Opinion
Case No. 09-17787 (DWK)
07-16-2012
In re: TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al., Debtors.
WHITEFORD TAYLOR PRESTON LLP John F. Carlton (Bar No. 06591) Todd M. Brooks (Bar No. 28515) Seven Saint Paul Street Baltimore, Maryland 21202-1636 Douglas K. Mayer, Esquire David C. Bryan, Esquire A.J. Martinez, Esquire WACHTELL, LIPTON, ROSEN & KATZ Counsel for Credit Suisse Securities (USA) LLC, Collateral Agent SHAPIRO SHER GUINOT & SANDLER Joel I. Sher (Bar No. 00719) Richard M. Goldberg (Bar No. 07994) Daniel J. Zeller (Bar No. 28107) Counsel to Joel I. Sher, Chapter 11 Trustee
SO ORDERED
_________________
U. S. BANKRUPTCY JUDGE
Chapter 11
(Jointly Administered)
STIPULATION AND CONSENT ORDER RESETTING DEADLINE FOR THE FILING OF
OBJECTIONS TO CHAPTER 11 TRUSTEE'S MOTION PURSUANT TO SECTION 506(c)
WHEREAS, on May 9, 2012, the Court held a status conference (the "Status Conference") in Credit Suisse Securities (USA) LLC, as Collateral Agent v. TMST, Inc., et al., AP No. 09-00574 (DWK) (Bankr. D. Md. Aug. 28, 2009) (the "Adversary Proceeding");
WHEREAS, at the Status Conference, the parties agreed that Joel I. Sher, Chapter 11 Trustee (the "Trustee"), would file a motion pursuant to section 506(c) of 11 U.S.C. §§ 101 et seq. (the "Bankruptcy Code") for any costs and expenses that the Trustee seeks to recover against property determined in the Adversary Proceeding to be the collateral of Credit Suisse Securities (USA) LLC, Credit Suisse International, UBS AG (as successor to UBS Securities, LLC), Citigroup Global Markets, Ltd., JPMorgan Chase Funding Inc. (as successor to Bear Stearns Investment Products Inc.), Royal Bank of Scotland plc, RBS Securities Inc. (f/k/a Greenwich Capital Markets, Inc.), and Greenwich Capital Derivatives (collectively, the "Counterparties");
WHEREAS, Credit Suisse Securities (USA) LLC initiated and prosecuted the Adversary Proceeding as Collateral Agent on behalf of the Counterparties (the "Collateral Agent");
WHEREAS, on May 21, 2012, the Court entered an Order Setting Deadline for the Trustee to File 506(c) Motion (the "Preliminary Scheduling Order"), [No. 09-17787, D.I. 1578], providing "that if the Trustee files such a motion under Section 506(c), and there is any objection or response thereto, then the opposing parties shall consult and file such report as would be appropriate if the contested matter were an adversary proceeding and therefore Federal Rule [] 26(f) will apply to this matter. Such report shall include a proposed schedule";
WHEREAS, on May 31, 2012, the Trustee filed the Chapter 11 Trustee's Motion Pursuant to Section 506(c) (the "Motion"), [No. 09-17787, D.I. 1583];
WHEREAS, on June 13, 2012, the Court entered a Stipulation and Consent Order Setting Deadline for the Filing of Objections to Chapter 11 Trustee's Motion Pursuant to Section 506(c) (the "Stipulation"), [No. 09-17787, D.I. 1596], providing that "the deadline for the Collateral Agent and the Counterparties to file objections to the Motion shall be July 2, 2012";
WHEREAS, on June 29, 2012, the Court entered a Stipulation and Consent Order Resetting Deadline for the Filing of Objections to Chapter 11 Trustee's Motion Pursuant to Section 506(c) (the "Stipulation"), [No. 09-17787, D.I. 1610], providing that "the deadline for the Collateral Agent and the Counterparties to file objections to the Motion shall be July 16, 2012";
WHEREAS, the parties to the Adversary Proceeding, as well as the Counterparties, have reached an agreement of the terms of a settlement of all litigation pending in the Adversary Proceeding, and are in the process of finalizing the documentation therefor;
WHEREAS, pursuant to the settlement agreement, the parties have agreed that the Collateral Agent and the Counterparties will have 60 days from the deadline implemented by this stipulation and Consent Order to file one or more objections to the Motion (during which time the parties will seek to resolve some or all of the claims raised in the Motion); and
WHEREAS the parties have agreed to an extension of the deadline for filing objections to the Motion, with all parties reserving all rights, including (but not limited to) any argument as to the standing of any party to file an objection to the Motion;
IT IS HEREBY STIPULATED, AGREED AND ORDERED that
(1) the deadline for the Collateral Agent and the Counterparties to file objections to the Motion shall be July 30, 2012; and
(2) in accordance with the Preliminary Scheduling Order, if any objection(s) to the Motion is/are filed, the Trustee and any objector(s) will consult and file a report in accordance with Rule 26(f) of the Federal Rules of Civil Procedure, including a proposed schedule.
WHITEFORD TAYLOR PRESTON LLP
_________________
John F. Carlton (Bar No. 06591)
Todd M. Brooks (Bar No. 28515)
Seven Saint Paul Street
Baltimore, Maryland 21202-1636
- and
Douglas K. Mayer, Esquire
David C. Bryan, Esquire
A.J. Martinez, Esquire
WACHTELL, LIPTON, ROSEN & KATZ
Counsel for Credit Suisse Securities (USA)
LLC, Collateral Agent
SHAPIRO SHER GUINOT & SANDLER
_________________
Joel I. Sher (Bar No. 00719)
Richard M. Goldberg (Bar No. 07994)
Daniel J. Zeller (Bar No. 28107)
Counsel to Joel I. Sher, Chapter 11 Trustee