$630M CDO Entity Gets Involuntary Ch. 11 Case Dismissed
Law360 (November 9, 2018, 10:00 PM EST) -- Three secured creditors of $630 million collateralized debt obligation vehicle Taberna Preferred Funding IV Ltd. can't force the entity into involuntary bankruptcy, a New York bankruptcy court has ruled, because their notes are nonrecourse and therefore only give their holders claims against Taberna's collateral, not the entity itself.
In a highly technical, 52-page opinion filed Thursday, U.S. Bankruptcy Judge Mary Kay Vyskocil shot down all of the arcane arguments that Opportunities II Ltd., HH HoldCo Co-Investment Fund, L.P. and Real Estate Opps Ltd. advanced to support their involuntary bankruptcy petition, and then castigated the entities for attempting to use the Bankruptcy...
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