IN RE FOOTHILLS TEXAS, INC.

Bankruptcy No. 09-10452. Adversary No. 10-51308 (CSS).

476 B.R. 143 (2012)

In re FOOTHILLS TEXAS, INC., et al., Debtors. Foothills Texas, Inc., et al., Plaintiffs, v. MTGLQ Investors, L.P., Defendant.

United States Bankruptcy Court, D. Delaware.

July 20, 2012.


Attorney(s) appearing for the Case

Fox Rothschild LLP, Jeffrey M. Schlerf , L. John Bird , Wilmington, DE, Fox Rothschild LLP, Samuel H. Israel (Argued), Philadelphia, PA, Winston & Strawn LLP, James Donnell , Sarah L. Trum , New York, NY, Allen D. Cummings (Argued), Law Offices of Allen D. Cummings, San Antonio, TX, for Reorganized Debtors.

Bayard, P.A., Neil B. Glassman , Colin R. Robinson , Wilmington, DE, Thompson & Knight LLP, David M. Bennett (Argued), Katharine E. Battaia , Dallas, TX, for MTGLQ Investors, L.P.


OPINION1

CHRISTOPHER S. SONTCHI, Judge.

INTRODUCTION

In 2006, the Debtors executed an Instrument in favor of MTGLQ. Under applicable law, the Instrument conveyed to MTGLQ an "overriding royalty interest" of 5% of the working interest in oil and gas produced from the subject land. MTGLQ timely and properly recorded the Instrument soon after it was executed.

In 2009, the Debtors filed for...

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