The Weiss Debtors are in their twenty-fifth month of a Chapter 11 regulated wind-down before Judge Martin Glenn in the Southern District of New York, with no plan yet confirmed and the estates operating on nominal cash. The four original debtor entities—SEC-registered investment adviser Weiss Multi-Strategy Advisers LLC (WMSA), parent GWA, LLC, OGI Associates LLC, and Weiss Special Operations LLC—filed on April 29, 2024 (Chapter 11 Voluntary PetitionDkt. 1), and were joined shortly after by Weiss Multi-Strategy Funds LLC. At their peak the Debtors managed roughly $2.3 billion in AUM and employed 110 people; headcount had fallen to 34 by the petition date and now stands at two.
The filings were precipitated by Jefferies Strategic Investments' December 21, 2023 optional redemption notice demanding approximately $54.2 million by year-end against a prepetition debt stack totaling roughly $107 million. When the Debtors could not satisfy the demand, a disputed February 12, 2024 forbearance agreement granted Jefferies security over previously unsecured claims—a decision that shaped nearly all subsequent litigation. On the petition date, the Debtors launched an adversary proceeding against the Jefferies and Leucadia entities alleging preferential and fraudulent transfers (Adversary ComplaintDkt. 2).
Jefferies responded by moving to convert the cases to Chapter 7, which the Debtors opposed (Dillabough Declaration in Opposition to ConversionDkt. 40); an examiner was appointed in August 2024, and the court later authorized a $1.0 million first-priority secured DIP revolving facility to fund the wind-down. Since then, the Debtors have monetized remaining assets—most notably Portuguese sovereign bonds held through OGI Associates, sold in November 2024—and have continued to prosecute avoidance actions, including a separate turnover proceeding against DS Liquid Div RVA WMS LLC.
The May 31, 2026 monthly operating reports indicate the operating wind-down is substantially complete. WMSA holds approximately $2.8 million in receivables (largely a disputed strategy success fee owed by the Jefferies/Leucadia parties) and the only remaining employees, while GWA, OGI, WSO, and the Funds entity report zero employees and combined cash of only a few thousand dollars (May 2026 MOR (WMSA)Dkt. 506; May 2026 MOR (GWA)Dkt. 504). Lead counsel's cumulative approved fees have reached approximately $1.4 million, and recent billings continue to concentrate on the Jefferies matters, avoidance actions, and accountant retentions (Monthly Fee StatementDkt. 503)—signaling that the case is now driven by disputed-claims and avoidance resolution rather than operating restructuring, with a plan path not yet surfaced on the docket.
