Fund of Funds Implementation Update

The Utah Capital Investment Corporation (Chaired by UITA Trustee, Will West, CEO of Control4, and UITA CEO and President Richard Nelson also on Board) has filed a lawsuit against the Utah Capital Investment Board and the State Auditor for the following reasons:
  
 1) We believe that the act as originally drafted meets constitutional requirements, but some questions have   been raised.

2) Although a lawsuit might not be necessary, it is the best way to make sure that the Fund of Funds is above question in its structure and can operate with the full faith and confidence of the investors, the Legislature and the citizens of Utah.

3) The issue is whether the Act provides for an unconstitutional guaranty of a private debt or a prohibited subscription of stock in a private entity.
 
To download the complete text of the law suit, click here. 
 
See below for additional press on the law suit: 
 
November 2, 2004 
Agency files suit to clarify Venture Capital Enhancement Act (Salt Lake Tribune)  
more info 
 
November 2, 2004 
Fund act is subject of lawsuit (Deseret Morning News)
more info

| 11/2/2004 11:07:44 AM | 0 Comments