Caspian Alpha Long Credit Fund, L.p., Caspian Select Credit Master Fund, Ltd., Caspian Capital Partners, L.p., And…

Summary

The Supreme Court of Delaware affirmed dismissal of Caspian’s contract claims against GS Mezzanine. It held that the final sentence of Section 6.06, read in the context of the entire indenture and its standard no-action-clause language, did not create liability for noteholders who voted to approve amendments authorized by the indenture. The court also relied on the indenture’s majority-vote provision and the absence of fiduciary authority in an ordinary noteholder vote.