Court of Chancery of Delaware

Declaratory judgment for defendant is issued in a dispute between plaintiff, issuing corporation, and noteholders involving plaintiff's use of restricted assets to enter into natural gas purchase contracts where plaintiff's use of funds to enter into the disputed contracts was impermissible.

Appellate Information

• Decided 11/23/2005
• Published 12/12/2005

Judges

Court

• Court of Chancery of Delaware

Counsel

• For Appellant:
  
• Edmond D. Johnson, Peter B. Ladig, The Bayard Firm, Wilmington, DE;  Robert P. Haney, Jr., Covington & Burling, New York City, for Plaintiff., Richard D. Allen, Robert J. Dehney, S. Mark Hurd, Morris, Nichols, Arsht & Tunnell, Wilmington, DE;  Laurence Greenwald, Robin Keller, Wendell H. Adair, Stroock & Stroock & Lavan, L.L.P., New York City, for Intervenor Wilmington Trust Company as Second Lien Indenture Trustee.


• For Appellees:
  
• M. Duncan Grant, Pepper Hamilton, L.L.P., Wilmington, DE;  James Gadsden, William H. Sloane, Karl Schaffer, Carter Ledyard & Milburn, L.L.P., New York City, for Defendant The Bank of New York., Bernard G. Conaway, Sheldon K. Rennie, Fox Rothschild, L.L.P., Wilmington, DE;  Joseph F. Ryan, Steven B. Levine, Lisa M. Kelsey, Robert L. Harris, Brown Rudnick Berlack Israels, L.L.P., Boston, MA;  Edward S. Weisfelner, Sigmund S. Wissner-Gross, Brown Rudnick Berlack Israels, L.L.P., New York City, for Defendant Wilmington Trust Company as First Lien Indenture Trustee.