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MATTER OF CULMER

Bankruptcy No. 82 B 11808.

25 B.R. 621 (1982)

In the Matter of George Clifford CULMER, G.A.D. Johnstone and John Forsyth Smith, as Joint Official Liquidators of Banco Ambrosiano Overseas Limited, pursuant to the Companies Act of the Commonwealth of the Bahama Islands, Debtor.

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

December 17, 1982.

Attorney(s) appearing for the Case

Kronish, Lieb, Shainswit, Weiner & Hellman, New York City, for debtor; by Brian J. Gallagher and John Hartje, New York City, of counsel.

Milbank, Tweed, Hadley & McCloy, New York City, for Chase Manhattan Bank, N.A.; by Norman Nelson and Sloane Elman, New York City, of counsel.

Shearman & Sterling, New York City, for J. Henry Schroder Bank & Trust Co.; by Mark P. Zimmett, New York City, of counsel.

M. William Munno, Seward & Kissel, New York City, for European Arab Bank (Middle East) E.C.

LeBoeuf, Lamb, Leiby & MacRae, New York City, for Arab Banking Corp.; by Geoffrey D.C. Best and Abigail T. Reardon, New York City, of counsel.

Rosenman, Colin, Freund, Lewis & Cohen, New York City, for Ultrafin Intern. Corp.; by Naomi G. Litvin, New York City, of counsel.

White & Case, New York City, for Bankers Trust Co.; by Allan L. Gropper and Thomas J. O'Sullivan, New York City, of counsel.

Sidley & Austin, New York City, for N.V. Slavenburg's Bank; by Andrew C. Quale, Jr. and L. Gilles Sion, New York City, of counsel.

OPINION AND ORDER FOR RELIEF UNDER 11 U.S.C. 304

BURTON R. LIFLAND, Bankruptcy Judge.

The instant proceeding arising out of a still unfolding international banking scandal affecting banking institutions both secular and religious was instituted pursuant to 11 U.S.C. Section 304 of the Bankruptcy Code. It is a proceeding ancillary to the liquidation of Banco Ambrosiano Overseas Limited ("BAOL") taking place in the Bahamas. A verified petition pursuant to...

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