Algonquin Fund Gets New Shot At $7.6M Judgment

Law360, New York (January 21, 2010, 6:20 PM EST) -- A federal appeals court has overturned a lower court ruling that collaterally estopped Algonquin Power Income Fund LP from litigating its interest in a $7.6 million judgment Trafalgar Power Inc. obtained in a malpractice action.

A three-judge panel of the U.S. Court of Appeals for the Second Circuit on Wednesday remanded Algonquin’s conversion and fraudulent transfer suit for reconsideration of the merits of its claim of a security interest in the judgment based on a large loan it made to TPI.

The district court erroneously applied...
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