IBJ SCHRODER BANK & TRUST CO. v. FAIRFIELD COMMUNITIES, INC.

No. 1042, Docket 98-9024.

178 F.3d 78 (1999)

IBJ SCHRODER BANK & TRUST COMPANY, as Trustee, Plaintiff-Appellant, v. FAIRFIELD COMMUNITIES, INC., Defendant-Appellee, Fairfield River Ridge, Inc.; Fairfield St. Croix, Inc.; Keyclearco; Lehman Brothers, Inc.; Pacific Securities Companies; Parker Hunter, Inc.; Yvonne B. Claytor; William Claytor; Sigler & Co.; Stifel Nicholaus & Co., Inc., Defendants.

United States Court of Appeals, Second Circuit.

Decided May 6, 1999.


Attorney(s) appearing for the Case

Nancy Kilson, New York, N.Y. (Sheldon I. Hirshon, Scott A. Eggers, John Margiotta, Proskauer Rose LLP, on the brief), for Plaintiff-Appellant.

Thomas F. Munno, New York, N.Y. (James E. Tolan, Catherine A. Duke, Mishell B. Kneeland, Dechert Price and Rhoads, on the brief), for Defendant-Appellee.

Before: JACOBS and SOTOMAYOR, Circuit Judges, and SAND, District Judge.


JACOBS, Circuit Judge.

IBJ Schroder Bank, Trustee for Noteholders of Fairfield Communities, Inc. ("Fairfield"), brought this action against Fairfield, alleging that Fairfield's prepayment of an obligation to the Noteholders was structured to evade the terms of an Indenture entered into by the parties and to shortchange the Noteholders. IBJ ("the Trustee") appeals from a judgment of the United States District Court for the Southern District of New York (Stanton,

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