The Trust Indenture Act is a depression era law aimed at protecting the owners of debt of corporations. Just how much protection was the subject of recent decisions in New York federal courts, MeehanCombs Global Credit Opportunities Fund, LP v. Caesars Entertainment Corp.1 and Marblegate Asset Management v. Education Management Corp.2 Caesars Entertainment Corp. owns and operates casinos throughout the United States. The plaintiffs in the case against Caesars, mainly private funds, were holders of Notes issued by Caesars Entertaining Operating Company, the Caesars subsidiary which operated the casinos. These Noteholders owned a relatively small amount of the $1.5 billion of the Notes issued
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