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CALPINE CORP. v. BANK OF NEW YORK

C.A. No. 1669-N.

895 A.2d 880 (2005)

CALPINE CORPORATION, Plaintiff, v. The BANK OF NEW YORK and Wilmington Trust Company, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided November 22, 2005.

Attorney(s) appearing for the Case

Edmond D. Johnson, Peter B. Ladig, The Bayard Firm, Wilmington, DE; Robert P. Haney, Jr., Covington & Burling, New York City, for Plaintiff.

M. Duncan Grant, Pepper Hamilton, L.L.P., Wilmington, DE; James Gadsden, William H. Sloane, Karl Schaffer, Carter Ledyard & Milburn, L.L.P., New York City, for Defendant The Bank of New York.

Bernard G. Conaway, Sheldon K. Rennie, Fox Rothschild, L.L.P., Wilmington, DE; Joseph F. Ryan, Steven B. Levine, Lisa M. Kelsey, Robert L. Harris, Brown Rudnick Berlack Israels, L.L.P., Boston, MA; Edward S. Weisfelner, Sigmund S. Wissner-Gross, Brown Rudnick Berlack Israels, L.L.P., New York City, for Defendant Wilmington Trust Company as First Lien Indenture Trustee.

Richard D. Allen, Robert J. Dehney, S. Mark Hurd, Morris, Nichols, Arsht & Tunnell, Wilmington, DE; Laurence Greenwald, Robin Keller, Wendell H. Adair, Stroock & Stroock & Lavan, L.L.P., New York City, for Intervenor Wilmington Trust Company as Second Lien Indenture Trustee.

OPINION

STRINE, Vice Chancellor.

This is the post-trial opinion in an expedited case involving a dispute between noteholders (through an Indenture Trustee for two different series of notes, the "First" and "Second Lien Notes") and the issuer of the Notes, Calpine Corporation ("Calpine"). Calpine operates natural gas-fueled power plants that generate electricity. This litigation centers on Calpine's plans for the use of approximately $852 million in net proceeds...

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