Confidential Communication to Investors in Ritchie Multi-Strategy Global Ltd
Dear Investors
We are writing to notify you that, as a result of unforeseen circumstances, we have concluded that is impracticable to implement the restructuring (the "Restructuring") described in the Second Revised Restructuring Proposal and approved by investors in Ritchie Multi-Strategy Global Ltd (the "Offshore Fund") and Ritchie Multi-Strategy Global LLC, (collectively, the "Multi-Strategy Fund") on October 13, 2006. As a result, following consultation with the Investors Committee, we have decided to terminate the Restructuring and effect an orderly disposition of the assets in the general portfolio of the Multi-Strategy Fund.
Pursuant to Section 26.3 of the Second Amended and Restated Articles of Association dated October 13, 2006 of the Offshore Fund (the "Restructuring Articles"), this termination will cause the Restructuring Articles to revert to the Amended and Restated Articles of Association of the Offshore Fund adopted on August 29, 2005.
We have dedicated significant efforts to exploring a number of proposals for a "global transaction" that would allow us to sell as many of the assets of the Multi-Strategy Fund as practicable in a single transaction. We have received a proposal from one bidder for a transaction that we presently believe is both practicable and most likely to be in the best interests of the investors in the Multi-Strategy Fund. The ongoing negotiations are confidential. We will provide you with further details as soon as we are able to do so.
Thank you.
Ritchie Capital Management LLC
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