Cortlandt St. Recovery Corp. v. Bonderman
Court for the Trial of Impeachments and Correction of Errors
1Opinion of the CourtRivera, J.
On this appeal we must determine whether an indenture trustee may seek recovery on behalf of noteholders for defendants' alleged fraudulent redemptions intended to siphon off assets, leaving corporate obligors unable to pay the noteholders. The indenture at issue authorizes the trustee to "pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes," and thus empowers that trustee to proceed at law and in equity to recover losses incurred by all noteholders from the unpaid notes. As such, the trustee may assert causes of action to recover pro…
2Cases cited21 opinions
- Leon v. MartinezNew York Court of Appeals · 1994
- Morris v. New York State Department of Taxation & FinanceNew York Court of Appeals · 1993
- EBC I, Inc. v. Goldman, Sachs & Co.New York Court of Appeals · 2005
- Beal Savings Bank v. SommerNew York Court of Appeals · 2007
- TNS Holdings, Inc. v. MKI Securities Corp.New York Court of Appeals · 1998
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