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CHINA PRIVATIZATION FUND (DEL), L.P. v. GALAXY ENTERTAINMENT GROUP LIMITED

Nos. 7511, 650587/11.

95 A.D.3d 769 (2012)

945 N.Y.S.2d 659

2012 NY Slip Op 4212

CHINA PRIVATIZATION FUND (DEL), L.P., Respondent, v. GALAXY ENTERTAINMENT GROUP LIMITED, Appellant.

Appellate Division of the Supreme Court of New York, First Department.

Decided May 31, 2012.

In 2006, pursuant to an indenture, defendant Galaxy Entertainment Group Limited (Galaxy) issued zero coupon convertible notes to fund the construction of a casino in China. Plaintiff China Privatization Fund (Del), L.P. (CPF), an investing partnership, purchased a $50 million note. The note did not accrue or pay interest but was convertible, at CPF's option and under certain circumstances, into shares of Galaxy stock. In February 2011, CPF exercised its conversion rights...

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