The civil case concerning a petition to wind up Emerald Capital International Ltd. was opened and adjourned at the Supreme Court yesterday.

Chief Justice Richard Ground deferred the matter until next week after hearing representations on behalf of the petitioners, including the Registrar of Companies and the Bermuda Monetary Authority, from Robin Mayor, of Conyers Dill & Pearman, and Delroy Duncan, counsel for Antoinette and David Bolden directors of six companies including Emerald Capital Investment, Directrade Ltd., Emerald Financial Ltd., Emerald Investment Management Ltd., EFG Select Funds Ltd. and Emerald Strategic Focus Funds Ltd. and majority shareholders of five of those companies.

Also present in court was Kehinde George, head of insolvency at Attride-Stirling & Woloniecki, representing Emerald Capital International.

The matter concerning the other five companies was discussed behind closed doors in Chambers with no decision made public.

In a letter to Emerald Financial Group customers and investors, Charles Thresh, managing director of KPMG Advisory Ltd., who is acting as the agent for the Official Receiver of the company, said his firm was preparing an unaudited net asset value statement for Emerald's high income and strategic growth funds and, when completed, would be able to indicate the financial position of the companies and investors in the funds some time this week.

He added that the principals of Emerald had been promoting real estate investments made through Costa Rica Condo Plus LP and EFG International Realty LP but, despite being contacted by a number of interested parties, KPMG had not been appointed or carried out investigations into the companies or investments.

In a criminal case heard in Magistrates' Court last month, Antoinette and David Bolden were charged with stealing more than $300,000 from Emerald Capital International Ltd.