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UBS SECURITIES LLC v. HIGHLAND CAPITAL MANAGEMENT, L.P.

4693, 650097/09, 4694, 650752/10.

86 A.D.3d 469 (2011)

927 N.Y.S.2d 59

2011 NY Slip Op 5979

UBS SECURITIES LLC et al., Respondents-Appellants, v. HIGHLAND CAPITAL MANAGEMENT, L.P., Appellant-Respondent, et al., Defendants. UBS SECURITIES LLC et al., Respondents-Appellants, v. HIGHLAND CAPITAL MANAGEMENT, L.P., Appellant-Respondent.

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

Decided July 21, 2011.

In April 2007, plaintiff UBS* agreed to finance and act as placement agent in connection with the issuance of certain collateral debt obligations by defendant Highland Capital Management, L.P. (Highland). Highland, a Texas-based hedge fund, did not complete the issuance, and the agreement expired. At that point Highland owed UBS as much as $86 million under the arrangement, based on the depreciation of assets that UBS had been required to hold...

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