Attorney Publications

Edward Fox authored an article in The Daily Bankruptcy News

01/19/2017

Edward Fox authored "Second Circuit Reverses Marblegate Decision" on January 19 in The Daily Bankruptcy News on the 2-1 decision in Marblegate Asset Management, LLC v. Education Management Finance Corp., where the United States Court of Appeals for the Second Circuit held that Section 316(b) of the Trust Indenture Act of 1939 (TIA) prohibits only non-consensual amendments to an indenture’s core payment terms, reversing the decision of the United States District Court for the Southern District of New York, Marblegate Asset Management, LLC v. Education Management Corp., which held that a series of transactions meant to restructure the debt of Education Management Corporation ("EDMC") outside of bankruptcy over the objections of certain unsecured noteholders violated Section 316(b) of the TIA.