IN RE ENRON CORP.

Bankruptcy No. 01-16034, Adversary No. 05-01025, Nos. 06 Civ. 7828(SAS), 07 Civ. 1957(SAS).

379 B.R. 425 (2007)

In re ENRON CORP., et al., Reorganized Debtors. Enron Corp., Plaintiff, v. Springfield Associates, L.L.C. and Westpac Banking Corporation, Defendants. Springfield Associates, L.L.C., Appellant, v. Enron Corp., Appellee.

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

August 27, 2007.


Attorney(s) appearing for the Case

David Parker, Edward Grosz, Kleinberg, Kaplan, Wolff & Cohen, P.C., John J. Galban, Seward & Kissel LLP, New York, NY, for Appellant Springfield Associates, L.L.C.

Brad S. Karp, Stephen J. Shimshak, Douglas R. Davis, Claudia L. Hammerman, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Intervenor-Appellant Citibank, N.A.

Kenneth N. Klee, David M. Stern, Lee R. Bogdanoff, Stacia A. Neeley, Klee Tuchin, Bogdanoff & Stern LLP, Los Angeles, CA, Edward A. Smith, Venable LLP, New York, NY, Richard L. Wasserman, Michael Schatzow, Venable LLP, Baltimore, MD, for Appellee Enron Creditors Recovery Corp., Reorganized Debtor.

James H. Millar, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY, Seth P. Waxman, Louis R. Cohen, Craig Goldblatt, Joel Millar, Amy Oberdorfer Nyberg, Wilmer Cutler Pickering Hale and Dorr LLP, Washington, D.C., for Amici Curiae The Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association, and the Loan Syndications and Trading Association.

Isaac M. Pachulski, Whitman L. Holt, Stutman, Treister & Glatt, P.C., Los Angeles, CA, for Amici Curiae Abrams Capital, LLC, Blavin & Company, Inc., and Citadel Investment Group, L.L.C.

Daniel L. Wallach, Kathy E. Brewer, Ivan J. Reich, Becker & Poliakoff, P.A., Fort Lauderdale, FL, Louis S. Robin, Fitzgerald, O'Brien & Robin, Longmeadow, MA, for Amicus Curiae Commercial Law League of America.

Jeffrey W. Morris, Samuel A. McCray, Chair in Law, University of Dayton School of Law, Dayton, OH, for Amicus Curiae Jeffrey W. Morris.


OPINION AND ORDER

SHIRA A. SCHEINDLIN, District Judge.

I. INTRODUCTION

Defendant Springfield Associates, L.L.C. ("Springfield") and intervenor Citibank, N.A. ("Citibank") (collectively, "Appellants") in the above-captioned coordinated adversary proceeding bring this interlocutory appeal from the orders of the Bankruptcy Court of the Southern District of New York denying defendant's motion to dismiss an equitable subordination...

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