investments,” Cyrus tells Judge Sweeney in its complaint modeled on Owl Creek’s. Cyrus is represented by a team of lawyers led by Bruce S. Bennett at Jones Day.18-01155-0001
