Bearingpoint inc liquidating trust

The Trustee wishes to be relieved from requirements in each that provide, in substance, that any claims against Bearing Point's former officers and directors must be brought in this Court and nowhere else. 9024), for entry of an order granting limited relief from provisions in Bearing Point's chapter 11 Plan and Confirmation Order.On balance, I don't think I can find it to be in the best interests of the estate for the estate to release away these claims now based on the amalgam of the consideration or perhaps more properly, lack of consideration provided to date and the investigation that took place before giving up these claims. at 269, in a case that to be sure, had a materially higher level of creditor aggressiveness and discord and which involved claims that might have been asserted vis-a-vis a different stage in the Chapter 11 process, I'll be able to tell the difference between legitimate claims on the one hand and harassment, retaliation or frivolous litigation on the other. I listened very carefully, especially to the modifications to the plan. To the extent that the liquidating trustee determines as a jurisdictional matter, that he wants to sue somebody and can only get jurisdiction in state court, can you consider supplementing your direction to modify the plan, such that a scenario such as that would come to you first for the determination of the propriety of the claim? I will not be the trier of fact, at least in any way that is dispositive.But once more, I can and will find it to be in the best interests of the estate to modify the plan, which in light of the way the plan was structured, I don't believe requi[r]es re-solicitation to provide that any such claims if they are to be brought, be brought before me or a district judge in this [district] for at least several reasons that I articulated before. And though the Targets then try to expand my knowledge of Bearing Point affairs into some kind of knowledge by the district judges in this district as well, do not assert (nor do I think that they could) that any of the 38 or so district judges in this district has any knowledge of the "surrounding facts," even assuming that such knowledge could be appropriately utilized.Outside his professional life, John serves as an Assistant Scoutmaster to Boy Scout Troop 70 and as a Cubmaster to Cub Scout Pack 55, both in Dallas.As a youth he earned the Eagle Scout award and served as a Majority Floor Page in the United States Senate throughout his senior year of high school.Among those claims were claims for alleged breaches of fiduciary duty against Those claims would be brought in the context of provisions inserted into the Plan, and the related confirmation order, and rulings that I issued, late in the chapter 11 case, all as described below.

The targets of the litigation that the Trustee wishes to bring—Bearing Point's former CEO and eight directors (the "")—who were the beneficiaries of the provisions in question, oppose the motion. I normally would be quite reluctant to modify a confirmation order—even where, as here, there are no issues of unscrambling eggs and no detrimental reliance by the objecting parties on the provisions in question.For reasons set forth at length below, I required that the bankruptcy court and the district court in the Southern District of New York have exclusive jurisdiction over actions such as the one that the Trustee would like to bring. I'll give you and the trustee a reservation of rights on that issue and anybody who might feel differently as well. Thereafter, the Trustee determined to commence litigation against the Targets on claims that had been carved out from the releases.Thus, Article XI of the Plan provides for this Court to exercise exclusive jurisdiction of future disputes "arising out of, or related to, the Chapter 11 Cases." And Confirmation Order ¶ 34(c), captioned "Limited Releases," provides for exclusive jurisdiction for the federal courts in the Southern District of New York over the claims that weren't released. The Trustee provided me with a draft complaint, and subjected it to my threshold review.John's fee schedule is available at degrootepartners.com/mediation-arbitration.John De Groote is a member of our TX chapter, The Texas Academy of Distinguished Neutrals, the state's premier roster of attorney mediators and arbitrators.On December 22, 2009, Bearing Point's reorganization plan was confirmed.

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