Wilmington Savings Fund Society, FSB v. Cash America International, Inc.
| Wilmington Savings Fund Society, FSB |
| Cash America International, Inc. |
| 1:2015cv05027 |
| June 26, 2015 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| XX Out of State |
| Jesse M. Furman |
| Other Contract |
| 28 U.S.C. ยง 1332 |
| None |
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Filing
49
OPINION AND ORDER re: 26 CROSS MOTION for Summary Judgment filed by Cash America International, Inc., 22 MOTION for Summary Judgment filed by Wilmington Savings Fund Society, FSB: In sum, the Court concludes tha t, by disposing of eighty percent of the shares of a valuable wholly owned subsidiary, Cash America breached the Indenture. Notably, the transaction disposed of significant property (and for no consideration), reduced Cash America's future ex pected income, and materially changed its financial condition. As a result, the Noteholders were left holding Notes that, as an economic and legal matter, did not conform to the protections afforded by the Indenture. That constituted a breach of t he Indenture and, under the Second Circuit's binding decision in Sharon Steel, the Noteholders are entitled to payment of the make-whole premium. Accordingly, Wilmington Savings's motion for summary judgment is granted and Cash America&# 039;s motion for summary judgment is denied. The only open issue is the amount owed. In addition to the redemption price, Wilmington Savings requests "an award of all fees, costs, and expenses incurred by the Trustee in enforcing the rights o f the Noteholders pursuant to Section 6.12 of the Indenture." (Pl.'s Mem. 19). The Court directs the parties to meet and confer regarding that request as well as the calculation of the redemption price. (See id. at 18 ("If the Court rules that the Trustee is entitled to payment of the redemption price, the Trustee will attempt to agree with Cash America on the precise amount owed under Section 3.01.").) No later than thirty days from the date of this Opinion and Order, the parties shall advise the Court by letter if they have reached agreement on those issues and, if not, propose a means (and schedule) to resolve any remaining disputes. The Clerk of Court is directed to terminate Docket Nos. 22 and 26. (Signed by Judge Jesse M. Furman on 9/19/2016) (tn)
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