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In re Financial Guaranty Ins. Co.

Supreme Court of New York, New York County

July 31, 2013

In the Matter of the Rehabilitation of FINANCIAL GUARANTY INSURANCE COMPANY. No. 401265/12.

Editorial Note:

This decision has been referenced in a table in the New York Supplement.

Weil Gotshal & Manges, LLP, New York, for Petitioner.

DORIS LING-COHAN, J.

The following papers, numbered were considered on this order to show cause:

PAPERS NUMBERED
Notice of Motion/Order to Show Cause,— Affidavits— Exhibits 1. 2, 3
Answering Affidavits— Exhibits _________________________
Replying Affidavits _________________________
Cross-Motion:[ ] Yes [X] No

The court declines to sign this Order to Show Cause (OSC), brought by investors Monarch Alternative Capital LP, Stonehill Capital Management LLC, Bayview Fund Management LLC, CQS ABS Master Fund Limited, and CQS ABS Alpha Master Fund Limited (jointly " the Investors" ), to: (1) intervene in this Rehabilitation proceeding pursuant to CPLR 1012(a)(2) or (3), or CPLR 1013; and (2) conduct limited and expedited discovery pursuant to CPLR 408.

Procedural History

This is a rehabilitation proceeding, brought under New York Insurance Law (N.Y.IL) Article 74, in which a rehabilitator of Financial Guaranty Insurance Company (FGIC) was appointed without objection, by order dated June 28, 2012. Pursuant to such appointment, the rehabilitator proposed the Plan of Rehabilitation, and thereafter the First Amended Plan of Rehabilitation. Numerous objections to the proposed plan were filed with the court by interested parties. After much negotiation between the rehabilitator and the interested parties, all objections were settled or withdrawn prior to the hearing date scheduled for oral arguments on approval of the proposed plan. Thus, this court approved, without objection, the First Amended Plan of Rehabilitation for FGIC by order dated June 11, 2013.

FGIC currently seeks this Court's approval of a tentative settlement agreement (mot.seq. no. 016), negotiated in the Bankruptcy case of Residential Capital (Bankruptcy case), and entered into on May 23, 2013. Approval is also being sought in the Bankruptcy case, as approval by both courts is necessary. Three objections to such settlement agreement were received by the court on July 16, 2013. By this OSC, the Investors, having ...


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