Ranger Direct Lending updates on Princeton saying it has initiated arbitration proceedings.
Princeton is incorporated in the British Virgin Islands and invests in a Delaware master fund (the “Princeton Master Fund”) which is a party to the underlying lines of credit.
Ranger Alternative Management II, LP (the “Investment Manager”), the Ranger Specialty Income Fund, LP and the Ranger Direct Lending have initiated arbitration proceedings with JAMS (a dispute resolution provider) against the Princeton Master Fund and its general partner Princeton Alternative Funding, LLC.
JAMS International provides medation and arbitration services worldwide for fast, cost-effective and confidential resolution of commercial disputes. Each year, 50,000 lawyers pass through JAMS’s offices to settle complex, high-value claims. Its geographic spread and careful vetting of neutrals offers a global assurance of quality. With cases originating from over 40 countries annually, it says that it is a recognised leader in international dispute resolution
The purpose of the proceedings is to seek to enforce Ranger’s rights against the Princeton Master Fund and the General Partner. Among other claims, Ranger seeks to enforce rights concerning redemption and the provision of financial information. Ranger’s costs (including legal fees) of the proceedings will be advanced by both the company and the Ranger Specialty Income Fund, LP pro rata to their respective exposures to the Princeton investments. The terms of the Princeton Master Fund partnership agreement provide that the Arbitrator “will award” all fees and costs (including legal fees) to the prevailing party against the party who does not prevail.
Ranger Direct Lending will continue to update shareholders on its progress in realising the investment in Princeton through the monthly fact sheets produced at the time of publication of each net asset value.
RDL : Ranger Direct Lending updates on Princeton