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Cayman mutual funds may be established in the form of ordinary companies, unit trusts and limited partnerships, and may offer a wide variety of stock structures and classes, from open-ended and close-ended funds to multi-currency and hybrid funds.
Cayman trust law is built upon the English model, principally the English Trustee Act of 1925 and the Variation of Trusts Act of 1958, with most of the typical provisions which are peculiar to the offshore jurisdictions.
Cayman companies are not required to have a seal, although these are useful for purposes of opening bank accounts, etc. If a company does have a seal, the seal need not be kept in the Caymans.
Lawyers on the three Cayman Islands about 500 miles south of Miami said they were concerned about conflicts inherent in the partnerships, which were billed as independent from Enron but managed by the energy company's chief financial officer.
Cayman attorneys said they sought proof that Enron's board approved the partnerships and traveled to Houston several times to meet with Enron officials, including Vinson and Elkins, Enron's outside law firm.
LJM Cayman's main purpose was to protect, or hedge, the value of an investment that Enron had in the Internet firm Rhythms NetConnections.
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