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AKANTHOS CAPITAL MGMT. v. COMPUCREDIT HOLDINGS

No. 11-13227.

677 F.3d 1286 (2012)

AKANTHOS CAPITAL MANAGEMENT, LLC, Aria Opportunity Fund Ltd., CNH CA Master Account, L.P., GLG Investments PLC: Sub-Fund GLG Global Convertible UCITS Fund, GLG Investments IV PLC: Sub-Fund GLG Global Convertible UCITS (Distributing) Fund, et al., Plaintiffs-Appellees, CC Arbitrage, Ltd., et al., Plaintiffs, v. COMPUCREDIT HOLDINGS CORPORATION, David G. Hanna, Frank J. Hanna, III, Richard R. House, Jr., Richard W. Gilbert, K. K. Srinivasan, J. Paul Whitehead, III, Thomas G. Rosencrants, Gregory J. Corona, Defendants-Appellants.

United States Court of Appeals, Eleventh Circuit.

April 25, 2012.

Attorney(s) appearing for the Case

Karen B. Bragman , Kevin B. Getzendanner , Heather Smith Michael , Arnall, Golden & Gregory, LLP, Atlanta, GA, Harry N. Niska , John Orenstein , Jeff I. Ross , Ross & Orenstein, LLC, Minneapolis, MN, Plaintiffs-Appellees.

James David Dantzler, Jr. , Thomas B. Bosch , James Timothy Mast , Troutman Sanders, LLP, Jeffrey Owen Bramlett , John H. Rains, IV , Naveen Ramachandrappa , Bondurant, Mixon & Elmore, LLP, Michael James King , Yoon J. Ettinger , Janna Satz Nugent , Greenberg Traurig, LLP, Atlanta, GA, for Defendants-Appellants.

Before WILSON and MARTIN, Circuit Judges, and ALBRITTON, District Judge.

WILSON, Circuit Judge:

This case concerns the applicability of a standard "no-action clause" in a trust indenture governing a company's notes. The clause at issue states that a noteholder cannot "pursue any remedy with respect to this Indenture or the Securities" unless the noteholder falls within one of two exceptions. This appeal asks whether noteholders who do not fall within a stated exception to the clause may nonetheless bring fraudulent transfer claims against...

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