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Phil Harvey 2/20/2019 | 10:23:40 AM
Re: WOW! Also, it should be noted that The Jiggling Bonds would be a great name for a rock band.
brooks7 2/19/2019 | 8:52:31 PM
WOW!  

So, I read through (admittedly I skimmed parts) the ruling.

Whoever was advising Windstream was completely asleep at the wheel.

 

For those TL:DR folks, a summary.  The REIT formation has been found in breach of a clause that prevents Sale-Leaseback arrangements.  On top of that, Windstream tried some jiggling of the bonds here to try to get out of it.  That has been found to violate yet another convenant.

I agree with your earlier note....this looks REALLY definitive.   Windstream's best argument that I saw was that the word LEASE was not defined and yet the entire point of the LEASE was to transfer the assets and LEASE them back.  When that is you BEST argument, well good luck.

seven

 
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