The document discusses potential risks and legal implications for the Access Fund related to ERISA controlled group liability, particularly in light of the Sun Capital Cases. It highlights the risks of being characterized as engaging in a 'trade or business' and the potential for forming a 'partnership-in-fact' with affiliated funds. The document also outlines the lack of recourse for Limited Partners against the Underlying Fund, restrictions on transferability or redemption of interests, and the lack of voting rights or participation in the Underlying Fund's management.
doj/DataSet10/EFTA01392003.pdf
{"key_people":["Glenn Warren"],"document_type":"correspondence","key_locations":["U.S. Federal Court of Appeals for the First Circuit","U.S. District Court for the District of Massachusetts"],"document_subtype":"legal analysis","key_organizations":["Access Fund","Underlying Fund","Glendower"],"reference_numbers":["DB-SDNY-0097146","SDNY_GM_00243330","EFTA01392003"]}