ELLIOTT ASSOC. v. J. HENRY SCHRODER BANK & TRUST

No. 86 Civ. 3725 (LBS).

655 F.Supp. 1281 (1987)

ELLIOTT ASSOCIATES, on behalf of itself and all other holders of the 10% Convertible Subordinated Debentures of Centronics Data Computer Corp. similarly situated, Plaintiff, v. J. HENRY SCHRODER BANK & TRUST COMPANY and Centronics Data Computer Corp., Defendants.

United States District Court, S.D. New York.

March 17, 1987.


Attorney(s) appearing for the Case

Kleinberg, Kaplan, Wolff & Cohen, P.C., New York City, for plaintiff; Norris D. Wolff, of counsel.

Hawkins, Delafield & Wood, New York City, for defendant Schroder; W. Cullen MacDonald, Katherine A. Gabbay, of counsel.

Spengler, Carlson, Gubar, Brodsky & Frischling, New York City, for defendant Centronics; Richard P. Swanson, Laura A. Proske, of counsel.


OPINION

SAND, District Judge.

This case presents an important question that touches on the obligations of indenture trustees in performing duties assigned to them in a trust indenture. Plaintiff, a holder of certain convertible debentures, sues on a number of theories both the trustee and the company that issued the debentures. In essence, plaintiff claims that the trustee, in conspiracy with the company, acted to enrich the company at the expense of the...

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