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US ONCOLOGY, INC., plf-ap, v. WILMINGTON TRUST FSB, def-res

8374. US ONCOLOGY, INC., plf-ap, v. WILMINGTON TRUST FSB, def-res — Sullivan & Cromwell LLP, New York (Robert J. Giuffra, Jr., of counsel), for ap — Stroock & Stroock & Lavan LLP, New York (Daniel A. Ross of counsel), for res — Order, Supreme Court, New York County (Bernard J. Fried, J.), entered February 23, 2012, which, in this action seeking, inter alia, a declaratory judgment, denied plaintiff's motion for summary judgment, without prejudice to renew upon completion of discovery, unanimously affirmed, without costs.

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8374. US ONCOLOGY, INC., plf-ap, v. WILMINGTON TRUST FSB, def-res — Sullivan & Cromwell LLP, New York (Robert J. Giuffra, Jr., of counsel), for ap — Stroock & Stroock & Lavan LLP, New York (Daniel A. Ross of counsel), for res — Order, Supreme Court, New York County (Bernard J. Fried, J.), entered February 23, 2012, which, in this action seeking, inter alia, a declaratory judgment, denied plaintiff’s motion for summary judgment, without prejudice to renew upon completion of discovery, unanimously affirmed, without costs.

This action concerns the disputed meaning of the contractual phrase “the remaining term of the Securities” as it applies to the formula for calculating the premium that plaintiff bond issuer owes the bondholders for redeeming the instruments before August 15, 2013. As applicable here, the formula provides that plaintiff will pay, in addition to the principal amount of the bonds, (1) the present value of the much smaller premium that plaintiff would have owed if it had called the bonds on August 15, 2013 plus (2) the net present value of the interest payments that the bondholders would have received through August 15, 2013, using a discount rate equal to the “Treasury Rate” plus .5 percent. “Treasury Rate” is defined as the interest rate of a “Comparable Treasury Issue,” which in turn is defined as a United States Treasury note “having a maturity comparable to the remaining term of the Securities.”

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