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ALLECO, INC. v. IBJ SCHRODER BANK & TRUST CO.

Civ. No. 3-87-0802.

745 F.Supp. 1467 (1989)

ALLECO, INC., Plaintiff, v. IBJ SCHRODER BANK & TRUST COMPANY, as Successor Trustee, Defendant, and Salomon Brothers, Inc., Intervenor. SALOMON BROTHERS, INC., Intervenor/Counterclaim Plaintiff, v. ALLECO, INC. and Service America Corporation, Counterclaim Defendants. IBJ SCHRODER BANK & TRUST COMPANY, Defendant/Counterclaim Plaintiff, v. ALLECO, INC., Service America Corporation, Lapides Corporation and LP Acquisition Corp., Counterclaim Defendants.

United States District Court, D. Minnesota, Third Division.

August 16, 1989.

Attorney(s) appearing for the Case

George M. von Mehren, Squire, Sanders & Dempsey, Cleveland, Ohio, E. Timothy McAuliffe, Coudert Brothers, Washington, D.C., R. Walter Bachman, Lindquist & Vennum, and Richard A. Kaplan, Popham, Haik, Schnobrich & Kaufman, Ltd., Minneapolis, Minn., for Alleco, Inc., Lapides Corp. and LP Acquisition Corp.

James B. Loken, Faegre & Benson, Minneapolis, Minn., and Arthur S. Linker, Roseman & Colin, New York City, for IBJ Schroeder Bank & Trust Co.

Christine B. Pendry, Davis, Polk & Wardwell, New York City, and Charles Quaintance, Jr., Maslon, Edelman, Borman & Brand, Minneapolis, Minn., for Service America Corporation.

Timothy D. Kelly, Kelly & Berens, P.A., Minneapolis, Minn., for Fidelity Management and Resource Co., amicus curiae.

MEMORANDUM AND ORDER

MAGNUSON, District Judge.

In September 1985, Allegheny Beverage Corporation issued $105 million in 9½% Convertible Senior Subordinated Debentures Due 2010. This dispute focuses on the interpretation of the Debenture Certificates and the accompanying Indenture. Within three years after these Debentures1 were issued, the company changed its name to Alleco, Inc., sold off its operating subsidiaries, and...

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