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IN RE VERESTAR, INC.

Bankruptcy No. 03-18077(ALG), Adversary Nos. 05-03635, 05-02259.

343 B.R. 444 (2006)

In re VERESTAR, INC., et al., Debtors. Official Committee of Unsecured Creditors of Verestar, Inc., Verestar Networks, Inc. and Verstar International, Inc. for and on behalf of itself and Verstar, Inc., Verestar Networks, Inc. and Verestar International, Inc., Plaintiffs, v. American Tower Corporation, Bear, Stearns & Co., Inc., Justin Benincasa, Norman A. Bikales, Alan Box, Arnold Chavkin, Steven B. Dodge, David W. Garrison, William H. Hess, David Kagan, Marc Layne, Jack R. McDonnell, Michael Milsom, Scott Moskowitz, Steven J. Moskowitz, Raymond O'Brien, Matthew Petzold, David J. Porte, Bradley E. Singer, James Taiclet and Joseph L. Wynn, Defendants.

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

June 9, 2006.

Attorney(s) appearing for the Case

Kasowitz, Benson, Torres & Friedman LLP, by David S. Rosner, Esq., Cindy C. Kelly, Esq., Michael J. Bowe, Esq., Brian Condon, Esq., Erin Zavalkoff, Esq., New York, NY, for the Official Committee of Unsecured Creditors.

King & Spalding LLP, by Barry N. Seidel, Esq., Scott E. Eckas, Esq., New York, NY, for American Tower Corporation and the Individual Defendants.

Kramer, Levin, Naftalis & Frankel, LLP, by Barry H. Berke, Esq., Stephen M. Sinaiko, Esq., New York, NY, for the Bear Stearns Defendants.

MEMORANDUM OF OPINION

ALLAN L. GROPPER, Bankruptcy Judge.

These are motions to dismiss filed by the defendants in two separate lawsuits brought by the Official Committee of Unsecured Creditors (the "Committee") of Verestar, Inc. and affiliates ("Verestar") in connection with the above-captioned Chapter 11 cases. The Committee has sued the following defendants: American Tower Corporation ("ATC"), Verestar's parent corporation; Bear Stearns & Co...

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