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This month we discuss another opinion by the Court of Appeals in the dispute between Bluebird Partners LP, purchaser of bonds issued by Continental Airlines prior to its bankruptcy, and the bond trustees. The opinion resolved one issue relating to the financially significant question of whether causes of action arising out of bonds are transferred with the bonds when they are sold or remain with transferor, finding that the causes of action may be asserted by the transferee pursuant to the General Obligations Law (GOL). The Court remanded to case to the Appellate Division to resolve another issue, however, whether a federal statute pre-empts that provision of the GOL and mandates that the claims remain with the bond transferor.

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