IBJ Schroder Bank & Trust Co. v. Fairfield Communities, Inc.

JACOBS, Circuit Judge.

IBJ Schroder Bank, Trustee for Note-holders of Fairfield Communities, Inc. (“Fairfield”), brought this action against Fairfield, alleging that Fairfield’s prepayment of an obligation to the Noteholders was structured to evade the terms of an Indenture entered into by the parties and to shortchange the Noteholders. IBJ (“the Trustee”) appeals from a judgment of the United States District Court for the Southern District of New York (Stanton, J.) granting summary judgment in favor of Fairfield and dismissing the complaint.

I

As part of Fairfield’s bankruptcy reorganization,…