IN RE G-I HOLDINGS, INC.

Bankruptcy No. 01-30135(RG), Adversary No. 04-2192(RG).

327 B.R. 730 (2005)

In re G-I HOLDINGS, INC. f/k/a GAF Corporation, et al., Debtors. Official Committee of Asbestos Claimants of G-I Holdings, Inc., suing on behalf of Chapter 11 estate of G-I Holdings, Inc. f/k/a GAF Corporation, Plaintiff, v. Building Materials Corporation of America, et al., Defendants.

United States Bankruptcy Court, D. New Jersey.

July 12, 2005.


Attorney(s) appearing for the Case

Dennis J. O'Grady, Esq., Mark E. Hall, Esq., Riker, Danzig, Scherer, Hyland & Perretti LLP, Headquarters Plaza, Morristown, NJ, Martin J. Bienenstock, Esq., Philip Abelson, Esq., Jennifer Feldsher, Esq., Weil, Gotshal & Manges LLP, New York, NY, Co-Attorneys for the Debtors and Building Materials Corporation of America.

Jeffrey D. Prol, Esq., Scott Cargill, Esq., Lowenstein Sandler, PC, Roseland, NJ, Trevor W. Swett, Esq., Caplin & Drysdale, Chartered, Washington, D.C., Co-Counsel to Official Committee of Asbestos Claimants.

Nancy A. Washington, Esq., Saiber, Schlesinger, Satz & Goldstein, L.L.C., Newark, NJ, Brian P. Muething, Esq., Keating, Muething & Klekamp, PLL, Cincinnati, OH, Co-Counsel for the Legal Representative of Present and Future Holders of Asbestos-Related Claims.

Richard M. Meth, Esq., Pitney Hardin LLP, Morristown, NJ, Gregory W. Nye, Esq., Donald J. Marchesseault, Esq., Michael C. D'Agostino, Esq., Bingham McCutchen LLP, Hartford, CT, Co-Counsel for Certain Noteholder Defendants.

Richard P. Norton, Esq., Reed Smith LLP, Newark, NJ, for Defendants Mellon Trust of New England, N.A., Standish Mellon Asset Management Company LLC, f/k/a Standish, Ayer and Wood, Inc. and Pareto Partners.

Jennifer A. Fernicola, Esq., Pitney Hardin LLP, Morristown, NJ, for Fifth Third Bank.

Robert K. Malone, Esq., Drinker, Biddle & Reath LLP, Florham Park, NJ, for Citibank, N.A., Citibank Private Banking Division and Citigroup Global Markets, Inc.

James J. Deluca, Esq., Okin, Hollander & DeLuca, L.L.P., Fort Lee, NJ, Leo T. Crowley, Esq., Caryn Fitzgerald, Esq., Pillsbury, Winthrop, Shaw, Pittman LLP, New York, NY, Co-Counsel to The Bank of New York, as Indenture Trustee.

John B. Newman, Esq., Newman & Simpson, LLP, Hackensack, NJ, for PNC Bank, N.A.

Rosalia Niforatos, Esq., KirkPatrick & Lockhart, Nicholson Graham LLP, Newark, NJ, for HSBC USA Inc., Manufacturers & Traders Trust Co. and Mizuho Trust and Banking Co. USA.

Michael F. Hahn, Esq., Duane Morris, LLP, Newark, NJ, for The Bank of New York, in its capacity as Lender and Agent.

Frances S. Margolis, Esq., Tompkins, McGuire & Wachenfeld, Newark, NJ, Juan A. Skirrow, Esq., Willkie Farr & Gallagher, New York, NY, Co-Counsel for Angelo Gordon & Co. L.P.

Eric E. Wohlforth, Esq., Gibbons, DelDeo, Dolan, Griffinger et al., Newark, NJ, for Dresdner Kleinwort Wasserstein Securities.

James M. Strauss, Esq., Putney, Twombly, Hall & Hirson, LLP, Iselin, NJ, for St. Paul Guardian Insurance Company.

Jeffrey Bernstein, Esq., McElroy, Deutsch Mulvaney & Carpenter, LLP, Newark, NJ, for Morgan Keegan & Co.

Hugh M. McDonald, Esq., Allen & Overy, LLP, New York, NY, for Credit Suisse Asset Management.

Mary P. Miras, Esq., Duval & Stachenfeld LLP, New York, NY, for Swiss American Securities.

Barbara Maria Almeida, Esq., O'Melveny & Myers, Times Square Tower, New York, NY, for Alliance Capital Management.

Brian H. Mukherjee, Esq., Goodwin Procter LLP, Boston, MA, for State Street Bank & Trust Company.

John A. Bougiamas, Esq., Otterbourg, Steindler, Houston & Rosen, P.C., New York, NY, for Wachovia Bank NA and Wachovia Securities.

Gus A. Paloian, Esq., Seyfarth Shaw LLP, Chicago, IL, for Northern Trust Co.


OPINION

ROSEMARY GAMBARDELLA, Chief Judge.

Presently before the Court is a motion filed by the Official Committee of Asbestos Claimants (hereinafter the "Committee") for the entry of an order "directing that the $150 million of payments falling due on July 15, 2005 to holders of notes issued by Building Materials Corporation of America (hereinafter `BMCA') on July 17, 1998 be made in escrow pending further order of the Court." The following interested...

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