London have been appointed RCM Global Long Term Capital Appreciation Fund Ltd.

provisional liquidators, it was revealed yesterday.

Last week, RCM shareholder Paradigm Holdings Ltd. filed a winding up petition with Bermuda Supreme Court citing the Bermuda-based currency fund.

Paradigm, not associated with Paradigm Consulting Ltd., is believed to have filed the petition in Bermuda because efforts to resolve the controversial seizure of the fund's $33 million in assets by Daiwa America Corp., and subsequent freezing of these assets at Daiwa, through US courts remain unresolved.

The fund's assets have been frozen since August 1995.

RCM Global is administered by Bermuda Commercial Bank subsidiary International Corporate Management Ltd. but the assets are in the US.

A spokesperson for the law firm acting for Paradigm, Milligan-Whyte & Smith, could not comment citing client confidentiality.

RCM Global made headlines in August 1995 when Daiwa boldly seized the fund's assets for another account.

The controversial move temporarily shook the global fund industry but a US judge would order the assets returned and frozen.

Daiwa, a unit of one of Japan's major securities firms, seized the assets to cover a $35 million loss in separate account at Daiwa controlled by the fund's manager, Rowayton Capital Management, owned by currency trader Bill Lipschutz.

Daiwa proposed to take money, from an account Mr. Lipschutz managed for shareholders, to pay a deficit in his proprietary account.

Mr. Lipschutz is former head of global foreign exchange trading at Salomon Brothers. He lost the money in Rowayton's account at Daiwa through currency trades over the course of a year and a half.

Daiwa, in a lawsuit filed the day it seized RCM Global's assets, said it had the right to seize the RCM Global account because Mr. Lipschutz had given assurances that the accounts -- two of 15 that Mr. Lipschutz had at Daiwa -- could be treated as a single account. Their argument hinges on interpretation of the word "affiliate''.

Mr. Lipschutz told Daiwa ownership of the accounts was the same and the accounts could be netted for equity purposes, Daiwa, in a statement sent to Bloomberg News on August 9, 1995, said.

Mr. Lipschutz would later sue Daiwa for $1.6 billion alleging the securities firm publicly defamed him.

He said the two funds have different owners and the seizure amounted to theft from shareholders.

RCM Global and Rowayton would ask a judge in New York State Supreme Court in Manhattan to return RCM Global's assets to the Daiwa account and freeze them until a ruling on whether Daiwa's seizure of the funds was legal.

In August 1995, a New York judge ordered the assets returned and frozen.

In May of last year, the matter would go from US Supreme Court to US bankruptcy court.

Since the seizure, some funds that own RCM Global shares have been unable to calculate their net asset value because they can't determine the worth of their RCM Global investment forcing suspension of sale of their own fund shares and blocking existing investors from withdrawing their money.