Representative MattersPrint PDF
The client is an agency that promotes economic opportunities by issuing municipal bonds to fund industrial projects. It sought court approval of a proposal to liquidate one of its development programs where approximately 140 series of bonds had been issued, and each bond series was cross-collateralized with all others. After initial success in the trial court, objecting bondholders secured a reversal in the Minnesota Supreme Court. Those bondholders then sued the agency for breach of trust and misappropriation of funds. The case eventually settled with the appointment of a trustee to oversee management of the assets pledged to repayment of the bonds.