Not a Lexis Advance subscriber? Try it out for free.

Niese v. Large Private Ben. Owners (In re Tribune Co. Fraudulent Conveyance Litig.)

United States Court of Appeals for the Second Circuit

December 19, 2019, Decided

Docket Nos. 13-3992(L), 13-3875(XAP), 13-4178(XAP), 13-4196(XAP)

Opinion

AMENDED JUDGMENT

The appeal and cross-appeals in the above captioned case from a judgment of the United States District Court for the Southern District of New York were argued on the district court's record and the parties' briefs. Upon consideration thereof,

IT IS HEREBY ORDERED, ADJUDGED and DECREED that the district court's judgment is AFFIRMED.

Read The Full CaseNot a Lexis Advance subscriber? Try it out for free.

Full case includes Shepard's, Headnotes, Legal Analytics from Lex Machina, and more.

2019 U.S. App. LEXIS 38855 *; __ F.3d __; 2019 WL 6971499

IN RE: TRIBUNE COMPANY FRAUDULENT CONVEYANCE LITIGATION;NOTE HOLDERS, Deutsche Bank Trust Company Americas, Law Debenture Trust Company of New York, Wilmington Trust Company, INDIVIDUAL RETIREES, William A. Niese, on behalf of a putative class of Tribune Company retirees, Plaintiffs - Appellants-Cross-Appellees, Mark S. Kirschner, as Litigation Trustee for the Tribune Litigation Trust, Plaintiff, TENDERING PHONE HOLDERS, Citadel Equity Fund Ltd., Camden Asset Management LLP and certain of their affiliates, Plaintiffs-Intervenors, v. LARGE PRIVATE BENEFICIAL OWNERS, FINANCIAL INSTITUTION HOLDERS, FINANCIAL INSTITUTION CONDUITS, Merrill Lynch, Pierce, Fenner & Smith, Inc., on behalf of a putative class of former Tribune Company shareholders, Pension Funds, including public, private, and Taft Hartley Funds, INDIVIDUAL BENEFICIAL OWNERS, Mario J. Gabelli, on behalf of a putative class of former Tribune Company shareholders, MUTUAL FUNDS, AT-LARGE, ESTATE OF KAREN BABCOCK, PHILLIP S. BABCOCK, DOUGLAS BABCOCK, DEFENDANTS LISTED ON EXHIBIT B, Defendants - Appellees-Cross-Appellants, CURRENT AND FORMER DIRECTORS AND OFFICERS, Betsy D. Holden, Christopher Reyes, Dudley S. Taft, Enrique Hernandez, Jr., Miles D. White, Robert S. Morrison, William A. Osborn, Harry Amsden, Stephen D. Carver, Dennis J. FitzSimons, Robert Gremillion, Donald C. Grenesko, David Dean Hiller, Timothy J. Landon, Thomas D. Leach, Luis E. Le, Mark Hianik, Irving Quimby, Crane Kenney, Chandler Bigelow, Daniel Kazan, Timothy Knight, Thomas Finke, SAM ZELL AND AFFILIATED ENTITIES, EGI-TRB, LLC, Equity Group Investments, LLC, Sam Investment Trust, Samuel Zell, Tower CH, LLC, Tower DC, LLC, Tower Dl, LLC, Tower EH, LLC, Tower Gr, LARGE SHAREHOLERS, Chandler Trusts and their representatives, FINANCIAL ADVISORS, Valuation Research Corporation, Duff & Phelps, LLC, Morgan Stanley & Co. Inc. and Morgan Stanley Capital Services, Inc., GreatBanc Trust Company, Citigroup Global Markets, Inc., CA PUBLIC EMPLOYEE RETIREMENT SYSTEM, CALPERS, UNIVERSITY OF CA REGENTS, T. ROWE PRICE ASSOCIATES, INC. MORGAN KEEGAN & COMPANY, INC., NTCA, DIOCESE OF TRENTON-PENSION FUND, FIRST ENERGY SERVICE COMPANY, MARYLAND STATE RETIREMENT AND PENSION SYSTEM, T BANK LCV QP, T BANK-LCV-PT, JAPAN POST INSURNACE, CO., LTD., SERVANTS OF RELIEF FOR INCURABLE CANCER (AKA DOMINICAN SISTERS OF HAWTHORNE), NEW LIFE INTERNATIONAL, NEW LIFE INTERNATIONAL TRUST, SALVATION ARMY, SOUTHERN TERRITORIAL HEADQUARTERS, CITY OF PHILADELPHIA EMPLOYEES, OHIO CARPENTERS' MIDCAP (AKA OHIO CARPENTERS' PENSION FUND), TILDEN H. EDWARDS, JR., MALLOY AND EVANS, INC., BEDFORD OAK PARTNERS, LP, DUFF AND PHELPS LLC, DURHAM J. MONSMA, CERTAIN TAG-ALONG DEFENDANTS, MICHAEL S. MEADOWS, WIRTZ CORPORATION, Defendants.

