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HOWE v. BANK OF NEW YORK MELLON

No. 09 Civ. 10470 (HB).

783 F.Supp.2d 466 (2011)

R. Davis HOWE, individually and derivatively, Plaintiff, v. The BANK OF NEW YORK MELLON, as Indenture Trustee, Bimini Capital Management, Inc., and Hexagon Securities LLC, Defendants, and The Bank of New York Mellon, as Indenture Trustee, and Preferred Term Securities XX, Ltd., Nominal Defendants.

United States District Court, S.D. New York.

March 4, 2011.

Attorney(s) appearing for the Case

Robert Donald Piliero, Wollmuth Maher & Deutsch LLP, Robert Sidorsky, Butzel Long, P.C., New York, NY, for Plaintiff.

Dale Christian Christensen, Jr., Brian Paul Maloney, Seward & Kissel LLP, New York, NY, for Defendant The Bank of New York Mellon as Identure Trustee.

Kelly Marie Hnatt, Willkie Farr & Gallagher LLP, New York, NY, for Defendant Bimini Capital Management, Inc.

Richard L. Levine, Weil, Gotshal & Manges LLP, New York, NY, for Defendant Hexagon Securities, LLC.

OPINION & ORDER

HAROLD BAER, JR., District Judge.

Plaintiff R. Davis Howe alleges that defendants caused the loss of $13.2 million in principal of trust preferred securities from the investment assets of nominal defendant Preferred Term Securities XX, Ltd. ("PreTSL XX") and the resulting diminished cash flow that would have inured to the benefit of PreTSL XX from the $24 million in collateral securities that Plaintiff alleges were wrongfully removed...

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