Meridian Sunrise Village v. NB Distressed Debt Investment Fund: Court Rules Distressed Hedge Fund Not an "Eligible Assignee" under Loan Agreement | Practical Law
The US District Court for the Western District of Washington in Meridian Sunrise Village, LLC v. NB Distressed Debt Investment Fund Ltd. ruled that because certain hedge funds were not "financial institutions" and therefore did not qualify as "Eligible Assignees" under a debtor's prepetition loan agreement, they could not vote on the debtor's plan of reorganization.