GAP Managing Partner Roseanne Harford spoke with Fundfire’s Tom Stabile about the Second Circuit appeal of Kirschner v. JP Morgan Chase Bank, in which a federal bankruptcy trustee is arguing that some syndicated term loans should be treated as securities. Roseanne highlighted the unique posture of the case, in which CLO lenders and borrowers have banded together to argue against the trustee’s position and the serious implications for the CLO market should the Second Circuit rule in the trustee’s favor. Link for subscribers.