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ATLANTIC AVIATION INVESTMENTS LLC v. MATLINPATTERSON GLOBAL ADVISERS LLC

6743, 602286/09.

92 A.D.3d 461 (2012)

938 N.Y.S.2d 64

2012 NY Slip Op 840

ATLANTIC AVIATION INVESTMENTS LLC, Respondent, v. MATLINPATTERSON GLOBAL ADVISERS LLC et al., Appellants. (And a Third-Party Action.)

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

Decided February 7, 2012.

Under the plain language of the parties' memorandum of understanding (MOU) and the embedded make-whole agreement, nonparty VarigLog was an "affiliate" of Volo, an indirect wholly-owned subsidiary of the MP Funds. The sale of the shares at issue was an "Exit," as expressly defined in the MOU. Under the make-whole agreement, Volo and the MP Funds are obligated to ratably share with plaintiff the funds received by VarigLog, Volo's...

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