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Morgan Stanley & Co. v. Archer Daniels Midland Company
Citation:570 F.Supp. 1529 (S.D.N.Y.1983)
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In May, 1981, Archer Daniels issued $125,000,000 of 16% Sinking Fund Debentures due May 15, 2011. The proceeds of the debenture offering were applied to the purchase of long-term securities bearing rates of interest below 16.089%. ADM raised money through public borrowing at interest rates less than 16.08%. Morgan Stanley bought $15,518,000 principal amount of the debentures at $1,252.50 per $1,000 face amount on May 65 1983. Prior to the announcement of the call for redemption, the debentures were trading at a price in excess of the $1,139.50 call price. Plaintiff contends that the proposed redemption is barred by the express terms of the call provisions of the debenture and the indenture agreement and that consummation of the plan would violate the law.
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