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IN RE DOWNEY FINANCIAL CORP.

Case No. 08-13041(CSS) Jointly Administered Adv. Proc. No. 10-53731(CSS).

499 B.R. 439 (2013)

IN RE: DOWNEY FINANCIAL CORP., Debtor. Alfred T. Giuliano, in his capacity as interim Chapter 7 Trustee for Downey Financial Corp., Plaintiff, and Wilmington Trust in its capacity as Indenture Trustee, as Intervening Plaintiff, v. Federal Deposit Insurance Corporation, in its capacity as Receiver For Downey Savings & Loan Association, F.A., Defendant.

United States Bankruptcy Court, D. Delaware.

October 8, 2013.

Attorney(s) appearing for the Case

Fox Rothschild LLP, L. John Bird , 919 North Market Street, Suite 1300, Wilmington, DE 19899, and Michael G. Menkowitz , William H. Stassen , 2000 Market Street, 10th Floor, Philadelphia, PA 19103-3291, and Raymond M. Patella , 1301 Atlantic Avenue, Midtown Building-Suite 400, Atlantic City, NJ 08401, Attorneys for Alfred T. Giuliano as interim Chapter 7 Trustee for the Estate of Downey Financial Corp.

Otterbourg, Steindler Houston & Rosen, P.C, Melanie L. Cyganowski , Peter Feldman , 230 Park Avenue, New York, New York 10169, and McCarter & English, LLP, William F. Taylor, Jr. , Kate R. Buck , Renaissance Centre, 405 North King Street, 8th Floor, Wilmington, DE 19801,

Federal Deposit Insurance Corporation, Federal Deposit Insurance Corporation, Legal Division, Kathryn R. Norcross , Sonya L. Levin , 3501 Fairfax Drive, Arlington, VA 2226, Counsel for the Federal Deposit Insurance Corporation, in its Capacity as Receiver.

Blank Rome LLP, Michael D. DeBaeke , Victoria Guilfoyle , 1201 Market Street, Suite 800, Wilmington, DE 19801, and Schulte Roth & Zabel LLP, Alan R. Glickman , Brian D. Pfeiffer , William H. Gussman, Jr. , 919 Third Avenue, New York, N.Y. 10022, Counsel to Wilmington Trust Company As Indenture Trustee.

Chapter 7

RE: Adv. Docket Nos.: 79 and 81

OPINION1

Sontchi, J.

INTRODUCTION

This matter requires the Court to determine whether a substantial tax refund is property of the estate due to a tax sharing agreement between the debtor, Downey Financing Corp. ("DFC" or the "Debtor"), and its non-debtor subsidiary, Downey Savings and Loan Association, F.A. ("Downey Bank"). The tax sharing agreement...

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