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CORTLANDT STREET RECOVERY CORP. v. BONDERMAN

No. 14.

31 N.Y.3d 30 (2018)

96 N.E.3d 191

73 N.Y.S.3d 95

2018 NY Slip Op 01149

CORTLANDT STREET RECOVERY CORP., Plaintiff, and WILMINGTON TRUST COMPANY, Respondent, v. DAVID BONDERMAN et al., Appellants, et al., Defendants. (And Three Other Actions.)

Court of Appeals of New York.

Decided February 20, 2018.

Attorney(s) appearing for the Case

Ropes & Gray LLP, New York City (Robert S. Fischler, C. Thomas Brown and Paul S. Kellogg of counsel), for Apax Partners Europe Managers Limited and others, and Kasowitz, Benson, Torres & Friedman LLP, New York City (Paul M. O'Connor III, David J. Abrams and Michelle G. Bernstein of counsel), for David Bonderman and others, appellants.

Flemming Zulack Williamson Zauderer LLP, New York City (Mark C. Zauderer and Grant A. Shehigian of counsel), and Stamell & Schager, LLP, New York City (Jared B. Stamell and Andrew R. Goldenberg of counsel), for respondent.

Chief Judge DiFIORE and Judges STEIN, FAHEY, WILSON and FEINMAN concur; Judge GARCIA taking no part.

OPINION OF THE COURT

On this appeal we must determine whether an indenture trustee may seek recovery on behalf of noteholders for defendants' alleged fraudulent redemptions intended to siphon off assets, leaving corporate obligors unable to pay the noteholders. The indenture at issue authorizes the trustee to "pursue any available...

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