Prior History: In re Tribune Co. Fraudulent Conveyance Litig., 499 B.R. 310, 2013 U.S. Dist. LEXIS 144987 (S.D.N.Y., Sept. 23, 2013)

Counsel:  [*1] For Note Holders (13-3992, 13-4178), Plaintiff - Appellant-Cross-Appellee: Lawrence Robbins, Roy T. Englert, Jr., Esq., Ariel Lavinbuk, Esq., Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, Washington, DC; Z.W. Julius Chen, Esq., Pratik A. Shah, Esq., James Edward Tysse, Esq., Akin Gump Strauss Hauer & Feld LLP, Washington, DC; Robert Joel Lack, Hal Neier, Esq., Friedman Kaplan Seiler & Adelman LLP, New York, NY.

For Individual Retirees, Plaintiff - Appellant-Cross-Appellee (13-3992): Jay Teitelbaum, Esq., Teitelbaum & Baskin LLP, White Plains, NY.

For Large Private Beneficial Owners, Defendant - Appellee-Cross-Appellant (13-3992): Oscar Garza, Esq., Bankruptcy Counsel, Gibson, Dunn & Crutcher LLP, Irvine, CA; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA.

For Financial Institution Holders, Defendant - Appellee-Cross-Appellant (13-3992): Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; Michael C. D'Agostino, Esq., Bingham McCutchen LLP, Hartford, CT; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

For Financial Institution Conduits, Defendant [*2]  - Appellee-Cross-Appellant (13-3992): Daniel L. Cantor, O'Melveny & Myers LLP, New York, NY; Gregg M. Mashberg, Esq., Partner, Stephen L. Ratner, Proskauer Rose LLP, New York, NY; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY.

For Pension Funds, including public, private and Taft Hartley Funds, Defendant - Appellee-Cross-Appellant (13-3992): Matthew L. Fornshell, Esq., Ice Miller LLP, Columbus, OH; Douglas Hallward-Driemeier, Ropes & Gray LLP, Washington, DC; Gregory L. Demers, Esq., D. Ross Martin, Esq., Ropes & Gray LLP, Boston, MA.

For Individual Beneficial Owners, Defendant - Appellee-Cross-Appellant (13-3992): Andrew J. Entwistle, Esq., Entwistle & Cappucci, LLP, New York, NY; David N. Dunn, Esq., Potter Stewart, Jr. Law Offices, Brattleboro, VT; Mark Alan Neubauer, Esq., Carlton Fields Jorden Burt, LLP, Los Angeles, CA.

ForMutual Funds, Defendant - Appellee-Cross-Appellant (13-3992): Michael S. Doluisio, Esq., Dechert LLP, Philadelphia, PA; Steven R. Schoenfeld, Esq., DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, White Plains, NY.

