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Mbia vs Tilton Verdict

Mbia vs Tilton Verdict

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Published by Daniel Fisher
Judge's order dismissing lawsuit
Judge's order dismissing lawsuit

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Published by: Daniel Fisher on Jun 11, 2013
Copyright:Attribution Non-commercial

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06/12/2013

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UNITED STATES
DISTRICT
COURT
SOUTHERN
DISTRICT
OF
NEW
YORK
MBIA
INSURANCE CORPORATION,
Plaintiff,
-against-
PATRIARCH
PARTNERS
VIII,
LLC, a
Delaware
limited
liability
company,
and
LD
INVESTMENTS, LLC, a
Delaware
limited
liability
company,
Defendants.
A P
PEA 
RAN
C E
S:
Attorneys
for
Plaintiff
BINGHAM
MCCUTCHEN
LLP
399
Park
Avenue
New
York,
NY
10022-4689
By:
Jeffrey
Q.
Smith,
Esq.
Susan
F.
DiCicco,
Esq.Kevin
J.
Biron,
Esq.
Attorneys 
for
Defendants
BRUNE
&
RICHARD
LLP
One
Battery
Park
Plaza
New
York, 
NY
10004
By: 
Charles
A.
Michael,
Esq.David
Elbaum,
Esq.
Hillary
Richard,
Esq.
09
Civ.
3255
OPINION
Case 1:09-cv-03255-RWS Document 133 Filed 06/10/13 Page 1 of 155
 
 i
INDEX
PagePrior Proceedings................................... 2 The Parties......................................... 3Findings of Fact.................................... 6I. The Background of the Transaction......... 6II. The Agreements......... 201. The Master Agreement................. 202. The Indenture........................ 25III. The Performance of the Agreements bythe Parties............................... 281. The Closing......................... 282. The Change in Strategy forCollateral Acquisition.............. 323. The Supplemental Indenturesand the Rating of the A Notes........... 374. The Third Supplemental Indentureand the Ratings Trigger for theB Notes............................. 445. Collateral Acquisition and the RatingProcess for Zohar II and III...... 486. The Ratings for the Zohar Notes.. 607. Alternatives to Rating the B Notes..... 638. The Dispute between MBIA andPatriarch With Respect to Zohar III.......649. MBIA Continued to Rely On the BNotes..................... 67
Case 1:09-cv-03255-RWS Document 133 Filed 06/10/13 Page 2 of 155
 
Pageii10. The Natixis Fee Payment Without Procuring aRating on the B Notes.....................7111. Consideration of Alternativesto the B Notes and Terminationof Discussion....................... 74IV. The Required Rating of the B Notes WasNot Achievable............................ 831. The Natixis Evidence Did NotEstablish Ratability................ 842. Froebes Testimony Establishedthat the B Notes Were Not Ratable..... 903. Froebe’s Testimony Was NotImpeached........................... 101V. The Fulfillment of the Debt for TaxConditions Was Not Achievable............. 116VI. Witness Credibility....................... 124Conclusion of Law................................... 125I. Elements of the Breach of Contract Claimand Burden of Proof................................. 125II. The Agreements Required Patriarch toUse Commercially Reasonable Efforts toHave the B Notes Rated as soon as ReasonablyPracticable............................... 1261. The Drafting History of theAgreements................ 1302. The Conduct of the Parties.......... 1333. Patriarchs Position Is NotSupported by the Third Indenture.... 136III. MBIA Did Not Establish that PatriarchFailed to Use Commercially ReasonableEfforts................................... 139
Case 1:09-cv-03255-RWS Document 133 Filed 06/10/13 Page 3 of 155

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