Noteholder not disenfranchised from voting on a restructuring

The issue was whether certain commercial-mortgage-backed notes were disenfranchised from voting, pursuant to the interpretation of two trust deeds.

The relevant trust deeds stated, in essence, that a ‘Seller’ was disenfranchised for certain voting purposes. The question arose as to whether Barclays, which was one of the Banks defined as a ‘Seller’, was so disenfranchised when it held notes but not in the capacity as Seller.

Practically, Barclays had never (and indeed would not) held the notes as a ‘Seller’. It argued this point to the conclusion that the capacity in which the notes were held was irrelevant…

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