For At-Large (13-3992, 13-3875), Defendant - Appellee-Cross-Appellant: Alan Joseph Stone, Esq., Milbank, Tweed, Hadley & McCloy [*3]  LLP, New York, NY.

For Estate of Karen Babcock, Phillip S. Babcock, Douglas Babcock, Defendants - Appellees-Cross-Appellants (13-3992): Andrea H. McNeely, Esq., Gordon Thomas Honeywell LLP, Tacoma, WA; Eric Lee Christensen, Esq., Cairncross & Hempelmann, P.S., Seattle, WA.

For Defendants listed on Exhibit B, Defendant - Appellee-Cross-Appellant (13-3992, 13-4178): Gary Stein, Esq., Schulte Roth & Zabel LLP, New York, NY.

For Securities Industry and Financial Markets Association, International Swaps and Derivatives Association, Amicus Curiaes (13-3992): Marshall Fishman, Esq., Timothy P. Harkness, Esq., David Y. Livshiz, Esq., Freshfields Bruckhaus Deringer US LLP, New York, NY.

For United States Securities and Exchange Commission, Amicus Curiae (13-3992): Benjamin M. Vetter, Esq., United States Securities and Exchange Commission, Washington, DC.

For Individual, 105, 137, 139, 140, 141, 158, 162, 180, 182, 185, 186, 187, 192, 194, 196, 197, 213, 217, 220, 221, 222, 231, 232, 27, 287, 289, 296, 297, 299, 301, 303, 306, 307, 311, 312, 315, 316, 317, 319, 325, 326, 327, 332, 334, 345, 347, 350, 365, 367, 370, 378, 379, 384, 388, 390, 391, 397, 402, 404, 407, 408, 409, 412, 419, 421, 424, 426, [*4]  428, 429, 431, 435, 439, 452, 453, 454, 455, 459, 460, 464, 469, 472, 478, 479, 485, 487, 493, 5, 501, 506, 511, 52, 536, 538, 543, 545, 55, 551, 552, 553, 554, 565, 566, 569, 57, 571, 572, 573, 574, 580, 583, 587, 593, 600, 603, 607, 609, 61, 617, 619, 621, 623, 626, 643, 649, 65, 656, 662, 668, 669, 673, 690, 694, 700, 703, 708, 710, 713, 717, 718, 720, 721, 724, 725, 726, 728, 729, 730, 735, 736, 741, 750, 754, 760, 761,763, 764, 765, 766, 769, 77, 770, 771, 80, 81, 82, 83, 88, Designated Public Shareholders Named in the Lyondell Creditors Trust Litigation, Kermit R. Meade, William J Hughes Charles Schwab & Co Inc Cust Ira Contributory, Alfred R Hofmann Charles Schwab & Co Inc. Cust Ira Contributory, James Floyd Bisset Charles Schwab and Co. Inc. Cust. IRA Contributory, Thomas Gwinford Barton Charles Schwab And Co. Inc. Cust. IRA Rollover, Michael Jarrett IRA, Dean Coughenour, Michael Jarrett, Timothy Ord and Mary B. Ord UTA Charles Schwab And Co Inc IRA Contributory Dated 10/04/91, Timothy Ord UTA Charles Schwab And Co Inc Ira Roller Dated 01/14/97, Foundation 3, Foundation 9, Non-Profit, 3, 5, 9, R Emery & D Emery TTEE Robert L & Dana M Emery Family U/A DTD 06/22/1998, Shirley [*5]  R Sabin TR UA 6/25/1981, The Robert L And Dana M Emery Family U/A DATED 6/22/1998 (Robert Emery And Dana Emery, Trustees), Trust, 113, 124, 126, 137, 140, 150, 166, 198, 4, 43, 44, 50, 60, 62, 65, 7, 71, 9, 92, 96, 97, Partnership, 10, 24, Captain Associates, Fund, 198, 269, 68, 90, Amicus Curiaes (13-3992): Sandra D. Grannum, Esq., Drinker Biddle & Reath LLP, Florham Park, NJ.

