Madsen Law P.C. won a commercial litigation in New York federal court, in which we represented an investment firm in a dispute with a publicly-traded company. The case stemmed from a breach of a convertible promissory note issued in favor of our client. The note was “convertible” because it allowed our client to convert, at a discount, any portion of the money owed on the note to shares of the issuer’s common stock. When our client exercised the right of conversion, the issuer failed to deliver its stock. The case raised complex issues under New York law. The issuer maintained that the note was void ab initio because specific features of the note allegedly caused its effective annual interest rate to exceed 25%, in violation of New York’s criminal usury laws. Madsen Law P.C. successfully defeated the issuer’s motion to dismiss, conducted targeted discovery, and swiftly moved for summary judgment. On August 23, 2019, Colleen McMahon, Chief Judge of the United States District Court for the Southern District of New York, ruled in our client’s favor and awarded it full damages, including fees and costs of litigation.