The trusty attorneys for Aventis Inc. & Subsidiaries, Docket No. 11832-20, filed 7/5/24, are fellow fans of summary J. Although their case that the convoluted shellgame their clients concocted qualified per Section 860L, hence is a Financial Asset Securitization Investment Trust (FASIT), they’re trying to get Judge David Gustafson to agree that what’s under the shell is in fact debt, not equity, irrespective of whether Section 860L saves the game.

It takes three (count ’em, three) pages for Judge Gustafson to describe the machinations, which the Aventis crew claim will let the treat dividends as interest for US tax, and the same as dividends for French tax. Subsidiaries, siblings, and Chase bank shuttle in and out like line changes in a hockey game.

But Aventis is homeported in DE, thus 3 Cir learning, with its sixteen (count ’em, sixteen) factors for distinguishing debt from equity, bars any chance at summary J.

Too many facts.

Of course, this is an alternative argument, and as hereinabove set forth, whether or not the deal qualified per Section 860L is for another day.