UBS Securities LLC v. Highland Capital Management, L.P.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
*470In April 2007, plaintiff UBS* agreed to finance and act as placement agent in connection with the issuance of certain collateral debt obligations by defendant Highland Capital Management, L.E (Highland). Highland, a Texas-based hedge fund, did not complete the issuance, and the agreement expired. At that point Highland owed UBS as much as $86 million under the arrangement, based on the depreciation of assets that UBS had been required to hold, or “warehouse.” However, because Highland still desired to issue the collateral debt obligations with UBS’s assistance, UBS agreed to restructure the…
2Cases cited10 opinions
- O'Brien v. City of SyracuseNew York Court of Appeals · 1981
- Gramatan Home Investors Corp. v. LopezNew York Court of Appeals · 1979
- Smith v. Russell Sage CollegeNew York Court of Appeals · 1981
- Pludeman v. NORTHERN LEASINGNew York Court of Appeals · 2008
- Smith v. KirkpatrickNew York Court of Appeals · 1953
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