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IN RE BOARD OF DIRECTORS OF MULTICANAL S.A.

No. 04-10280 (ALG).

340 B.R. 154 (2006)

In re: BOARD OF DIRECTORS OF MULTICANAL S.A., Debtor in Foreign Proceeding.

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

March 29, 2006.

Attorney(s) appearing for the Case

Cleary Gottlieb Steen & Hamilton LLP, By Lindsee P. Granfield, Esq., Evan A. Davis, Esq., Leslie N. Silverman, Esq., Timothy S. Mehok, Esq., New York, NY, for Board of Directors of Multicanal S.A., Petitioner.

Proskauer Rose LLP, By Louis M. Solomon, Esq., Jennifer R. Scullion, Esq., Adam T. Berkowitz, Esq., New York, NY, for the ARC-Related Parties.

MEMORANDUM OF OPINION

ALLAN L. GROPPER, Bankruptcy Judge.

This is a further chapter in a dispute between an Argentine cable company and holders of notes that the company issued in the United States. So far, the dispute has engendered multiple decisions and appeals in the Republic of Argentina, two decisions from this Court, one decision from the United States District Court for the Southern District of New York, and prospective appeals, currently held in...

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