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IN RE MARKETXT HOLDINGS CORP.

Bankruptcy No. 04-12078 (ALG). Adversary No. 05-01268 (ALG).

376 B.R. 390 (2007)

In re MARKETXT HOLDINGS CORP., Debtor. Alan Nisselson, as Chapter 11 Trustee of MarketXT Holdings Corp., and the Official Committee, of. Unsecured Creditors, Plaintiffs, v. Empyrean Investment Fund, L.P., Empyrean General Partner, LLC, Ash Master Fund, LP, Ash Master II, LLC, Ash Master Fund II, LP, Ash Fund, LP f/k/a Empyrean Fund LP, Empyrean Fund, LP, Ash Fund, LP f/k/a Empyrean Investment Fund, LP, Ash Fund II LP, Ash Capital, LLC f/k/a Ash Capital Management, Ash General Partner, LLC, Ash Offshore Fund Ltd, Ash General Partner Offshore, Ltd, Ash Market Neutral Fund, Ltd and Rauf Ashraf, Defendants.

United States Bankruptcy Court, S.D. New York.

October 12, 2007.

Attorney(s) appearing for the Case

Windels Marx Lane & Mittendorf, LLP by Howard L. Simon, Esq., New York, NY, for Alan Nisselson, Chapter 11 Trustee, Plaintiff.

Kaye Scholer LLP by Lester M. Kirshenbaum, Esq., Margarita Y. Ginzburg, Esq., Dina Rovner, Esq., New York, NY, for the Official Committee of Unsecured Creditors, Plaintiff.

Denner Pellegrino LLP by Robert Sinsheimer, Esq., Laura Malouf, Esq., Alexander L. Cataldo, Esq., Boston, MA, for the Defendants.

MEMORANDUM OF OPINION

ALLAN L. GROPPER, Bankruptcy Judge.

This is an adversary proceeding brought by the Chapter 11 Trustee of the debtor, MarketXT Holdings Corp. (the "Debtor"), and its unsecured creditors committee (together, "Plaintiffs"). Defendants are Rauf Ashraf and several funds that he controls (collectively, "Defendants"), including "Empyrean Investment Fund, LP (`EIF') and Empyrean General Partner, LLC (`EGP')". The Amended Complaint seeks to...

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