IN RE MF GLOBAL HOLDINGS LTD.

No. 11-15059 (MG).

469 B.R. 177 (2012)

In re MF GLOBAL HOLDINGS LTD., et al., Debtors.

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

April 10, 2012.


Attorney(s) appearing for the Case

Morrison & Foerster LLP, By: Brett H. Miller, Esq. , Lorenzo Marinuzzi, Esq. , New York, NY, for Louis J. Freeh, Chapter 11 Trustee.

Hughes Hubbard & Reed LLP, By: James B. Kobak, Jr., Esq. , Jeffrey S. Margolin, Esq. , New York, NY, for James W. Giddens , Trustee for the SIPA Liquidation of MF Global Inc.

Allen & Overy LLP, By: Ken Coleman, Esq. , Stephen Doody, Esq. , Andrew Dove, Esq. , New York, NY, for MFG Assurance Company.

Troutman Sanders LLP, By: Brett D. Goodman, Esq. , Leslie S. Ahari, Esq. , New York, NY, for U.S. Specialty Insurance Company.

Ford Marrin Esposito Witmeyer & Gleser, L.L.P., By: John J. Witmeyer III, Esq. , Jon R. Grabowski, Esq. , New York, NY, for Sapere Wealth Management LLC, Granite Asset Management and Sapere CTA Fund, L.P.

Cole, Schotz, Meisel Forman, & Leonard, P.A., By: John H. Drucker, Esq. , Laurence May, Esq. , Jill B. Beinstock, Esq. , New York, NY, for the Lead Plaintiffs.

Nisen & Elliott, LLC, By: Michael H. Moriano, Esq. , Claire E. Gorman, Esq. , Brittany E. Kirk, Esq. , Carey & Hartmann, By: Peter B. Carey, Esq. , Katherine T. Hartmann, Esq. , Law Offices of Edward T. Joyce and Associates, P.C., By: Edward T. Joyce, Esq. , Rowena T. Parma, Esq. , Chicago, IL, for Henning-Carey Proprietary Trading, LLC, Charles Carey, Joseph Niciforo, Robert Tierney, Brian Fisher, Shane McMahon, Michael Mette, and Timothy Zaug.

Entwistle & Cappucci LLP, By: Andrew J. Entwistle, Esq. , Joshua K. Porter, Esq. , Jordan A. Cortez, Esq. , New York, NY, for the Representative Customer Group.

Mark Schlachet, By: Mark Schlachet, Esq. , Cleveland, OH, for the Sangani Family LP.


MEMORANDUM OPINION LIFTING AUTOMATIC STAY TO PERMIT PAYMENTS OF DEFENSE COSTS UNDER CERTAIN INSURANCE POLICIES

MARTIN GLENN, Bankruptcy Judge.

Two of the Debtors'1 insurance providers have sought relief from the automatic stay, to the extent applicable, to advance or pay defense costs on behalf of present or former directors, officers, and employees of the Debtors (i) that have been...

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