For Edward S. Weisfelner, as Trustee of the LB Creditor Trust, Movant (13-3992): Sigmund S. Wissner-Gross, Brown Rudnick LLP, New York, NY.

For Individual Retirees, Plaintiff Appellant-Cross-Appellee (13-4178): Robert Joel Lack, Friedman Kaplan Seiler & Adelman LLP, New York, NY. Jay Teitelbaum, Esq., Teitelbaum & Baskin LLP, White Plains, NY; David M. Zensky, Esq., Akin Gump Strauss Hauer & Feld LLP, New York, NY.

For Large Private Beneficial Owners, Defendant Appellee-Cross-Appellant (13-4178): David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Oscar Garza, Esq., Bankruptcy Counsel, Gibson, Dunn & Crutcher LLP, Irvine, CA.

For Financial Institution Holders, Defendant Appellee-Cross-Appellant (13-4178): Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; David C. [*6]  Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Michael C. D'Agostino, Esq., Bingham McCutchen LLP, Hartford, CT; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA' Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

For Financial Institution Conduits, Defendant Appellee-Cross-Appellant (13-4178): Stephen L. Ratner, Gregg M. Mashberg, Esq., Partner, Proskauer Rose LLP, New York, NY; Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA; Daniel L. Cantor, O'Melveny & Myers LLP, New York, NY; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY.

For Pension Funds, including public, private and Taft Hartley Funds (13-4178, 13-4196), Defendant Appellee-Cross-Appellant: Douglas Hallward-Driemeier, Ropes & Gray LLP, Washington, DC; Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Daniel L. Cantor, O'Melveny & Myers LLP, New [*7]  York, NY; Gregory L. Demers, Esq., Ropes & Gray LLP, Boston, MA; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Matthew L. Fornshell, Esq., Ice Miller LLP, Columbus, OH; Gregg M. Mashberg, Esq., Partner, Proskauer Rose LLP, New York, NY; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

For Individual Beneficial Owners, Defendant Appellee-Cross-Appellant (13-4178): Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Daniel L. Cantor, O'Melveny & Myers LLP, New York, NY; David N. Dunn, Esq., Potter Stewart, Jr. Law Offices, Brattleboro, VT; Andrew J. Entwistle, Esq., Entwistle & Cappucci, LLP, New York, NY; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Matthew L. Fornshell, Esq., Ice Miller LLP, Columbus, OH; Douglas Hallward-Driemeier, Ropes & Gray LLP, Washington, DC; Gregg M. Mashberg, Esq., Partner, Proskauer Rose LLP, New York, NY; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY; Mark Alan Neubauer, Esq., Carlton Fields Jorden Burt, LLP, Los Angeles, [*8]  CA; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

For Mutual Funds, Defendant Appellee-Cross-Appellant (13-4178): Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; Alexander Bilus, Esq., Dechert LLP, Philadelphia, PA; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Daniel L. Cantor, O'Melveny & Myers LLP, New York, NY; Michael S. Doluisio, Esq., Dechert LLP, Philadelphia, PA; David N. Dunn, Esq., Potter Stewart, Jr. Law Offices, Brattleboro, VT; Andrew J. Entwistle, Esq., Entwistle & Cappucci, LLP, New York, NY; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Matthew L. Fornshell, Esq., Ice Miller LLP, Columbus, OH; D. Ross Martin, Esq., Ropes & Gray LLP, Boston, MA; Gregg M. Mashberg, Esq., Partner, Proskauer Rose LLP, New York, NY; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY; Mark Alan Neubauer, Esq., Carlton Fields Jorden Burt, LLP, Los Angeles, CA; Steven R. Schoenfeld, Esq., DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, White Plains, NY; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

