Witherspoon Funding cash assets to be auctioned following acceleration

By Caroline Salls

Pittsburgh, March 13 – Witherspoon Funding, Ltd. and Witherspoon Funding LLC’s cash assets will be sold through a public auction following an acceleration of Witherspoon Funding LLC’s notes, according to a notice from trustee Deutsche Bank Trust Co. Americas.

The trustee said a judgment was entered by the U.S. District Court for the Southern District of New York stating that an event of default had occurred.

The noteholders directed the trustee to accelerate payment on the notes and sell and liquidate the related collateral.

The bid deadline for subprime collateral is 10 a.m. ET on March 24; the bid deadline for ABS CDO, CLO, CRE CDO, small business loans and TRuPS collateral is 2 p.m. ET on March 24; the bid deadline for Prime/Alt-A collateral is 10 a.m. ET on March 25; and the bid deadline for CDO – zero factor and RMBS – zero factor collateral is 2 p.m. ET on March 25.

Witherspoon is a George Town, Grand Cayman-based holding company.

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