Legal Opinion
Logan Advisors, LLC v. Patriarch Partners, LLC
Appellate Division of the Supreme Court of the State of New York
Decided June 4, 2009PublishedCited by 26 opinions
1Opinion of the Court
*441Order, Supreme Court, New York County (Eileen Bransten, J.), entered July 11, 2008, which granted defendants’ motions for summary judgment dismissing the complaint, unanimously affirmed, without costs.
In December 2000, defendant Ark CLO 2000-1 purchased a portfolio of distressed loans, known as collateral debt obligations (CDOs), and bundled them into a collateralized loan obligation which it financed by issuing investment-grade notes and preference shares to outside investors. Pursuant to the governing indenture, Ark appointed JP Morgan Chase, a wholly independent entity, to serve as the…
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