Opinion
Case No. 01-16034 (AJG), Jointly Administered.
July 25, 2003.
Russell L. Munsch, Kevin M. Lippman, Munsch Hardt Kopf Harr, P.C., Dallas, Texas Attorneys for BNP Paribas.
Janice B. Grubin, Golenbock, Eiseman, Assor, Bell Peskoe, New York, New York, Attorneys for BNP Paribas.
Martin J. Bienenstock, Brian S. Rosen, Melanie Gray, Weil Gotshal Manges LLP, New York, New York, Attorneys for Debtors and Debtors In Possession.
STIPULATION AND ORDER REGARDING DEBTORS' FIRST OMNIBUS OBJECTION TO PROOFS OF CLAIM (WITH RESPECT TO BNP PARIBAS PROOF OF CLAIM NO. 1385100)
Enron Corp. ("Enron") and BNP Paribas ("BNPP"), by and through their respective undersigned counsel, hereby stipulate and agree as follows:
RECITALS:
A. On December 2, 2001 and on certain dates thereafter, Enron and certain of its affiliates (collectively, the "Debtors") each filed a voluntary petition for relief under chapter 11 of title 11, United States Code (the "Bankruptcy Code"), in the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court").
B. On October 15, 2002, BNPP and certain of its affiliates filed proofs of claim in the Debtors' bankruptcy cases. One of the proofs of claim filed by BNPP was against Enron and represented bonds issued by Enron under certain Indentures and purchased by BNPP (the "BNPP Bond Claim"). Pursuant to the BNPP Bond Claim, which was assigned proof of claim number 1385100, BNPP asserts a claim against Enron in the amount of at least $18,251,606. The following bonds acquired by BNPP are represented by the BNPP Bond Claim: Issuer Trustee Bond Type Cusip (Sbond) or Isin (Euro) Maturity Coupon Total Issue Size BNPP Nominal Holding Non paid accured interest as of 2 Dec 01
Enron Corp. Enron Corp. Enron Corp. Enron Corp. Enron Corp. Wells Fargo Bank of N.Y. Harris Trust Harris Trust Harris Trust Unsecured Notes Unsecured Notes Unsecured Notes Unsecured Notes Unsecured Notes XS0096366686 29357WAA5 293561BPO 293561BA3 293561BU9 08/04/2005 05/23/2005 11/17/2008 01/08/2009 07/15/2028 4.375% 8.375% 6.725% 6.750% 6.950% Euro 400,000,000 USD 175,000,000 USD 200,000,000 USD 200,000,000 USD 250,000,000 Euro 181,000 USD 2,000,000 USD 1,209,000 USD 257,000 USD 14,210,000 5163 4188 3839 5581 375,835 C. Additionally, BNPP asserted in the BNPP Bond Claim various rights, claims and theories of recovery against Enron, including rights of setoff, recoupment and netting.D. On March 7, 2003, the Debtors' First Omnibus Objection to Proofs of Claim (Claims Based on Duplicative Claims and Amended or Superseded Claims) (the "Objection") was filed.
E. In Exhibit C of the Objection, the Debtors objected to the BNPP Bond Claim as being duplicative of Bank of New York, Indenture Trustee ("BONY") proof of claim number 1080500 (the "BONY Claim").
F. The BONY Claim does not include the Indenture listed in the BNPP Bond Claim in which Wells Fargo is the Indenture Trustee (Isin XS0096366686).
G. BNPP no longer owns the bonds issued under the Indentures listed in the BNPP Bond Claim in which either BONY or Harris Trust and Savings Bank is identified as the Indenture Trustee.
AGREEMENT:
NOW, THEREFORE, IT IS HEREBY AGREED BY THE PARTIES, BY AND THROUGH THEIR RESPECTIVE COUNSEL, AS FOLLOWS:
1. The BNPP Bond Claim (BNPP proof of claim number 1385100) is disallowed to the limited extent it includes Enron bonds with the following Cusip: (a) 29357WAA5; (b) 293561BPO; (c) 293561BA3; and (d) 293567BU9.
2. The objection to the BNPP Bond Claim (as modified by paragraph 1 above) is withdrawn and the BNPP Claim shall remain on the Debtor's claims registry to the extent it is for the Enron bonds purchased by BNPP (Isin XS0096366686) and in which Wells Fargo served as the Indenture Trustee. All rights to object to such claim are hereby preserved.
3. Until further order of the Court, the various rights, claims and theories of recovery against Enron (including rights of setoff, recoupment and/or netting) asserted by BNPP in the BNPP Bond Claim are hereby preserved.
4. Nothing in this Stipulation shall prejudice Enron's defenses to BNPP's rights, claims and theories of recovery against Enron, which are asserted in the BNPP Bond Claim, and Enron reserves its rights to contest any of the theories of recovery set forth in the BNPP Bond Claim.
SO ORDERED.