HILDENE CAPITAL MANAGEMENT, LLC PLAINTIFFS, v. THE BANK OF NEW YORK MELLON, ETC. def, THE BANK OF NEW YORK MELLON, ETC. Nominal def

9707N. HILDENE CAPITAL MANAGEMENT, LLC PLAINTIFFS, v. THE BANK OF NEW YORK MELLON, ETC. def, THE BANK OF NEW YORK MELLON, ETC. Nominal def — PREFERRED TERM SECURITIES XX, LTD., Plaintiff-Intervenor-res, v. THE BANK OF NEW YORK MELLON, ETC. def-ap — Emmet, Marvin & Martin, LLP, New York (Paul T. Weinstein of counsel), for The Bank of New York Mellon, ap — Willkie Farr & Gallagher LLP, New York (Kelly M. Hnatt of counsel), for Bimini Capital Management, Inc., ap — Quinn Emanuel Urquhart & Sullivan, LLP, New York (Jonathan E. Pickhardt of counsel), for res — Order, Supreme Court, New York County (O. Peter Sherwood, J.), entered on or about August 24, 2012, which granted Preferred Term Securities XX, Ltd.'s motion to intervene as a party plaintiff, unanimously affirmed, with costs.

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9707N. HILDENE CAPITAL MANAGEMENT, LLC PLAINTIFFS, v. THE BANK OF NEW YORK MELLON, ETC. def, THE BANK OF NEW YORK MELLON, ETC. Nominal def — PREFERRED TERM SECURITIES XX, LTD., Plaintiff-Intervenor-res, v. THE BANK OF NEW YORK MELLON, ETC. def-ap — Emmet, Marvin & Martin, LLP, New York (Paul T. Weinstein of counsel), for The Bank of New York Mellon, ap — Willkie Farr & Gallagher LLP, New York (Kelly M. Hnatt of counsel), for Bimini Capital Management, Inc., ap — Quinn Emanuel Urquhart & Sullivan, LLP, New York (Jonathan E. Pickhardt of counsel), for res — Order, Supreme Court, New York County (O. Peter Sherwood, J.), entered on or about August 24, 2012, which granted Preferred Term Securities XX, Ltd.’s motion to intervene as a party plaintiff, unanimously affirmed, with costs.

Preferred Term Securities XX, Ltd. (PreTSL XX) issues collateralized debt obligations. It sold notes to investors and used the proceeds to purchase various securities (the Collateral Securities), cash flows from which are distributed to the investors (the noteholders). PreTSL XX is governed by an Indenture among itself, as issuer, Preferred Term Securities XX, Inc., as co-issuer, and defendant Bank of New York Mellon (BNYM), as trustee. Because it is structured as a static investment vehicle, that is, the pool of assets it holds was intended to stay constant, Collateral Securities can only be sold or otherwise removed from the PreTSL XX Trust Estate in limited circumstances prescribed by the Indenture.

HILDENE CAPITAL MANAGEMENT, LLC PLAINTIFFS, v. THE BANK OF NEW YORK MELLON, ETC. def, THE BANK OF NEW YORK MELLON, ETC. Nominal def

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