IN RE NAT'L COLLEGIATE STUDENT LOAN TRUSTS

CONSOLIDATED C.A. No. 12111-VCS.

251 A.3d 116 (2020)

IN RE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS LITIGATION.

Court of Chancery of Delaware.

Date Decided: August 27, 2020.


Attorney(s) appearing for the Case

Garrett B. Moritz, Esquire , Benjamin Z. Grossberg, Esquire and S. Reiko Rogozen, Esquire of Ross Aronstam & Moritz LLP, Wilmington, Delaware, Attorneys for NC Residuals Owners Trust and NC Owners LLC.

Kimberly A. Evans, Esquire and Rebecca A. Musarra, Esquire of Grant & Eisenhofer P.A., Wilmington, Delaware and Lance Gotthoffer, Esquire of Chaitman, LLP, New York, New York, Attorneys for The National Collegiate Master Student Loan Trust I, The National Collegiate Student Loan Trust 2003-1, The National Collegiate Student Loan Trust 2004-1, The National Collegiate Student Loan Trust 2004-2, The National Collegiate Student Loan Trust 2005-1, The National Collegiate Student Loan Trust 2005-2, The National Collegiate Student Loan Trust 2005-3, The National Collegiate Student Loan Trust 2006-1, The National Collegiate Student Loan Trust 2006-2, The National Collegiate Student Loan Trust 2006-3, The National Collegiate Student Loan Trust 2006-4, The National Collegiate Student Loan Trust 2007-1, The National Collegiate Student Loan Trust 2007-2, The National Collegiate Student Loan Trust 2007-3, The National Collegiate Student Loan Trust 2007-4.

Catherine A. Gaul, Esquire of Ashby & Geddes, P.A., Wilmington, Delaware and Michael Hanin, Esquire and Uri Itkin, Esquire of Kasowitz Benson Torres LLP, New York, New York, Attorneys for AG Mortgage Value Partners Master Fund, L.P., AG Opportunistic Whole Loan Select, L.P., AG Pisgah, L.P., AG Super RMBS LLC, AG TCDRS, L.P., AG Strategic ABS Fund Master, L.P., One William Street Capital Master Fund, Ltd., OWS Credit Opportunity I, LLC, OWS Global Fixed Income Fund (USD-Hedged), Ltd., LibreMax Master Fund, Ltd., LibreMax Value Master Fund, Ltd., LibreMax MSW Fund, Ltd., Waterfall Delta Offshore Master Fund, LP, Waterfall Eden Master Fund, Ltd., and Waterfall Sandstone Fund LP.

John W. Shaw, Esquire and Jeffrey T. Castellano, Esquire of Shaw Keller LLP, Wilmington, Delaware and Matthew A. Martel, Esquire , Joseph B. Sconyers, Esquire , Keith M. Kollmeyer, Esquire and Anthony M. Masero, Esquire of Jones Day, Boston, Massachusetts, Attorneys for U.S. Bank National Association.

Kurt M. Heyman, Esquire and Melissa N. Donimirski, Esquire of Heyman Enerio Gattuso & Hirzel LLP, Wilmington, Delaware and Erik Haas, Esquire , Joshua Kipnees, Esquire , George A. LoBiondo, Esquire , Jared Buszinnsi , Peter Shakro, Esquire , Devon Hercher, Esquire and Jonah Wacholder, Esquire of Patterson Belknap Webb & Tyler LLP, New York, New York, Attorneys for Ambac Assurance Corporation.

Jason C. Jowers, Esquire , Stephen B. Brauerman, Esquire , Brett M. McCartney, Esquire and Elizabeth A. Powers, Esquire of Bayard, P.A., Wilmington, Delaware, Attorneys for Wilmington Trust Company.

Rebecca L. Butcher, Esquire and Jennifer L. Cree, Esquire of Landis Rath & Cobb LLP, Wilmington, Delaware and John P. Doherty, Esquire and William Hao, Esquire of Alston & Bird LLP, New York, New York, Attorneys for GSS Data Services, Inc.

Stacey A. Scrivani, Esquire of Stevens & Lee, P.C., Wilmington, Delaware, Attorney for Pennsylvania Higher Education Assistance Agency d/b/a American Educational Services.


OPINION

The key constituents of several related Delaware statutory trusts cannot agree on how the trusts should be governed or how they should operate. Several of the constituents brought discreet operational controversies before the Court in separately filed lawsuits. When it became clear the disputes between...

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