Opinion
No. MDL-1446, Civil Action No. H-01-3624 and Consolidated Cases., H-01-3645.
March 29, 2005
David H. Braff, Michael T. Tomaino, Jr., Jeffrey T. Scott, Steven J. Purcell, SULLIVAN CROMWELL LLP, New York, NY.
Barry Abrams, ABRAMS SCOTT BICKLEY, LLP, Houston, TX, Attorneys for Defendants Barclays PLC, Barclays Bank PLC and Barclays Capital Inc.
Richard Warren Mithoff, Janie L. Jordan, MITHOFF JACKS, L.L.P., Houston, TX, OF COUNSEL: Bruce D. Angiolillo, Thomas C. Rice, Davild J. Woll, Jonathan K. Youngwood, SIMPSON THACHER BARTLETT LLP, New York, NY, Charles A. Gall, James W. Bowen, JENKINS GILCHRIST, A Professional Corporation, Dallas, TX, Attorneys for JPMorgan Chase Co., JPMorgan Chase Bank, N.A., JPMorgan Securities, Inc.
Jacalyn D. Scott, WILSHIRE SCOTT DYER P.C., Houston, TX, OF COUNSEL: Brad S. Karp, Mark F. Pomerantz, Richard A. Rosen, Michael E. Gertzman, Claudia L. Hammerman, Jonathan H. Hurwitz, PAUL, WEISS, RIFKIND, WHARTON GARRISON LLP, New York, NY, Attorneys for Defendants Citigroup Inc., Citibank Inc., Citibank N.A., Citigroup Global Markets Inc. (F/K/A Salomon Smith Barney Inc.), Citigroup Global Markets Ltd. (F/K/A Salomon Brothers International Limited).
Mark D. Manela, MAYER, BROWN ROWE MAW LLP, Houston, TX, OF COUNSEL: Alan N. Salpeter, Michele Odorizzi, T. Mark McLaughlin, MAYER, BROWN ROWE MAW LLP, Chicago, IL, Drew Neville, Jr., B.J. Rothbaum, Charles E. Geister III, HARTZOG CONGER CASON NEVILLE, Oklahoma City, OK, Attorneys for Canadian Imperial Bank of Commerce, CIBC World Markets Plc, CIBC World Markets Corp.
Lawrence D. Finder, Odean L. Volker, HAYNES AND BOONE, LLP, Houston, TX, OF COUNSEL: Richard W. Clary, Julie A. North, Darin P. McAtee, CRAVATH, SWAINE MOORE LLP, New York, NY, George W. Bramblett, Jr., Noel M.B. Hensley, HAYNES AND BOONE, LLP, Dallas, TX, Attorney for Credit Suisse First Boston (USA), Inc., Credit Suisse First Boston LLC (F/K/A Credit Suisse First Boston Corp.), Pershing LLC (F/K/A Donaldson, Lufkin Jenrette Securities Corporation).
Joel M. Androphy, Thomas C. Graham, BERG ANDROPHY, Houston, TX, OF COUNSEL: Lawrence Byrne, Owen C. Pell, Lance Croffoot-Suede, Joseph B. Schmitt, WHITE CASE LLP, New York, NY, Attorneys for Defendant Deutsche Bank AG, Deutsche Bank Securities Inc., Deutsche Bank Trust Company Americas.
Claude L. Stuart, II, PHELPS DUNBAR, LLP, Houston, TX, OF COUNSEL: Michael J. McNamara, Mark D. Kotwick, SEWARD KISSEL LLP, New York, NY, Attorneys for Defendants Royal Bank Of Canada, RBC, Dominion Securities Inc., RBC, Dominion Securities Ltd., RBC Holdings (USA) Inc., RBC Dominion Securities Corp., Royal Bank Holding Inc., Royal Bank DS Holding Inc., Royal Bank of Canada Europe Ltd.
Robert J. Sussman, HINTON, SUSSMAN, BAILEY DAVIDSON, LLP, Houston, TX, OF COUNSEL: Robert Plotkin, McGUIRE WOODS LLP, Washington, D.C., Attorneys for Defendants The Toronto-Dominion Bank, Toronto-Dominion Holdings (U.S.A.), Td Securities, Inc., Td Securities (USA) Inc., Toronto Dominion (Texas), Inc.
