In Morgan Stanley Altabridge Ltd. v. ESE Funding SPC Ltd. , Morgan Stanley sued Dynamic Credit Partners, LLC, and its affiliate -- ESE Funding SPC Ltd. -- for breach of contract.
When Dynamic sought to have Morgan Stanley's complaint dismissed, the New York County Supreme Court denied that request and an appeal to the Appellate Division, First Department, followed.
According to the AD1, Morgan Stanley's pleadings stated a valid cause of action -- namely, Dynamic breached a participation agreement which caused $3.2 million in damages when the latter failed to fund a portfolio so that ESE could meet its monetary obligations.
Will this have dynamic consequences?
To download a copy of the Appellate Division's decision, please use this link: Morgan Stanley Altabridge Ltd. v. ESE Funding SPC Ltd.