By Evan Hollander and Monica Perrigino, Orrick Herrington & Sutcliffe LLP (January 26, 2017, 10:37 AM EST) -- Evan Hollander
Monica Perrigino On Jan. 17, 2017, the Second Circuit issued a split decision in Marblegate Asset Management LLC v. Education Management Finance Corp., ruling that Section 316(b) of the Trust Indenture Act protects individual noteholders against only nonconsensual amendments to the payment terms and enforcement provisions of an indenture agreement. The court overturned a decision from the U.S. District Court of the Southern District of New York, which had applied an expansive reading of the Trust Indenture Act. The district court had ruled that Section 316(b) also protects individual noteholders against corporate actions that render a noteholder's claim uncollectable even...
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