Highland Capital Management, L.P., a alternative investment management firm, provided the following comment on a recently filed complaint by UBS AG and UBS Securities, LLC in the Supreme Court of the State of New York, New York County against Highland Capital Management, L.P. (“Highland Capital”) and its two funds, Highland CDO Opportunity Master Fund, L.P. and Highland Special Opportunities Holding Company:
Highland Capital Management believes the UBS suit against it is completely without merit. Highland Capital does not believe that UBS has any recourse to Highland Capital for any decrease in the value of the referenced portfolio. In fact, among other things, the relevant agreement states that “The Servicer [Highland Capital] will not be liable to UBS . . . for any decrease in the value of the Collateral Portfolio . .”
Highland Capital will vigorously defend its position and its interests against these assertions. The firm is committed to protecting its brand and reputation from further allegations and is evaluating the best course of action.
L.D.