00:04
the most recent case that we
00:06
found and we actually had used back
00:09
during the economic downturn in 2008 9
00:13
and 10
00:14
was a case called hoosier energy which
00:16
came out of the federal district court
00:19
uh in indiana and it involved
00:22
a case where it’s it’s a hyper technical
00:27
financial transaction involving
00:31
credit swaps but essentially john
00:34
hancock life
00:35
sought to default hoosier energy
00:39
on financial obligations as a result of
00:42
a decrease in their credit rating
00:45
hoosier energy went into the court
00:47
and they they filed a bunch of different
00:50
claims but one of the claims
00:51
was based upon the economic downturn
00:55
of 2008 and 9 that
00:59
hancock life should be enjoying
01:02
from defaulting them based on a lower
01:04
credit rating
01:06
due to temporary commercial
01:08
impracticability
01:09
so their their assertion was essentially
01:12
that
01:13
the economic downturn was a completely
01:15
unforeseen event
01:16
that nobody was able to forecast and
01:19
for this period of temporary commercial
01:22
impracticability their obligation to
01:24
have this elevated credit
01:26
rating should be suspended until such
01:28
time
01:29
as the economic downturn was over and
01:32
for a reasonable period thereafter
01:35
and the court in that case actually
01:38
agreed and applied the equitable
01:41
affirmative defense of temporary
01:44
commercial impracticability
01:46
to hoosier energy’s obligations to
01:48
perform
01:49
under this financial contract