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Deutsche Loses Out On $47M From Genuity Ch. 11

Law360 (June 2, 2009, 12:00 AM EDT) -- A federal appeals court has upheld a lower court's summary judgment ruling that Deutsche Bank AG is not entitled to $47.6 million in cash recovered in bankruptcy court from an Internet company because the German bank breached the terms of a revolving credit facility.

The U.S. Court of Appeals for the Second Circuit ruled Friday in an unpublished opinion that Deutsche Bank was in breach of contract because it declined to advance $127.5 million from its share of a nine-bank revolving credit facility to Genuity Inc.,...
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