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IN RE ENRON CREDITORS RECOVERY CORP.

Bankruptcy No. 01 B 16034(AJG). Adversary Nos. 03-92677 A, 03-92682 A.

407 B.R. 17 (2009)

In re ENRON CREDITORS RECOVERY CORP., et al., Reorganized Debtors. Enron Creditors Recovery Corp., et al., Plaintiff, v. J.P. Morgan Securities, Inc., et al., Defendants. Enron Creditors Recovery Corp., et al., Plaintiff, v. Mass Mutual Life Insurance Co., et al., Defendants.

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

June 29, 2009.

Attorney(s) appearing for the Case

Michael Schatzow, Esq., Venable LLP, Baltimore, MD, Robert L. Wilkins, Esq., Colleen M. Mallon, Esq., Washington, DC, Special Litigation Counsel for Enron Creditors Recovery Corp., et al.

Howard P. Magaliff, Esq., Togut, Segal & Segal, LLP, New York, NY, Co-Counsel for Enron Creditors Recovery Corp.

Sabin Willett, Esq., Mark M. Elliot, Esq., Eric A. Heining, Esq., Bingham McCutchen LLP, Boston, MA, Counsel for ING VP Balanced Portfolio, Inc., ING VP Bond Portfolio, and Aeltus Investment Management, Inc.

Michael L. Cook, Esq., Victoria A. Lepore, Esq., Schulte Roth & Zabel LLP, New York, NY, Counsel for Alfa, S.A.B. de C.V.

Katharine B. Gresham, Esq., Securities and Exchange Commission, Washington, D.C.

OPINION CONCERNING MOTIONS FOR SUMMARY JUDGMENT

ARTHUR J. GONZALEZ, Bankruptcy Judge.

The issue presented concerns whether the 11 U.S.C. § 546(e) safe harbor, which shields settlement payments from avoidance actions, extends to a transaction in which commercial paper is redeemed by the issuer prior to maturity. The Court finds that, where commercial paper is redeemed by the issuer prior to maturity, thereby extinguishing the commercial paper,

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