NexBank Escapes $7M Judgment In Orix Contract Suit

Law360, New York (August 11, 2011, 4:24 PM EDT) -- A Texas appeals court reversed a $7 million judgment in favor of Orix Finance Corp. on Thursday, ruling the financier didn't prove it had suffered any loss in its contract suit against NexBank SSB over money lent to a bankrupt paper mill.

The appeals court's ruling reversed the 68th Judicial District Court, which found in 2010 that Orix had been damaged when NexBank, a Dallas-based private banker, accepted equity in exchange for the balance owed on a $50 million second lien term loan issued to Marcal...
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