Wells Fargo Bank, N.A. v. Wrights Mill Holdings, LLC

OPINION & ORDER

PAUL A. ENGELMAYER, District Judge:

At issue in this interpleader action is whether Wells Fargo Bank, N.A. (‘Wells Fargo”), the Trustee responsible for the assets held in a collateralized debt obligation (“CDO”), is obliged, under the terms of the indenture under which the *160CDO was formed, to sell particular collateral. Under the relevant indenture provision, so long as there is a valid first offer to buy collateral of the CDO, the CDO’s most junior stakeholders (the “Preferred Shareholders”) are empowered to decide, by a two-thirds vote among them, whether to approve the sale of…