What happens to debt when it goes from being pari passu to being junior?
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The in pari delicto defense has been recognized, as has the adverse interest exception.
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The in pari delicto doctrine is based on common law agency principles.
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The recent New York State Court of Appeals in pari delicto decision will make those claims more difficult to pursue.
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Western government creditors should, in all cases, be accorded equal or pari passu treatment with private bank creditors in debt rescheduling negotiations.
The FDIC seems clearly to be anticipating an in pari delicto defense.
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But, instead of those facts making it a slam-dunk against the auditors, the guilt of the executives may give auditors the in pari delicto defense.
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The book begins in an Afghan village in 1952, where a boy named Abdullah travels on foot through the desert with his father and his younger sister, Pari.
Western government creditors should, in all cases, be accorded equal or pari passu treatment with private bank creditors in debt rescheduling negotiations, which is not now the case.
The in pari delicto defense still works in this case.
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In an unusual move, Delaware asked the New York Court of Appeals to give their opinion on the in pari delicto issue, which was controlled by New York law.
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Adams says that if the deal goes through, those notes should trade pari passu, that is at the same yield, so expect the Teppco issue to outperform the Enterprise notes.
Typically, since the actions of employees are imputed to the corporation, that would make Colonial a wrongdoer right alongside Taylor Bean exactly the scenario in which in pari delicto would protect its auditors.
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This matters because loans from the EFSF rank pari passu with loans provided by private-sector investors to a buckling sovereign borrower such as Spain, but credit from the ESM would be senior to private sector loans.
The FDIC may have to select their first cases in a state where the record of successful use of the in pari delicto defense by third parties is less than in New York or Pennsylvania, for example.
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On Friday, the 144th Thoroughbred racing meet here will kick off, bringing thousands of visitors to this town of almost 30, 000, thousands of visitors who will spend millions of dollars on hotels, meals, pari-mutuel tickets, spa treatments, and yearling Thoroughbreds.
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