The article examines recent Serta Simmons and Del Monte Foods decisions through a practical lens: despite the complexity and increasing creativity of liability management transactions, the disputes they generate still tend to turn on basic principles of contract interpretation and, ultimately, the particular words on the page. Rather than treating “LME” as a single legal category. The author evaluates how the courts approached the specific contractual language and transaction mechanics in each case and examines what the differing results mean for lenders, borrowers, and practitioners drafting, structuring, or litigating future transactions.Read More
LME Litigation and the Skin of a Living Thought: Serta, Del Monte, and the Erosion of Common Usage
