AVENUE CLO FUND LTD. v. BANK OF AMERICA, NA

Nos. 11-10468, 11-10740.

709 F.3d 1072 (2013)

AVENUE CLO FUND LTD., Avenue CLO II, Ltd., Avenue CLO III, Ltd., Avenue CLO IV, Ltd., Avenue CLO V, Ltd., Avenue CLO VI, Ltd., Brigade Leveraged Capital Structures Fund, Ltd., Battalion CLO 2007-I Ltd., Caspian Corporate Loan Fund, LLC, Caspian Capital Partners, L.P., Caspian Select Credit Master Fund, Ltd., ING Prime Rate Trust, ING Senior Income Fund, ING International (II)-Senior Bank Loans Euro, ING Investment Management CLO I, Ltd., ING Investment Management CLO II, Ltd., ING Investment Management CLO III, Ltd., ING Investment Management CLO IV, Ltd., ING Investment Management CLO V, Ltd., Venture II CDO 2002, Limited, Venture III CDO Limited, Venture IV CDO Limited, Venture V CDO Limited, Venture VI CDO Limited, Venture VII CDO Limited, Venture VIII CDO Limited, Venture IX CDO Limited, Vista Leveraged Income Fund, Veer Cash Flow CLO, Limited, Mariner LDC, Mariner Opportunities Fund, L.P., Genesis CLO 2007-1 Ltd., Canpartners Investments IV, LLC, Canyon Capital Advisors, LLC, Canyon Special Opportunities Mashter Fund (Canyon), Ltd., Scroggin Capital Management II, Scroggin International Fund Ltd., Scroggin Worldwide Fund Ltd., Cantor Fitzgerald Securities, Olympic CLO I, Ltd., Shasta CLO I, Ltd., Whitney CLO I Ltd., San Gabriel CLO I Ltd., Sierra CLO II Ltd., SPCP Group, LLC, Stone Lion Portfolio L.P., Venor Capital Master Fund, Ltd., Plaintiffs-Appellants, v. BANK OF AMERICA, NA, Merrill Lynch Capital Corp., JPMorgan Chase Bank, N.A., Barclays Bank, PLC, Deutsche Bank Trust Company Americas, Royal Bank of Scotland Group PLC, et al., Defendants-Appellees. Brigade Leveraged Capital Structures Fund, Ltd., Monarch Master Funding, Ltd., Venor Capital Master Fund, Ltd., et al., Plaintiffs-Appellants, v. Bank of America, NA, Merrill Lynch Capital Corp., JPMorgan Chase Bank, N.A., Barclays Bank, PLC, Deutsche Bank Trust Company Americas, et al., Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

February 20, 2013.


Attorney(s) appearing for the Case

Bruce Bennett , Kirk Dwight Dillman, J.   Michael Hennigan , McKool Smith , Los Angeles, CA, Lorenz Michel Pruss , David A. Rothstein , Diamond, Kaplan & Rothstein, PA, Miami, FL, Susan Williams Scann , Deaner, Deaner, Scann, Malan & Larsen, Las Vegas, NV, for Plaintiffs-Appellants.

Daniel L. Cantor , Jonathan Rosenberg , Bradley J. Butwin , William J. Sushon , O'Melveny & Myers, LLP, Thomas C. Rice , David J. Woll , Simpson, Thacher & Bartlett, LLP, Andrew Kratenstein , McDermott, Will & Emery, LLP, Aaron Rubenstein , Phillip A. Geraci , Kaye Scholer, LLP, Jean-Marie L. Atamian , Jason I. Kirschner , Mayer Brown, LLP, New York City, Walter Estes Dellinger, III , Jonathan Hacker , O'Melveny & Myers, LLP, Washington, DC, Jamie Zysk Isani , Craig Vincent Rasile , Hunton & Williams, LLP, Raquel A. Rodriguez , McDermott, Will & Emery, Robert G. Fracasso, Jr. , Stephen Trivett Maher , Shutts & Bowen, LLP, Miami, FL, Sarah A. Harmon , Bailey Kennedy , Las Vegas, NV, Peter J. Roberts , Shaw, Gussis, Fishman, Glantz, Wolfson & Towbin, LLC, Chicago, IL, for Defendants-Appellees.

Before TJOFLAT, MARTIN and BUCKLEW, Circuit Judges.


MARTIN, Circuit Judge:

This case presents more fallout from the failure of the ambitious Fontainebleau development in Las Vegas, Nevada. In this appeal, we address a contract dispute and two District Court decisions. The contract was entered into by appellants Avenue CLO Fund, Ltd., and others, who provided term loans (the Term Lenders); the appellee Bank of America, N.A., and others, who provided revolving loans (the Revolving Lenders); and Fontainebleau Las Vegas...

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