Fletcher International Ltd., a bankrupt hedge fund managed by the investment firm of Alphonse “Buddy” Fletcher, will have a trustee oversee its bankruptcy, against the wishes of its parent company, Bloomberg News reported on Friday. Bankruptcy Judge Robert Gerber on Friday approved the company’s motion to appoint a chapter 11 trustee after a hearing on Sept. 5. Fletcher Asset Management Inc., the investment manager and parent of the company, had objected, saying that an examiner would be better to resolve a dispute in the case than a federal trustee. Fletcher International filed for bankruptcy protection June 29, listing assets of about $52.5 million and liabilities of about $23.8 million. The numbers are uncertain, according to the bankruptcy filing, because there is no active trading market for some of the assets and some of the liabilities may be disputed.
