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Expert Analysis

Is Bank Debt A Security? GM's Dangerous Implications

Law360, New York (August 19, 2016, 12:49 PM EDT) -- Borrowers, agent banks, syndicate members and secondary market purchasers incur, syndicate, sell and buy bank debt on the assumption that bank debt is not a "security." However, a June 30, 2016, opinion in the General Motors preference litigation[1] shows that such an assumption may no longer be valid, at least under the Bankruptcy Code. Whether the implications of the decision will penetrate the realm of the securities laws remains to be seen....

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