IN RE ADELPHIA COMMUNICATIONS CORP.

No. 02-41729. No. 07 Civ. 1172(SAS).

367 B.R. 84 (2007)

In re ADELPHIA COMMUNICATIONS CORPORATION, et al., Debtors. ACC Bondholder Group, Appellants, v. Adelphia Communications Corporation, et al., Appellees.

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

April 2, 2007.


Attorney(s) appearing for the Case

Weil, Gotshal & Manges LLP, by: Martin J. Bienenstock, Esq., Brian S. Rosen, Esq., Richard W. Slack, Esq., Vernon S. Broderick, Esq., New York, NY, by: Melanie Gray, Esq., Sylvia Mayer, Esq., Houston, TX, Stutman, Treister & Glatt P.C., by: Isaac M. Pachulski, Esq., Stephan M. Ray, Esq., Los Angeles, CA, for the ACC Bondholder Group.

Willkie Farr & Gallagher LLP, by: Marc Abrams, Esq., Brian E. O'Connor, Esq., Roger D. Netzer, Esq., Paul V. Shalhoub, Esq., Terence K. McLaughlin, Esq., New York, NY, for Debtors and Debtors in Possession.

Kasowitz, Benson, Torres & Friedman LLP, by: David M. Friedman, Esq., Adam L. Shiff, Esq., Michael C. Harwood, Esq., New York, NY, for the Official Committee of Unsecured Creditors.

Morgenstern Jacobs & Blue LLC, by: Gregory A. Blue, Esq., Eric B. Fisher, Esq., New York, NY, for Official Committee of Equity Security Holders.

Sheppard Mullin Richter & Hampton LLP, by: Metter H. Kurth, Esq., Los Angeles, CA, for U.S. Bank National Association, as Indenture Trustee in Respect of the Arahova Notes.

Seward & Kissel LLP, by: Arlene R. Alves, Esq., New York, NY, for Law Debenture Trust Company of New York, as ACC Senior Notes Trustee.

White & Case LLP, by: J. Christopher Shore, Esq., New. York, NY, for the Ad Hoc Committee of Arahova Noteholders.

Fried Frank Harris Shriver & Jacobson LLP, by: Gary L. Kaplan, Esq., New York, NY, for W.R. Huff Asset Management Co., L.L.C.

Haynes and Boone, LLP, by: Robin E. Phelan Esq., Judith Elkin, Esq., New York, NY, for Bank of America, N.A., as Administrative Agent for the Century Cable Lenders.

Bracewell & Giuliani, LLP, by: Jennifer Feldcher, Esq., New York, NY, for the Ad Hoc Committee of Non-Agent TCI and Parnassos Lenders.

Simpson Thacher & Bartlett LLP, by: Peter Pantaleo, Esq., Elisha D. Graff, Esq., New York, NY, for Wachovia Bank, N.A., as Administrative Agent for the UCA Lenders.

Mayer, Brown, Rowe & Maw LLP, by: Kenneth E. Noble, Esq., New York, NY, for Bank of Montreal, as Administrative Agent for the Olympus Lenders.

Goodwin Procter LLP, by: Michael K. Isenman, Esq., Washington, D.C., by: Gina Lynn Martin, Esq., Boston, MA, by: Allan S. Brilliant, Esq., New York, NY, for Highfields Capital Management and Tudor Investment Corporation.

Pachulski, Stang, Ziehl, Young, Jones & Weintraub LLP, by: Dean Ziehl, Esq., New York, NY, by: Richard Pachulski, Esq., Los Angeles, CA, for Ad Hoc Bondholders' Committee (a/k/a Committee II).

Clifford Chance U.S. LLP, by: Andrew Brozman, Esq., James Moyle, Esq., New York, NY, for Calyon New York Branch.

Clifford Chance U.S. LLP, by: Angelique Shingler, Esq., New York, NY, for Bank of N.Y.

Cadwalader Wickersham & Taft LLP, by: Kathryn L. Turner, Esq., New York, NY, for Perry Capital, LLC.

Sidley Austin LLP, by: Lee S. Attanasio, Esq., New York, NY, for the Fort Myers Noteholders.

Ropes & Gray, LLP, by: David Elkind, Esq., New York, NY, for Satellite Asset Management, L.P.

Schulte Roth & Zabel, by: Adam C. Harris, Esq., New York, NY, to Och Ziff Capital Management and Chesapeake.

Cole, Schotz, Meisel, Forman & Leonard, P.A., by: John H. Drucker, Esq., New York, NY, for the Class Action Plaintiffs.

Kramer Levin Naftalis & Frankel LLP, by: Kenneth H. Eckstein, Esq., Jeffrey S. Trachtman, Esq., New York, NY, for the FrontierVision Ad Hoc Committee.

Latham & Watkins LLP, by: Robert J. Rosenberg, Esq., New York, NY, to the Olympus Noteholders Committee.

Milbank, Tweed, Hadley & Mc Cloy LLP, by: James C. Tecce, Esq., New York, NY, for JPMorgan Chase Bank.

Kirkland & Ellis LLP, by: Richard L. Wynne, Esq., Michael I. Gottfried, Esq., Los Angeles, CA, for Ad Hoc Committee of Lenders.

Cleary, Gottlieb, Steen & Hamilton, by: Lindsee P. Granfield, Esq., Luke A Barefoot, Esq., Jane Kim, Esq., New York, NY, for Certain Investment Banks.

Satterlee, Stephens, Burke & Burke, LLP, by: Christopher R. Belmonte, Esq., New York, NY, for Prestige Communications.

Shearman & Sterling, LLP, by: Marc B. Hankin, Esq., United States Securities and Exchange Commission, by: Patricia Schrage, Esq., New York, NY, for Rembrandt Technologies, L.P.

Kleinberg, Kaplan, Wolff & Cohen, PC, by: David Parker, Esq., New York, NY, for Elliot Associates, LP and John Pike.

Kelley, Drye & Warren, LLP, by: Geoffrey W. Castello, Esq., Parsippany, NJ, for Wilmington Trust Co.

Dorsey & Whitney, LLP, by: Katherine A. Constantine, Esq., Minneapolis, MN, for U.S. Bank, N.A., as Indenture Trustee.

Wilmer, Cutler, Pickering, Hale & Dorr, LLP, by: Joel Millar, Esq., New York, NY, for Credit Suisse and Royal Bank of Scotland.

Luskin, Tern & Eisler, LLP, by: Michael Luskin, Esq., New York, NY, for The Bank of Nova Scotia.

Farrell Fritz, P.C., by: Louis A. Scarcella, Esq., Uniondale, NY, for Associated Electric & Gas.

Brown Rudnick Berlack Israels, LLP, by: Steven D. Pohl, Esq., Boston, MA, for the Ad Hoc Adelphia Trade Claims Committee and Ad Hoc Committee of Holding Company Trade Claims.

Baker Botts, LLP, by: Eric Soderlund, Esq., Dallas, TX, Office of the United States Trustee, by: Tracey Hope Davis, Esq., New York, NY, for Verizon Media Ventures.


OPINION AND ORDER

SCHEINDLIN, District Judge.

The present dispute arises out of the approximately 230 jointly administered chapter 11 cases of Adelphia Communications Corporation ("ACC") and its subsidiaries (collectively, the "Debtors"). The ACC Bondholder Group1 appeals from the Bankruptcy Court's confirmation order (the "Confirmation Order") approving the First Modified Fifth Amended Joint Chapter 11 Plan (the "Plan...

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