Bear Stearns Won't Get $2M AHM Mortgage Payment

Law360, New York (July 9, 2010, 3:22 PM EDT) -- A federal appeals court has ruled that Bear Stearns International Ltd. will not get a $1.8 million monthly distribution from a statutory trust that American Home Mortgage Holdings Inc. won the rights to in an interpleader action stemming from AHM's bankruptcy.

The language of the trust documents clearly and unequivocally entitles the trust's registered certificate holder as of the record date in question to the monthly payment from the trust, and the parties agree that the trust certificate was registered to AHM, a three-judge panel ruled...
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