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Article summary

Banking & Finance analysis: This case involved, among other things, (a) an application by an issuer of bonds for an interim injunction to require a financial adviser to issue a confirmation email to the settlement agent to compel the settlement agent to transfer bond proceeds it held to the issuer, and (b) an application by the bondholders to join the proceedings to oppose the injunction application. The court denied the injunction application on the basis that, among other things, the issuer’s case against the financial adviser was arguably ‘far from strong’ and that, given the issuer’s precarious financial condition and other relevant factors, damages would not appear to be an adequate remedy for the bondholders if it was later determined that the injunction should not have been granted. The court granted the bondholders’ joinder application in part on the basis that the bondholders had arguably demonstrated that the bond...