UK court makes landmark ruling on CLO downgrade triggers

By James Harvey

Equity investors in 2006 CLO Harbourmaster Pro Rata 2 have won an appeal against a UK High Court ruling prohibiting post-reinvestment trading

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TAGS: Law suits

View details on CLO-i: Harbourmaster Pro Rata 2 - called deal

Comment by: Mike Peterson. Posted 4 years ago [2014-08-04 10:00:36]

To clarify, in answer to the reader below, the earlier court ruling said there was only one correct grammatical interpretation of "has not been downgraded", whereas the appeal court said it could be read both ways (and therefore the court should decide which made most sense in terms of economics and common sense).

Comment by: Anonymous. Posted 4 years ago [2014-08-02 20:37:19]

Odd ruling? One may read the phrase "has not been downgraded" both ways. I'm surprised one court would reverse an earlier court ruling given the likely absence of direct evidence for either interpretation.