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Bankruptcy Keyed to Levitan, 3rd Ed.
Elliott Associates v. J. Henry Schroder Bank & Trust Co.
Citation:
838 F.2d 66 (1988)Facts
Centronics issued $40 million in convertible debentures with Schroder as trustee. The indenture required Centronics to give Schroder 50-day notice before redeeming debentures “unless a shorter notice shall be satisfactory to the Trustee.” In March 1986, Centronics contacted Schroder about redeeming all outstanding debentures, and Schroder agreed to accept one week’s notice instead of 50 days. Centronics gave formal notice to Schroder 42 days before the May 16, 1986 redemption date and provided the required 15-day notice to debenture holders on May 1. Debenture holders had the option to convert their debentures to Centronics common stock before redemption, which all chose to do since conversion was economically more profitable. Elliott sued, claiming Schroder’s waiver of the full notice period prevented debenture holders from receiving an additional interest payment scheduled for June 1, 1986.
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