2nd Circ. Backs Algonquin's Stake In $11M Malpractice Award

Law360, Los Angeles (January 30, 2013, 9:17 PM EST) -- The Second Circuit on Wednesday reversed a lower court's ruling against Algonquin Power Income Fund Inc., finding modifications to a $22.5 million loan owned by Algonquin and Trafalgar Power Inc. gave Algonquin an interest in $11.1 million in damages the bankrupt Trafalgar won in a malpractice suit.

Algonquin and several subsidiaries had appealed a New York federal judge’s October 2011 ruling affirming a New York bankruptcy court's decision to grant summary judgment to Trafalgar, which claimed Algonquin didn’t have a valid security interest in the damages...
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