Opinion
No. 05 Civ. 6268 (RPP).
January 9, 2006
Counsel for the Plaintiffs Special Litigation Counsel to the Official Committee of Unsecured Creditors of Verestar, Inc., et. al. Cindy Kelly Kasowitz, Benson, Torres Friedman LLP New York, NY.
Counsel for the Defendants American Tower Corporation and individual defendants Scott E. Eckas King Spalding, LLP(NYC) New York, NY.
Bear Stearns Co. Inc. and individual defendants Barry H. Berke Kramer Levin Naftalis Frankel, LLP New York, NY.
OPINION AND ORDER
On December 27, 2005, Kasowitz, Benson, Torres Friedman LLP, on behalf of itself and on behalf of its client, the Official Committee of Unsecured Creditors of Verestar, Inc., and Verestar International, Inc., moved this Court for reconsideration of its December 15, 2005 Opinion and Order, which authorized the Bankruptcy Court to impose sanctions on Plaintiffs and their counsel for violating Rule 11 of the Federal Rules of Civil Procedure.
With respect to the finding of a violation of Rule 11, the Court will withdraw that finding in view of the Second Circuit's decision in Baffa v. Donaldson, 222 F.3d 52 (2d Cir. 2000). The plaintiffs may file any further papers they wish by January 16, 2006, to explicate why Rule 11 was not violated in this case, or may rest on the papers submitted on December 27, 2005.
IT IS SO ORDERED.