SFIG Submits Response to Petitioning Creditors’ Opposition to Amicus Brief in Taberna Preferred Fund

As reported in our September 7th Newsletter, SFIG submitted an amicus brief to the U.S. Bankruptcy Court for the Southern District of New York (the Court). In this brief, SFIG highlighted that the attempt by senior note holders to put Taberna Preferred Funding IV, Ltd (Taberna) in bankruptcy is an abuse of the reorganization process. Taberna's structure as a non-recourse securitization that lacks the capacity to be reorganized and should be liquidated by its terms is a fundamental and universally accepted and agreed aspect of securitization transactions. 

Late last week, the Petitioning Creditors filed an opposition to SFIG's motion seeking leave to file the amicus brief. SFIG was given until Monday at 4:00 p.m. to file a reply in support of this motion. The hearing occurred today, September 28, 2017, and SFIG’s motion seeking leave to file the brief was granted. The Court also heard oral argument on the pending motion by the Petitioning Creditors seeking summary judgment with respect to their qualifications under section 303 of the Bankruptcy Code to have commenced the bankruptcy case in the first instance.

Please contact Sairah.Burki@sfindustry.org with any questions.

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