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IN RE AMERICAN HOME MORTGAGE, HOLDINGS, INC.

Case No. 07-11047 (CSS) Jointly Administered. Adv. Proc. No. 11-51851 (CSS).

501 B.R. 44 (2013)

IN RE: AMERICAN HOME MORTGAGE, HOLDINGS, INC., a Delaware Corporation, et al., Debtors. Steven D. Sass, as Plan Trustee of the American Home Mortgage Plan Trust, Plaintiff, v. Barclays Bank PLC and Barclays Capital, Inc., Defendants.

United States Bankruptcy Court, D. Delaware.

Filed November 8, 2013.

Attorney(s) appearing for the Case

Morris, Nichols, Arsht & Tunnell LLP, Gregory W. Werkheiser , Erin R. Fay , 1201 North Market Street, Wilmington, DE 19899, Linklaters LLP, Lance Croffoot-Suede , Paul Hessler , 1345 Avenue of the Americas, New York, NY 10105, Counsel for Defendants.

Young, Conaway, Stargatt & Taylor, LLP, Sean M. Beach , Michael S. Neilburg , 1000 North King Street—Rodney Square, Wilmington, DE 19899, Han & Hessen LLP, Mark S. Indelicato , Edward L. Schnitzer , 488 Madison Avenue, New York, NY 10022, Counsel for Plaintiff.

Chapter 11

OPINION1

Sontchi, J.

INTRODUCTION

The question before the Court is whether an (alleged) agreement to setoff amounts owed to affiliates of a counterparty (a so called "triangular setoff") is enforceable under the "safe harbor" provisions in sections 559-561 of the Bankruptcy Code. Prior to their bankruptcy, AHM Investment, one of the Debtors,2 was a party...

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