What's At Stake In Marblegate

Law360, New York (June 22, 2016, 10:47 AM EDT) -- Miranda Schiller

Agustina Berro The Second Circuit Court of Appeals heard oral arguments in Marblegate Asset Management LLC v. Education Management Corp. on May, 12, 2016. One might have thought from the courtroom’s overflow crowd that it was the opening argument in a mob trial, but this is a case about a bond indenture. At issue is whether an out-of-court debt restructuring that did not amend the indenture’s principal and interest terms, but that effectively precluded the noteholders’ ability to be repaid, violated §316(b) of the Trust Indenture Act.

The district court held that §316(b) provides “broad protection against nonconsensual debt...

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