Legality of the Leveraged Lending Guidance is Questioned
Limits on Creditors’ Remedies Against Solvent Debtors Echoed in the Quadrant Litigation
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Articles appearing on Law360 and The Am Law Litigation Daily on April 17, 2012 reported on Kramer Levin’s win for client Sirius XM in the “Howard Stern” lawsuit. On April 16, 2012, the Commercial Division of N.Y. Supreme Court, N.Y. County, granted the summary judgment motion of Sirius XM Radio Inc. and dismissed with prejudice the breach of contract action brought against Sirius XM by One Twelve, Inc. (the production company of world-renowned radio and entertainment personality Howard Stern) and Don Buchwald (Stern's manager). Justice Barbara R. Kapnick ruled that the “clear, unambiguous language” of the parties’ agreement defeated the plaintiffs’ claim that they were entitled to an additional $330 million in stock awards under that agreement. Sirius XM was represented by Litigation partners Gary P. Naftalis and Michael S. Oberman, Intellectual Property partner Peter A. Abruzzese and Litigation associate Jared I. Heller.