Filing 14

ORDER denying 6 Emergency Motion for Stay of Plan Confirmation Pending Appeal. Signed by Judge David Frank Hamilton on 02/23/2006. (CEB, )

Download PDF
NATTEL, LLC. v. ATA HOLDINGS CORP. et al Doc. 14 Case 1:06-cv-00254-DFH-TAB Document 14 Filed 02/23/2006 Page 1 of 3 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF INDIANA INDIANAPOLIS DIVISION IN RE: ) ) NATTEL, LLC, ) ) Appellant, ) ) v. ) ) CASE NO. 1:06-cv-0254-DFH-TAB ATA HOLDINGS CORP., et al., ) MATLINPATTERSON GLOBAL ADVISERS ) LLC, and OFFICIAL COMMITTEE OF ) UNSECURED CREDITORS OF ATA ) HOLDINGS CORP., ) ) Appellees. ) ) IN RE: ) ) ATA HOLDINGS CORP., et al., ) Bankruptcy Court ) No. 04-19866 (BHL) Debtors. ) (Chapter 11) ORDER DENYING EMERGENCY MOTION FOR STAY OF PLAN CONFIRMATION PENDING APPEAL The court held a hearing on February 23, 2006 on appellant's emergency motion for stay of plan confirmation pending appeal of the decision of the United States Bankruptcy Court confirming a plan of reorganization and denying a stay pending appeal. Counsel for appellant, debtors, and the official creditors committee appeared and presented argument. The appellant's motion for a stay pending appeal is hereby denied for reasons set forth in more detail in open court Case 1:06-cv-00254-DFH-TAB Document 14 Filed 02/23/2006 Page 2 of 3 on the record. In summary, appellant has not shown a likelihood of success as to its standing or the merits of its appeal, and it has not shown any likelihood of substantial irreparable harm if a stay is denied. The balance of harms overwhelmingly favors denial of a stay, as does the public interest. Even if the court were inclined to grant any stay, it would be necessary to require security of at least $250 million in cash or its equivalent because of the serious risk that a stay would upset the complex set of inter-related transactions scheduled for closing no later than February 28, 2006, which are essential for the continued viability of the debtors. So ordered. Date: February 23, 2006 Time: 6:30 p.m. DAVID F. HAMILTON, JUDGE United States District Court Southern District of Indiana -2- Case 1:06-cv-00254-DFH-TAB Document 14 Filed 02/23/2006 Page 3 of 3 Copies to: Lisa Beckerman Akin Gump Strauss Hauer & Feld LLP C.R. Bowles Jr. Greenebaum Doll & McDonald PLLC James M. Carr BAKER & DANIELS Duncan N. Darrow Sidley Austin Brown & Wood LLP Terry Elizabeth Hall BAKER & DANIELS Shalom Kohn Sidley Austin Brown & Wood LLP Joseph F. McGonigal Office of the United States Trustee Jack E. Robinson NatTel, LLC -3-

Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.

Why Is My Information Online?