Block on Trump's Asylum Ban Upheld by Supreme Court
In Law Debenture Trust Co. v. Maverick Tube Corp., No. 08-5668, plaintiff noteholders in defendant corporation sued for breach of contract and unjust enrichment based on defendant's refusal to allow certain noteholders to convert their notes to cash and stock following the acquisition of defendant. The district court granted summary judgment to defendant.
The Second Circuit affirmed, holding that, under the express terms of the indenture, the acquirer was not a "Public Acquirer" because its securities that were traded on the New York Stock Exchange were not its ordinary shares.