A pair of Cayman Islands-based hedge funds managed by ICP Asset Management LLC is seeking bankruptcy protection in the U.S., Dow Jones Daily Bankruptcy Review reported today. Thomas C. Priore, a former Harvard quarterback who ran ICP Asset Management, is now accused of defrauding clients who had invested in collateralized debt obligations. The liquidators winding down the offshore funds—ICP Strategic Credit Income Fund Ltd. and ICP Strategic Credit Income Master Fund Ltd.—put the companies into chapter 15 protection yesterday.
