Crédit Agricole Corporate & Investment Bank New York Branch v. American Home Mortgage Holdings, Inc.

I join in Judge Sloviter’s fíne opinion and write separately only to note that while I was initially skeptical of Judge Sontchi’s view that a valuation based on discounted cash flow (DCF) was an appropriate “commercially reasonable determinant!] of value” of a repurchase agreement, I now wholeheartedly endorse this view. The factors that I believed, at first, warranted the conclusion that sale price was the only “commercially reasonable determinant! ] of value” of a repurchase agreement were twofold: first, the Bankruptcy Code treats repurchase agreements differently, permitting these…