Uv industries inc liquidating trust
691 F.2d 1039 SHARON STEEL CORPORATION, Plaintiff-Appellant-Cross Appellee,v. A., and Manufacturers Hanover Trust Company, Defendants-Appellees-Cross Appellants. These were 5% of book value assets and 6% of operating assets.
Section 13.03 prohibited Sharon from utilizing the set-aside provision within Section 6.01, see supra, and prohibited U. Trust from distributing the deposited sums to the then holders of the Notes. ("Nest"), representative of the Selling Class, filed a Motion for Partial Reargument (treated by the district court as a motion for modification of judgment), seeking reconsideration of its request for reasonable and necessary attorneys' fees and expenses.
Section 13.03 of the Indenture was thus triggered, and Sharon was required to default in payment on the Notes, thus compelling resort to the special record date provision of Section 2.03. However, this is a class action, and class representatives are not free to enter into a settlement without judicial approval.
This interpleader action is a contest between two classes of holders of a certain issue of UV debentures, the 9 1/4% Senior Subordinated Notes Due April 15, 1987 (the "Notes"), over the interest on the Notes paid by Sharon to U. Trust on April 1, 1980, October 1, 1980, and April 1, 1981 (the "stake"). That Section provided for the declaration of a special record date for payment of such interest after the cure of the default. Therefore, the default on the senior indebtedness was cured, and, even under Section 2.03, U. Trust was able to disburse the interest payments on the Notes previously deposited by Sharon. Under Section 2.03, these payments were to be made to the holders of the Notes as of the special record date (the "Holding Class"). The Selling Class contends that because Sharon deposited the interest payments on the Notes with U. Trust, it never defaulted in payment, and the special record date provision of Section 2.03 was never triggered.
However, we remand to the district court a request for attorneys' fees made by Nest & Co., the representative of the appellant class. Trust refused to distribute these amounts to the then holders of the Notes pursuant to Section 13.031 of the U. Trust Indenture (the "Indenture"), which prohibited payment of any monies on the Notes in the event of a default in payment of principal or interest on a senior indebtedness. If this default triggered Section 13.03, then Section 2.032 of the Indenture, which established a mechanism for distributing interest payments on the Notes in the event of a default in payment, was also triggered. Trust declared a special record date of June 30, 1983 for payment of this accrued interest and, of course, interest on this interest.
The EPA subsequently initiated an action in federal district court against UV Industries, the Liquidating Trust, and Sharon Steel alleging liability under the Comprehensive Environmental Response, Compensation and Liability Act.
Certificate Details: Common Stock, issued in the 1970s Printed by the American Bank Note Company8 (h) x 12 (w) This certificate has vertical fold lines, punch hole cancels in the signature areas and body, stray staple holes and markings.
Before FRIENDLY,* CARDAMONE and WINTER, Circuit Judges.
The district court held that only the representatives of the Holding Class would be entitled to recover attorneys' fees and costs.
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