Hildene Capital Management, LLC v. Bank of New York Mellon

Order, Supreme Court, New York County (O. Peter Sherwood, J.), entered on or about August 24, 2012, which granted Preferred Term Securities XX, Ltd.’s motion to intervene as a party plaintiff, unanimously affirmed, with costs.

Preferred Term Securities XX, Ltd. (PreTSL XX) issues collateralized debt obligations. It sold notes to investors and used the proceeds to purchase various securities (the collateral securities), cash flows from which are distributed to the investors (the noteholders). PreTSL XX is governed by an indenture among itself, as issuer, Preferred Term Securities XX, Inc., as…