In re CONTINENTAL AIRLINES, et al., Debtors.
PENSION BENEFIT GUARANTY CORPORATION, Plaintiff,
v.
CONTINENTAL AIRLINES, INC., Air Micronesia, Inc., and the Continental/Air Micronesia Joint Venture, Defendants.
United States District Court, D. Delaware.https://leagle.com/images/logo.png
March 11, 1992.
March 11, 1992.
Attorney(s) appearing for the Case
William L. Witham, Jr. and Norman Pernick, Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, Del. (John J. McAvoy and Anne D. Smith, White & Case, Washington, D.C., of counsel), and Carol Connor Flowe, John H. Falsey, James Y. Callear, Lawrence L. Landgraff, Steven A. Weiss, Russell G. Galer, Linda J. Schwimmer, and Steven A. Kerschenbaum of Office of Gen. Counsel, Pension Benefit Guar. Corp., Washington, D.C., for plaintiff Pension Benefit Guar. Corp.
James L. Patton, Jr., and Laura Davis Jones, Young, Conaway, Stargatt, & Taylor, Wilmington, Del. (Gary M. Ford, Terrence M. Deneen, and Lincoln Weed, Groom and Nordberg, Dennis G. Lyons, Arnold & Porter, Washington, D.C., and Zack Clement of Fulbright & Jaworski, Houston, Tex., of counsel), for defendant Continental Airlines, Inc.
David M. Fournier, Pepper, Hamilton & Sheetz, Wilmington, Del. (Geoffrey M. Kalmus, Kramer, Levin, Nessen, Kamin & Frankel, New York City, of counsel), for defendant Air Micronesia, Inc.
Peter J. Walsh, Bayard, Handelman & Murdoch, Wilmington, Del. (Robert J. Rosenberg, James E. Brandt, and Bradford F. Englander, Latham & Watkins, New York City, of counsel), for Official Committee of Unsecured Creditors of Continental Airlines, Inc.
United States District Court, D. Delaware.
OPINION
LATCHUM, Senior District Judge.
I. FACTS AND PROCEDURAL HISTORY
Before the Court is an issue arising from the ongoing bankruptcy proceedings of Continental Airlines, Inc. ("Continental"), one of the nation's largest airlines. In 1987 Continental entered into an agreement ("Joint Venture Agreement") with Air Micronesia, Inc. ("AMI") to provide air service to certain areas in the Pacific.1 The Bankruptcy Court for...
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