Irish Lender Escapes Bondholder Bid To Force Wind-Up

Law360, New York (November 24, 2010, 6:22 PM EST) -- A London judge has dismissed a suit filed by two bondholders aiming to force the dissolution of Irish Nationwide Building Society, one of the financial institutions receiving government aid as Ireland's economy continues to falter.

Judge George Mann of the High Court of Justice, Chancery Division, dismissed on Tuesday a claim filed by subordinated noteholders Satinland Finance SARL and Trimast Holding SARL, finding they could not point to a single term of the bond agreement that a winding-up petition would enforce.

“Such protections as the noteholders...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.