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IN RE NORTEL NETWORKS, INC.

No. 11-1895.

669 F.3d 128 (2011)

In re NORTEL NETWORKS, INC., et al., Debtors. Trustee of Nortel Networks UK Pension Plan; Board of the Pension Protection Fund, Appellants.

United States Court of Appeals, Third Circuit.

Filed: December 29, 2011.

Attorney(s) appearing for the Case

Marc Abrams , Brian E. O'Connor (Argued), Willkie, Farr & Gallagher, New York, NY, Justin R. Alberto , Charlene D. Davis , The Bayard Firm, Wilmington, DE, for Appellants.

Derek C. Abbott , Ann C. Cordo , Morris, Nichols, Arsht & Tunnell, Wilmington, DE, James L. Bromley , Deborah M. Buell (Argued), Neil P. Forrest , Cleary, Gottlieb, Steen & Hamilton, New York, NY, for Debtors-Appellee Nortel Networks.

David H. Botter , Fred S. Hodara , Akin, Gump, Strauss, Hauer & Feld, New York, NY, L. Rachel Lerman , Akin, Gump, Strauss, Hauer & Feld, Los Angeles, CA, Patricia A. Millett (Argued), Akin, Gump, Strauss, Hauer & Feld, Washington, DC, Mark D. Collins , Christoper M. Samis , Richards, Layton & Finger, Wilmington, DE, for Appellee, Official Comm. of Unsecured Creditors.

Before: SLOVITER, SCIRICA, and SMITH, Circuit Judges.

OPINION OF THE COURT

SLOVITER, Circuit Judge.

The bankruptcy proceeding that is the subject of this appeal is one of three matters pending in three jurisdictions. We are advised by the parties that the amount ultimately at issue is between 8 or 9 billion dollars. The specific issue before us is the interpretation of the police power exception to the automatic stay contained in 11 U.S.C. § 362(b)(4). The Bankruptcy Court, affirmed by the District Court...

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