Taylor M. Hicks, Stephen M. Loftin, HICKS THOMAS LILIENSTERN, LLP, Houston, TX, OF COUNSEL: Herbert S. Washer, James D. Miller, Ignatius A. Grande, CLIFFORD CHANCE US LLP, New York, NY, Robert F. Serio, Marshall R. King, James L. Hallowell, GIBSON, DUNN CRUTCHER LLP, New York, NY, Counsel for Defendants Merrill Lynch Co., Inc., Merrill Lynch, Pierce, Fenner Smith Incorporated.
David E. Miller, Laurie DeBrie Thanheiser, JONES DAY, Houston, TX, OF COUNSEL: John M. Newman, Jr., JONES DAY, Cleveland, OH, Attorneys for The Royal Bank of Scotland Group Plc, The Royal Bank of Scotland Plc, National Westminster Bank Plc, Greenwich Natwest Structured Finance, Inc., Greenwich Natwest Ltd., Campsie Ltd.
Lewis T. LeClair, McKOOL SMITH PC, Dallas, TX, Counsel for Official Committee of Unsecured Creditors.
Kathy D. Patrick, GIBBS AND BRUNS, Houston, TX, Counsel for Robert A. Belfer, Norman P. Blake, Jr., Ronnie C. Chan, John H. Duncan, Paulo Ferraz Pereira, Joe H. Foy, Wendy L. Gramm, Robert K. Jaedicke, Charles A. LeMaistre, John Mendelsohn, Jerome J. Meyer, Frank Savage, John Wakeham, Charles E. Walker, Bruce G. Willison, Herbert S. Winokur, Jr., John A. Urquhart, Rebecca P. Mark/Jusbasche.
J. Clifford Gunter, BRACEWELL PATTERSON, Houston, TX, Counsel for James Derrick.
William F. Martson, Jr., TONKON TORP LLP, Portland Oregon, Counsel for Ken Harrison.
AGREED ORDER EXTENDING TIME FOR CERTAIN DEFENDANTS' OBJECTIONS TO SETTLEMENT
WHEREAS, on February 4, 2005, the Court entered the Order Preliminarily Approving Settlement, which concerns a proposed settlement of three cases involving certain directors and officers of Enron, including the Derivative Action;
WHEREAS, the Order Preliminarily Approving Settlement provides, inter alia, that a settlement hearing will be held on April 11, 2005 and that any person wishing to be heard at the hearing must serve notice of intention, setting forth briefly each objection and grounds therefor, on or before March 28, 2005;
WHEREAS, the parties in the Derivative Action and the undersigned Defendants are negotiating a resolution to objections to the proposed settlement that the undersigned Defendants would otherwise raise, and the parties believe that with further time to complete these discussions, there would be no necessity for any objections from the undersigned Defendants;
WHEREAS, the objections currently being discussed by the parties in the Derivative Action and the undersigned Defendants relate to the possible impact of the Derivative Action Judgment on an adversary proceeding in the Bankruptcy Court of the Southern District of New York captioned Enron Corp., et al. v. Citigroup Inc., et. al. Adv. Pro. 03-09266 (AJG);
WHEREAS, the objections currently being discussed by the parties in the Derivative Action and the undersigned Defendants would not affect any Members of the Settlement Class;
WHEREAS, the Court has coordinated the settlement hearing with a hearing in the United States Bankruptcy Court for the Southern District of New York concerning approval of the same settlement, which will also be held on April 11, 2005; and
WHEREAS, objections to the proposed settlement must be filed with the Bankruptcy Court for the Southern District of New York by 5:00 p.m. (Eastern Time) on April 6, 2005;
NOW, therefore, the undersigned Parties stipulate and agree as follows:
1. The time for the undersigned Defendants to serve notice of their intention to appear at the settlement hearing on April 11, 2005, setting out briefly each objection and the basis therefor, is extended to 5:00 p.m. (Eastern Time), on April 6, 2005.