IN RE OWENS CORNING

No. 04-4080.

419 F.3d 195 (2005)

In re: OWENS CORNING, a Delaware Corporation Credit Suisse First Boston, as Agent for the prepetition bank lenders, Appellant.

United States Court of Appeals, Third Circuit.

Opinion filed August 15, 2005.

As Amended August 23, 2005, September 2, 2005 and October 12, 2005.


Attorney(s) appearing for the Case

Martin J. Bienenstock, (Argued), John J. Rapisardi, Richard A. Rothman, Timothy E. Graulich, Weil, Gotshal & Manges LLP, New York, NY, Ellen R. Nadler, Jeffrey S. Trachtman, Kenneth H. Eckstein, Philip S. Kaufman, Kramer, Levin, Naftalis & Frankel LLP, New York, NY, Roy T. Englert, Jr., Robbins, Russell, Englert, Orseck & Untereiner LLP, Washington, DC, Rebecca L. Butcher, Adam G. Landis, Richard S. Cobb, Landis, Rath & Cobb LLP, Wilmington, DE, for (Appellant) Credit Suisse First Boston Corp., as Agent for the prepetition bank lenders.

Alexandra A.E. Shapiro, Mitchell A. Seider, Alan Leavitt, Latham & Watkins LLP, New York, NY, Amanda P. Biles, Latham & Watkins LLP, Reston, Virginia, for (Amicus-appellants) The Loan Syndications and Trading Association, Inc. and Clearing House Association L.L.C.

Richard M. Kohn, Andrew R. Cardonick, Goldberg, Kohn, Bell, Black, Rosenbloom & Moritz Ltd., Chicago, IL, Jonathan N. Helfat, Otterbourg, Steindler, Houston & Rosen, P.C., New York, NY, for (Amicus-appellant) Commercial Financial Association.

Robert K. Rasmussen, Milton Underwood Professor of Law, Vanderbilt Law School, Nashville, TN, for (Amicus-appellants) Robert K. Rasmussen, Barry Adler, Susan Block-Lieb, G. Marcus Cole, Marcel Kahan, Ronald J. Mann, and David A. Skeel, Jr.

Adam H. Isenberg, Saul Ewing LLP, Philadelphia, PA, Norman L. Pernick, J. Kate Stickles, Saul Ewing LLP, Wilmington, DE, Charles O. Monk, II, (Argued), Joseph M. Fairbanks, Henry R. Abrams, Dan Friedman, Saul Ewing LLP, Baltimore, MD, for (Appellee) Owens Corning, a Delaware Corporation; CDC Corp.; Engineered Yarns American Inc.; Exterior Systems Inc.; Falcon Foam Corp.; Fibreboard Corp.; HomeExperts; Integrex; Integrex Professional Services; Integrex Testing Systems; Integrex Supply Chain Solutions LLC; Integrex Ventures LLC; Jefferson Holdings Inc.; Owens-Corning Fiberglass Technology Inc.; Owens-Corning HT, Inc.; Owens-Corning Overseas Holdings, Inc.; Owens-Corning Remodeling Systems, LLC; Soltech, Inc.

Elihu Inselbuch, Caplin & Drysdale, Chartered, New York, NY, Peter Van N. Lockwood, Nathan D. Finch, Walter B. Slocombe, Caplin & Drysdale, Chartered, Washington, DC, Marla R. Eskin, Campbell & Levine, LLC, Wilmington, DE, for (Appellee) Official Committee of Unsecured Creditors.

Michael J. Crames, Jane W. Parver, Edmund M. Emrich, Andrew A. Kress, Kaye Scholer LLP, New York, NY, James L. Patton, Jr., Joseph M. Barry, Young, Conaway, Stargatt & Taylor LLP, Wilmington, DE, for (Appellee) James J. McMonagle, Legal Representative for Future Claimants.

J. Andrew Rahl, (Argued), John B. Berringer, John H. Doyle, III, Howard Ressler, Dennis J. Artese, Anderson, Kill & Olick, P.C., New York, NY, Francis A. Monaco, Jr., Monzack & Monaco P.A., Wilmington, DE, for (Appellee) Official Representatives of the Bondholders and Trade Creditors f/k/a Official Committee of Unsecured Creditors of Owens Corning.

Howard A. Rosenthal, Alan R. Gordon, Pelino & Lentz P.C., Philadelphia, PA, Laurence J. Kaiser, Law Office of Laurence J. Kaiser, New York, NY, for (Amicus-appellee) Commercial Law League America.

Before ROTH, AMBRO and FUENTES, Circuit Judges.


OPINION OF THE COURT

AMBRO, Circuit Judge.

We consider under what circumstances a court exercising bankruptcy powers may substantively consolidate affiliated entities. Appellant Credit Suisse First Boston ("CSFB") is the agent for a syndicate of banks (collectively, the "Banks")1 that extended in 1997 a $2 billion unsecured loan to Owens Corning, a Delaware corporation ("OCD"), and certain of its subsidiaries. This credit was...

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