STANFIELD OFFSHORE LEVERAGED ASSETS, LTD. v. METROPOLITAN LIFE INSURANCE COMPANY


64 A.D.3d 472 (2009)

883 N.Y.S.2d 486

STANFIELD OFFSHORE LEVERAGED ASSETS, LTD., et al., Appellants, v. METROPOLITAN LIFE INSURANCE COMPANY et al., Defendants, and CREDIT SUISSE FIRST BOSTON (USA), INC., et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided July 21, 2009.


Plaintiffs are several Cayman Islands companies and one New York limited partnership with hedge funds that purchased a portion of Meridian Automotive Systems, Inc.'s (Meridian) debt. By purchasing the debt, plaintiffs were assigned the right to collect debt from Meridian in connection with loans that plaintiffs' predecessors-in-interest made to Meridian. Plaintiffs also include some of the original lenders. The loans were made pursuant to two lien credit agreements (referred...

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