The court concluded that the Second-Lien Notes were understood to be Senior Indebtedness based on representations made by MPM to the SEC and the financial community. The court found that the interpretation of the Subordinated Notes holders was irrational and that extrinsic evidence supported the interpretation that the Second-Lien Notes had priority.
documents/vol00010-efta01358964-pdf.pdf
{"document_type":"legal","document_subtype":"court opinion","key_organizations":["MPM","Securities Exchange Commission"],"reference_numbers":["15-1771 JA 3057","15-1771 JA 2231","15-1771 JA 3007","15-1771 JA 3010","15-1771 JA 357","15-1771 JA 2425-26","15-1771 JA 3725"]}