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IN RE ENRON CORP.

Bankruptcy No. 01 B 16034(AJG), Adversary No. 03-93388 A.

323 B.R. 857 (2005)

In re ENRON CORP., et al., Reorganized Debtors. Enron Corp. and Enron North America Corp., Plaintiffs, v. Bear, Stearns International Limited and Bear, Stearns Securities Corp., Defendants.

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

April 27, 2005.

Attorney(s) appearing for the Case

Togut, Segal & Segal LLP, by Frank A. Oswald, Howard P. Magaliff, of counsel. New York City, for Reorganized Debtors.

Squire, Sanders & Dempsey LLP, by Jeffrey A. Marks, of counsel, Cincinnati, OH, for the Official Committee of Unsecured Creditors.

Kramer Levin Naftalis & Frankel LLP, by Barry H. Berke, Stephen M. Sinaiko, of counsel, New York City, for Defendants Bear, Stearns International Limited and Bear, Stearns Securities Corp.

MEMORANDUM OPINION DENYING DEFENDANTS' MOTION TO DISMISS COMPLAINT

ARTHUR J. GONZALEZ, Bankruptcy Judge.

The issue presented is whether the payment by an Oregon corporation for the purchase of its own shares in violation of an Oregon statute, which prohibits distributions by a corporation on account of its stock, can be considered a settlement payment protected from avoidance by section 546 of the Bankruptcy Code.

The Court holds that because, under...

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