NATTEL, LLC. v. ATA HOLDINGS CORP. et al

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, )

NATTEL, LLC. v. ATA HOLDINGS CORP. et al

Doc. 14

Case 1:06-cv-00254-DFH-TAB

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Filed 02/23/2006

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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

Dockets.Justia.com

Case 1:06-cv-00254-DFH-TAB

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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

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Copies to: Lisa Beckerman Akin Gump Strauss Hauer & Feld LLP [e-mail] C.R. Bowles Jr. Greenebaum Doll & McDonald PLLC [e-mail] James M. Carr BAKER & DANIELS [e-mail] Duncan N. Darrow Sidley Austin Brown & Wood LLP [e-mail] Terry Elizabeth Hall BAKER & DANIELS [e-mail] Shalom Kohn Sidley Austin Brown & Wood LLP [e-mail] Joseph F. McGonigal Office of the United States Trustee [e-mail] Jack E. Robinson NatTel, LLC [e-mail]

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