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Expert Analysis

Case Study: Goldman Sachs V. High River

Law360, New York (January 3, 2012, 5:51 PM EST) -- Parties trading distressed debt typically agree "to transfer the purchase amount of the Debt as soon as practicable on or after the Trade Date." Although that phrase is a part of almost every Loan Syndications and Trading Association (LSTA) distressed trade confirmation, the phrase is not defined under the LSTA Standard Terms and Conditions for Distressed Trade Confirmations (the "standard terms"), and until now the phrase has never been tested in court in this context. On Dec. 22, the New York Supreme Court granted summary judgment to Goldman Sachs Lending Partners, holding that "as soon as practicable" must be viewed in fact-specific context....

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