OCM Principal Opportunities Fund, L.P. v. CIBC World Markets Corp.

Good Law

157 Cal. App. 4th 835·68 Cal. Rptr. 3d 828

Court of Appeal of CaliforniaDecember 5, 2007B172588California19,269 words

Opinion

Maneela, J.

Several investment funds initiated actions against CIBC World Markets Corp. (CIBC), alleging misrepresentation and fraud in connection with the issuance and sale of promissory notes. After a jury returned a verdict in favor of the investment fimds, the trial court denied prejudgment interest to three of the funds, namely, OCM Principal Opportunities Fund, L.P. (OCM), together with Pacholder Value Opportunity Fund, L.P., and Pacholder Heron, L.P. (collectively, Pacholder). CIBC appeals from the judgment in favor of the investment funds, and OCM and Pacholder cross-appeal from the denial of prejudgment interest. We reverse the denial of prejudgment interest, and otherwise affirm the judgment in favor of the investment funds.

FACTUAL AND PROCEDURAL BACKGROUND

Renaissance Cosmetics, Inc. (RCI), manufactured and marketed perfumes, colognes, makeup, and related products. In early 1997, CIBC assisted RCI in raising approximately $200 million through a sale of high-yield promissory notes with a maturity date of February 15, 2004. The sale was conducted under Securities and Exchange Commission (SEC) rule 144A ( 17 C.F.R. § 230 .144A (1997)) (Rule 144A), which permits an entity…

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Parties

OCM PRINCIPAL OPPORTUNITIES FUND, L.P.
Plaintiff
CIBC WORLD MARKETS CORP.
Defendant

Judges

Manella

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