Legal Opinion
Stonebridge Capital, LLC v. Nomura International PLC
Appellate Division of the Supreme Court of the State of New York
Decided December 15, 2009PublishedCited by 3 opinions
1Opinion of the Court
*547In September 2007, the parties entered into a complex transaction styled as a “loan.” Each of the counterclaim defendant 1042 Investor LLCs (collectively the 1042 Investors) sold a portion of its business to its employees through an employee stock ownership plan and invested the proceeds of the sale in public utility bonds in order to obtain tax benefits. The bonds were insured against default by certain financial guaranty insurers.
The bonds were then used to collateralize loans that the 1042 Investors obtained in the subject loan transaction. Plaintiff Stonebridge, as sponsor, made loans to…
2Cases cited8 opinions
- George Backer Management Corp. v. Acme Quilting Co.New York Court of Appeals · 1978
- Westmoreland Coal Co. v. Entech, Inc.New York Court of Appeals · 2003
- William P. Pahl Equipment Corp. v. KassisAppellate Division of the Supreme Court of the State of New York · 1992
- 150 Broadway N.Y. Associates, L.P. v. BodnerAppellate Division of the Supreme Court of the State of New York · 2004
- Harris v. UhlendorfNew York Court of Appeals · 1969
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3Cited by3 opinions
- Citibank, N.A. v. Morgan Stanley & Co. InternationalDistrict Court, S.D. New York · 2010
- Ashekian v. Cresco Labs LLCAppellate Division of the Supreme Court of the State of New York · 2024
- MP Associates Suffolk, Inc. v. Americana Petroleum Corp.New York Supreme Court · 2013