For At-Large, Defendant Appellee-Cross-Appellant (13-4178): [*9]  Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Daniel L. Cantor, O'Melveny & Myers LLP, New York, NY; Michael S. Doluisio, Esq., Dechert LLP, Philadelphia, PA; David N. Dunn, Esq., Potter Stewart, Jr. Law Offices, Brattleboro, VT; Andrew J. Entwistle, Esq., Entwistle & Cappucci, LLP, New York, NY; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Matthew L. Fornshell, Esq., Ice Miller LLP, Columbus, OH; D. Ross Martin, Esq., Ropes & Gray LLP, Boston, MA; Gregg M. Mashberg, Esq., Partner, Proskauer Rose LLP, New York, NY; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY; Mark Alan Neubauer, Esq., Carlton Fields Jorden Burt, LLP, Los Angeles, CA; Steven R. Schoenfeld, Esq., DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, White Plains, NY; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA; Alan Joseph Stone, Esq., Milbank, Tweed, Hadley & McCloy LLP, New York, NY.

For Designated Public Shareholders Named in the Lyondell Creditors Trust Litigation (13-4178, 13-4196, 13-3875), Amicus Curiae : Sandra D. Grannum, Esq., Drinker Biddle [*10]  & Reath LLP, Florham Park, NJ.

For Note Holders (13-4196, 13-3875), Plaintiff - Appellant-Cross-Appellee: Lawrence Robbins, Jeremy Baron, Esq., Roy T. Englert, Jr., Esq., Ariel Lavinbuk, Esq., Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, Washington, DC; Z.W. Julius Chen, Esq., Pratik A. Shah, Esq., James Edward Tysse, Esq., Akin Gump Strauss Hauer & Feld LLP, Washington, DC; Robert Joel Lack, Hal Neier, Esq., Friedman Kaplan Seiler & Adelman LLP, New York, NY.

For Individual Retirees (13-4196, 13-3875), Plaintiff - Appellant-Cross-Appellee: Robert Joel Lack, Friedman Kaplan Seiler & Adelman LLP, New York, NY; Jay Teitelbaum, Esq., Teitelbaum & Baskin LLP, White Plains, NY; David M. Zensky, Esq., Akin Gump Strauss Hauer & Feld LLP, New York, NY.

For Large Private Beneficial Owners, Defendant - Appellee-Cross-Appellant (13-4196): David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Oscar Garza, Esq., Bankruptcy Counsel, Gibson, Dunn & Crutcher LLP, Irvine, CA.

For Financial Institution Holders (13-4196, 13-3875), Defendant - Appellee-Cross-Appellant: Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; David C. Bohan, Katten Muchin [*11]  Rosenman LLP, Chicago, IL; Michael C. D'Agostino, Esq., Bingham McCutchen LLP, Hartford, CT; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

For Financial Institution Conduits (13-4196, 13-3875), Defendant - Appellee-Cross-Appellant: Stephen L. Ratner, Gregg M. Mashberg, Esq., Proskauer Rose LLP, New York, NY; Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Daniel L. Cantor, O'Melveny & Myers LLP, New York, NY; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

For Individual Beneficial Owners (13-4196, 13-3875), Defendant - Appellee-Cross-Appellant: Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL Daniel L. Cantor, O'Melveny & Myers LLP, New York, NY; David N. Dunn, Esq., Potter Stewart, Jr. Law Offices, Brattleboro, VT; Andrew J. Entwistle, Esq., Entwistle [*12]  & Cappucci, LLP, New York, NY; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Matthew L. Fornshell, Esq., Ice Miller LLP, Columbus, OH; D. Ross Martin, Esq., Ropes & Gray LLP, Boston, MA; Gregg M. Mashberg, Esq., Partner, Proskauer Rose LLP, New York, NY; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY; Mark Alan Neubauer, Esq., Carlton Fields Jorden Burt, LLP, Los Angeles, CA; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

