In Re Bankatlantic Bancorp, Inc. Litigation

Summary

The court held that Bancorp's proposed sale of BankAtlantic would transfer substantially all of Bancorp's assets and fundamentally change its business, thereby violating the successor-obligor provisions in the debt indentures because the buyer would not assume the debt. The court treated the retained assets as the consideration for the sale and issued a permanent injunction because the resulting default, acceleration, and altered credit risk would cause irreparable harm, and the balance of hardships favored enforcement. No separate opinions were provided.