Liquidating Trust. The Board may, at its discretion if determined to be in the best interests of Members, distribute the assets of the Fund into and through a liquidating trust to effect the liquidation of, all or a portion of, the Fund. The use of a liquidating trust would be subject to the regulatory requirements of the 1940 Act and applicable Delaware law, and could result in expenses that the Members would bear indirectly.
Appears in 8 contracts
Sources: Limited Liability Company Agreement (Ironwood Multi-Strategy Fund LLC), Limited Liability Company Agreement (Ironwood Multi-Strategy Fund LLC), Limited Liability Company Agreement (Ironwood Institutional Multi-Strategy Fund LLC)