For Mutual Funds (13-4196, 13-3875), Defendant - Appellee-Cross-Appellant: Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; Alexander Bilus, Esq., Dechert LLP, Philadelphia, PA; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Daniel L. Cantor, O'Melveny & Myers LLP, New York, NY; Michael S. Doluisio, Esq., Dechert LLP, Philadelphia, PA; David N. Dunn, Esq., Potter Stewart, Jr. Law Offices, Brattleboro, VT; Andrew J. Entwistle, Esq., Entwistle & Cappucci, LLP, New York, NY; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Matthew L. Fornshell, Esq., Ice Miller LLP, Columbus, OH; D. Ross Martin, Esq., Ropes & Gray LLP, Boston, MA; Gregg [*13]  M. Mashberg, Esq., Partner, Proskauer Rose LLP, New York, NY; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY; Mark Alan Neubauer, Esq., Carlton Fields Jorden Burt, LLP, Los Angeles, CA; Steven R. Schoenfeld, Esq., DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, White Plains, NY; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

For At-Large, Defendant - Appellee-Cross-Appellant (13-4196): Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Daniel L. Cantor, O'Melveny & Myers LLP, New York, NY; Michael S. Doluisio, Esq., Dechert LLP, Philadelphia, PA; David N. Dunn, Esq., Potter Stewart, Jr. Law Offices, Brattleboro, VT; Andrew J. Entwistle, Esq., Entwistle & Cappucci, LLP, New York, NY; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Matthew L. Fornshell, Esq., Ice Miller LLP, Columbus, OH; D. Ross Martin, Esq., Ropes & Gray LLP, Boston, MA; Gregg M. Mashberg, Esq., Partner, Proskauer Rose LLP, New York, NY; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY; Mark Alan Neubauer, Esq., Carlton Fields Jorden Burt, LLP, [*14]  Los Angeles, CA; Steven R. Schoenfeld, Esq., DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, White Plains, NY; Alan Joseph Stone, Esq., Milbank, Tweed, Hadley & McCloy LLP, New York, NY; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

For Defendants listed on Exhibit B, Defendant - Appellee-Cross-Appellant (13-4196): Gary Stein, Esq., Schulte Roth & Zabel LLP, New York, NY.

For Estate of Karen Babcock, Phillip S. Babcock, Douglas Babcock, Defendants - Appellees-Cross-Appellants (13-4196): Eric Lee Christensen, Esq., Cairncross & Hempelmann, P.S., Seattle, WA; Andrea H. McNeely, Esq., Gordon Thomas Honeywell LLP, Tacoma, WA.

For Large Private Beneficial Owners, Defendant - Appellee-Cross-Appellant (13-3875): David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; Oscar Garza, Esq., Bankruptcy Counsel, Gibson, Dunn & Crutcher LLP, Irvine, CA.

For Pension Funds, including public, private and Taft Hartley Funds, Defendant - Appellee-Cross-Appellant (13-3875): Douglas Hallward-Driemeier, Ropes & Gray LLP, Washington, DC; Philip D. Anker, Bankruptcy Counsel, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; David C. Bohan, Katten Muchin Rosenman LLP, Chicago, IL; [*15]  Daniel L. Cantor, O'Melveny & Myers LLP, New York, NY; Gregory L. Demers, Esq., Ropes & Gray LLP, Boston, MA; Joel Alan Feuer, Esq., Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Matthew L. Fornshell, Esq., Ice Miller LLP, Columbus, OH; D. Ross Martin, Esq., Ropes & Gray LLP, Boston, MA; Gregg M. Mashberg, Esq., Partner, Proskauer Rose LLP, New York, NY; Elliot Moskowitz, Esq., Davis Polk & Wardwell LLP, New York, NY; Peter S. Willett, Esq., Morgan, Lewis & Bockius LLP, Boston, MA.

Judges: Before: Ralph K. Winter, Christopher F. Droney, Circuit Judges, Alvin K. Hellerstein, District Judge.1.