IN RE G-I HOLDINGS, INC.

Civil No. 02-3626 (WGB), Bankr.Case No. 01-30135 (RG), Bankr.Case No. 01-38790(RG), Adv. Pro. No. 01-3066(RG).

380 F.Supp.2d 469 (2005)

In re G-I HOLDINGS, INC., et al. (f/k/a GAF Corporation.), Debtor. G-I Holdings, Inc.,(f/k/a GAF Corp.), Building Materials Corporation of America, Building Materials Investment Corporation, and Building Materials Manufacturing Corporation, Plaintiff(s), v. Ruddles A. Bennet, Jr. et al., Defendant(s). Official Committee of Asbestos Claimants, Counterclaimant, v. G-I Holdings, Inc.,(f/k/a GAF Corp.), Building Materials Corporation of America, Building Materials Investment Corporation, and Building Materials Manufacturing Corporation, Counterdefendant(s).

United States District Court, D. New Jersey.

August 5, 2005.


Attorney(s) appearing for the Case

Riker, Danzig, Scherer, Hyland & Perretti LLP by Dennis J. O'Grady, Esq., Morristown, NJ, Weil, Gotshal & Manges LLP by Martin J. Bienenstock, Esq., Kathryn L. Turner, Esq., Ralph I. Miller, Esq., Debra L. Goldstein, Esq., John B. Kinchen, Esq., New York City, for Plaintiffs and Counterdefendants.

Saiber Schlesinger Satz & Goldstein, LLC by David R. Gross, Esq., Nancy A. Washington, Esq., Whitney R. Chelnik, Esq., Newark, NJ, Keating, Muething & Klekamp, P.L.L. by Kevin E. Irwin, Esq., Michael L. Scheier, Esq., Douglas Hensley, Esq., Cincinnati, OH, for the Legal Representative of Present and Future Holders of Asbestos-Related Demands.

Caplin & Drysdale, Chartered, by Elihu Inselbuch, Esq., New York City, Lowenstein Sandler, PC by John K. Sherwood, Esq., Rose E. Ramsay, Esq., Roseland, NJ, for the Official Committee of Asbestos Claimants.

Goldstein, Lem & Isaacson, PC by Nancy Isaacson, Esq., Springfield, NJ, for the Individual Defendants.


OPINION

BASSLER, Senior District Judge.

In this bankruptcy appeal, Plaintiffs G-I Holdings, Inc. (f/k/a GAF Corporation) ("G-I"), Building Materials Corporation of America ("BMCA"), Building Materials Investment Corporation ("BMIC"), and Building Materials Manufacturing Corporation ("BMMC") (collectively, "Plaintiffs") seek a declaratory judgment that BMCA, BMIC, and BMMC cannot be held liable for the...

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