Orchard Hill Master Fund v. SBAC Corp.

Plaintiffs owned two convertible notes issued by SBAC. After converting the notes into equity and/or cash, plaintiffs filed a breach of contract claim, alleging that SBAC failed to pay the interest owed on the underlying notes following the conversion. Plaintiffs assert two identical causes of action: a breach of contract claim for each set of notes. The district court dismissed the claim with prejudice, holding that there was no reasonable interpretation of the underlying contract that entitled plaintiffs to both the benefits of the conversion and the final interest payment. The court held that SBAC’s refusal to pay plaintiffs the final interest payment did not constitute a failure to perform under the indentures. Accordingly, the court affirmed the district court's judgment. View "Orchard Hill Master Fund v. SBAC Corp." on Justia Law