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BANK OF NEW YORK MELLON v. REALOGY CORP.

C.A. No. 4200-VCL.

979 A.2d 1113 (2008)

The BANK OF NEW YORK MELLON, solely in its capacity as Trustee under the Indenture pursuant to which the 11.00%/11.75% Senior Toggle Notes Due 2014 were issued, and High River Limited Partnership, Plaintiffs, v. REALOGY CORPORATION, Defendant.

Court of Chancery of Delaware.

Decided: December 18, 2008.

Attorney(s) appearing for the Case

Stephen E. Jenkins, Esquire, Richard I.G. Jones, Esquire, Andrew D. Cordo, Esquire, Ashby & Geddes, P.A., Wilmington, DE; Sigmund S. Wissner-Gross, Esquire, May Orenstein, Esquire, Brown Rudnick, LLP, New York City; James Gadsden, Esquire, Carter Ledyard & Milburn, LLP, New York City, for the Bank of New York Mellon, solely in its capacity as Trustee under the Indenture pursuant to which 11.00%/11.75% Senior Toggle Notes Due 2014 were issued.

Thomas J. Allingham II, Esquire, Paul J. Lockwood, Esquire, Skadden Arps Slate Meagher & Flom, LLP, Wilmington, DE; George A. Zimmerman, Esquire, Lauren E. Aguiar, Esquire, Skadden Arps Slate Meagher & Flom, LLP, New York City, for Realogy Corporation.

OPINION

LAMB, Vice Chancellor.

All of a corporation's unsecured indebtedness is trading at a deep discount to face value. The corporate borrower proposes to take advantage of the substantial arbitrage opportunity presented by offering to refinance a large amount of the unsecured indebtedness with a substantially smaller amount of a senior secured term loan. The corporation means to do this by offering holders of the unsecured indebtedness the opportunity...

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