International Success: Significant Victories in High-Stakes Cayman Islands Proceedings
Sebastian Gollins, a member of SJB who is currently enjoying life working for Kobre & Kim in the Cayman Islands, continues to build an excellent reputation for the quality of his work. Together with Mr. Andrew Lomas of One Essex Court Chambers, Sebastian successfully represented Fortress Credit Corp (“Fortress”), an investment manager with approximately $44.7 billion in assets under management, in two significant applications before the Grand Court of the Cayman Islands (“Grand Court”).
Both applications stemmed from alleged efforts by the so-called “unfortunate billionaire,” Mr. Charles S. Cohen, to restructure or transfer assets – including a number of sea vessels, among them a Cayman-flagged yacht valued at approximately $65 million (the M/Y Seasense) – in the face of imminent enforcement and auction proceedings in New York. Those proceedings were triggered by the default of a ~$530 million loan and a related ~$187 million personal guaranty.
In the first application, Fortress obtained Norwich Pharmacal relief against three defendants – including a law firm – in what is believed to be the first instance of such relief being granted against a law firm in the Cayman Islands, as well as a sealing order. In its judgment, the Grand Court commended Mr Gollins’ oral advocacy and described the sealing application as:
“…well-focused and refined, unlike some others I have seen over the past few years.”
Using information revealed through the Norwich Pharmacal application, Fortress promptly filed urgent petitions under section 151(3) of the Cayman Companies Act, seeking to defer the dissolution of several Cayman entities from which the sea vessels had been transferred – an issue that had not been addressed in a written Grand Court judgment for more than seven years. In that judgment, the Grand Court noted the following about Sebastian:
“I commend them (especially Andrew Lomas and Sebastian Gollins) for the professionalism, speed and efficiency in which they have placed the petitions and connected documentation before the court. Under great time pressure they have not permitted their high professional standards to slip. Moreover, I am extremely grateful to them for the production of the hearing bundles before the deadline specified, i.e. 11am yesterday. I also congratulate them on the production of a concise (just eight pages) and extremely well-focused and helpful skeleton argument dated 5 December 2024. I note the email from Mr Gollins dated 5 December 2024 is timed at 1:39AM and confirms that various documents had been uploaded to the court’s e-filing portal. A necessary and impressive burning of the midnight oil. I hope Mr Gollins is given some time off over the Christmas and New Year break.”
We are always delighted to hear of the success of our members, and look forward to the day Sebastian returns to the UK and brings this exceptional commitment, skill and work ethic to his UK practice.
To see copies of the full judgments, click here and here.
