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IN RE MARKETXT HOLDING CORP.

Bankruptcy No. 04-12078 (ALG). Adversary No. 05-01268 (ALG).

336 B.R. 39 (2006)

In re: MARKETXT HOLDINGS CORP., Debtor. Alan Nisselson, as Chapter 11 Trustee of MarketXT Holdings Corp., and the Official Committee of Unsecured Creditors, Plaintiffs, v. Empyrean Investment Fund, L.P., Empyrean General Partner, LLC, Ash Master Fund, II, LLC, Ash Master Fund II, L.P., Ash Fund LP f/k/a Empyrean Fund, LP, Ash Fund II LP, Ash Capital, LLC f/k/a, Ash Capital Management, Ash General Partner, LLC, Ash Offshore Fund, Ltd., Ash General Partner Offshore, Ltd., Rauf Ashraf, and John Does 1 through 10, Defendants.

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

January 10, 2006.

Attorney(s) appearing for the Case

Brauner, Baron, Rosenzweig & Klein, LLP by Howard L. Simon, New York, NY, for Alan Nisselson, Chapter 11 Trustee, Plaintiff.

Kaye Scholer LLP by Lester M. Kirshenbaum, Margarita Y. Ginzburg, Dina Rovner, New York, NY, for the Official Committee of Unsecured Creditors, Plaintiff.

J.L. Saffer, P.C. by Jennifer L. Saffer, New York, NY, for Defendants.

MEMORANDUM OF OPINION

ALLAN L. GROPPER, Bankruptcy Judge.

The Court has consolidated for decision three motions by the Chapter 11 Trustee (the "Trustee") of MarketXT Holdings, Inc. (the "Debtor") and its Official Creditors Committee (the "Creditors Committee"), and one motion by the Defendants in the above — captioned adversary proceeding. The Trustee's first motion seeks to hold Rauf Ashraf ("Ashraf"), the principal of Empyrean Investment Fund, LP...

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