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Anti-Suit Injunctions
In a case of significance to the secondary loan and distressed claim market, a North Carolina state court has entered an 'anti-suit injunction' barring a group of secondary, secured debt holders (the 'Fund Defendants'), from commencing any actions against Wachovia Bank. The case, Wachovia Bank, NA and Wachovia Capital Partners, LLC v. Harbinger Capital Partners, et al, Civ. Action No. 07-CVS-5097, is pending in the General Court of Justice, Superior Court Division (Mecklenburg, NC) (the 'State Court Anti-Suit Action'), but its parties and the underlying facts arise from the Chapter 11 case of In re Le-Nature, Inc., pending in United States Bankruptcy Court, Western District of Pennsylvania (the 'Bankruptcy Case').
The allegations in the Bankruptcy Case are lurid and filled with tales of fraudulent actions. Certain facts are clear. Shortly after Le-Nature and the Lender entered into the senior credit facility, fraud was discovered by court-appointed crisis managers and the bankruptcy followed soon thereafter.
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