BNY Mellon Fights For Right To Ala. County Sewer Money

Law360, New York (February 6, 2012, 5:10 PM EST) -- The Bank of New York Mellon Corp., which is indenture trustee for $3.6 billion in sewer warrants issued by Jefferson County, Ala., sued the bankrupt county Sunday seeking a ruling that it's entitled to receive all system revenues outside operating expenses.

The bank wants a declaration that capital expenditures, fees and expenses related to professionals that are not connected to the insolvent sewer system are not considered necessary operating expenses. It also wants a ruling that the payment of the sewer warrants at the heart of...
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.