IN RE G-I HOLDINGS, INC.

Bankruptcy No. 01-30135(RG), Adversary No. 04-2192(RG).

338 B.R. 232 (2006)

In re G-I HOLDINGS, INC. and ACI INC., Debtors. Official Committee of Asbestos Claimants of G-I Holdings Inc. f/k/a GAF Corp., Plaintiffs, v. Building Materials Corp. of America, et al., Defendants.

United States Bankruptcy Court, D. New Jersey.

January 19, 2006.


Attorney(s) appearing for the Case

Mark E. Hall, Esq., Riker, Danzig, Scherer, Hyland & Perretti LLP, Morristown, Co-Attorneys for the Debtors and Building Materials Corporation of America.

Jeffrey D. Prol, Esq., Scott Cargill, Esq., Lowenstein Sandler, PC, Roseland, NJ, Trevor W. Swett, Esq., Caplin & Drysdale, Chartered, Washington, DC, Co-Counsel to Official Committee of Asbestos Claimants.

Brian P. Muething, Esq., Keating, Muething & Klekamp, P.L.L., Cincinnati, OH, Co-Counsel for the Legal Representatives of Present and Future Holders of Asbestos-Related Demands.

James J. DeLuca, Esq., Okin Hollander & DeLuca, LLP, Fort Lee, NJ, Leo T. Crowley, Esq., Pillsbury Winthrop, LLP, New York, NY, Co-Counsel for the Bank of New York in its capacity as Indenture Trustee.

Richard M. Meth, Esq., Pitney Hardin LLP, Morristown, NJ, Gregory W. Nye, Esq., Donald J. Marchesseault, Esq., Bingham McCutchen LLP, Hartford, CT, Co-Counsel for Certain Noteholder Defendants.

Michael F. Hahn, Esq., Duane Morris, LLP, Newark, NJ, Co-Counsel for the Bank of New York.

Rosalia Niforatos, Esq., KirkPatrick & Lockhart, Nicholson Graham LLP, Newark, NJ, for HSBC USA Inc., Manufactures & Traders Trust Co. and Mizuho Trust and Banking Co. USA.

Charles N. Panzer, Esq., Reed Smith LLP, Newark, NJ, for Defendants Mellon Trust of New England, N.A., Standish Mellon Asset Management Company LLC, f/k/a Standish, Ayer and Wood, Inc. and Pareto Partners.

Leda Dunn Wettre, Esq., Robinson & Livelli, Newark, NJ, Michael J. Dell, Esq., Kramer, Levin, Naftalis & Frankel, LLP, New York, NY, Co-Counsel for Defendants Goldman Sachs Group, Morgan Stanley & Co., Spear Leads & Kellogg, LP, Piper Jaffray Companies, and CIBC World Markets, Inc.

Rebecca Bjork, Esq., O'Melveny & Myers, Washington, D.C., for Alliance Capital Management and Sanford Bernstein.

Joshua A. Zielinski, Esq., McElroy Deutsch Mulvaney & Carpenter, LLP, Morristown, NJ, for Morgan Keegan & Co., Waddell & Reed, and Union Planters.

John A. Bougiamas, Esq., Otterbourg, Steindler, Houston & Rosen, P.C., New York, NY, for Wachovia Bank NA and Wachovia Securities.

Gus A. Paloian, Esq., Seyfarth Shaw LLP, Chicago, IL, for Northern Trust Co.

Brian H. Mukherjee, Esq., Goodwin Procter LIT, Boston, MA, for State Street Bank & Trust Company.

Eric E Wohlforth, Esq., Gibbons, Del-Deo, Dolan, Griffinger et al, Newark, NJ, for Dresdner Kleinwort Wasserstein Securities.

Frances S. Margolis, Esq., Tompkins, McGuire & Wachenfeld, Newark, NJ, Co-Counsel for Angelo Gordon & Co. L.P.

Carolyn Miller, Esq., Juan A. Skirrow, Esq., Willkie Farr & Gallagher, New York, NY, Co-Counsel for Angelo Gordon & Co. L.P.

James C. Creel, III, Esq., Janney Montgomery Scott, LLC, Philadelphia, PA, for Janney Montgomery Scott, LLC.

Katherine Scovin, Esq., Seward & Kissel, LLP, New York, NY, for Royal Bank of Canada.

Mary P. Miras, Esq., Duval & Stachenfeld LLP, New York, NY, for Swiss American Securities.

Thomas A. Martin, Esq., Putney, Twombly, Hall & Hirson, LLP, Iselin, for St. Paul Guardian Insurance Company.

Douglas J. McGill, Esq., Drinker, Biddle & Reath LLP, Florham Park, NJ, for Citibank, N.A., Citibank Private Banking Division and Citigroup Global Markets, Inc.

Gary M. Sarno, Esq., Newman & Simpson, LLP, Hackensack, NJ, for PNC Bank, N.A.

Amish R. Doshi, Esq., Pitney Hardin LLP, New York, NY, for Fifth Third Bank.

Tonya A. Trumm, Esq., Godfrey & Kahn, S.C., Milwaukee, WI, for Marshall & Isley Bank.

Trevor R. Hoffmann, Esq., Luskin, Stern & Eisler, LLP, New York, NY, for Societe Generale.

David C. McGrail, Esq., Dechert LLP, New York, NY, for Stein Roe Investment Council, Inc.


OPINION

ROSE MARY GAMBARDELLA, Bankruptcy Judge.

Before the Court is a motion to dismiss an adversary proceeding brought on behalf of the Debtor, G-I Holdings, Inc. (hereinafter "G-I Holdings"), by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. (hereinafter the "Committee") against Building Materials Corporation of America (hereinafter "BMCA") and a multitude of financial institutions. More particularly, the following financial...

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