United States Third Circuit

Dismissal of an adversary complaint filed by a bankrupt company's deferred compensation plan seeking secured, priority status for claims for benefits is affirmed over a claim that certain features of the plan obligated the corporation to fund a secular trust, outside the reach of creditors, for their exclusive benefit when a committee learned that the corporation was facing insolvency.

Appellate Information

• Argued 04/03/2006
• Decided 05/25/2006
• Published 05/25/2006

Judges

• RENDELL, Circuit Judge., Before RENDELL, SMITH, and BECKER , Circuit Judges.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• John M. Stull, Wilmington, DE, Thomas A. Johnson [Argued], Santa Barbara, CA, Counsel for Appellants, John Accardi;  David L. Backus;  Rochelle Bookspan;  Melissa L. Dubinsky;  Dennis G. Fenn;  John P. Franz;  William A. Gauntt;  Thomas W. Grimshaw;  David W. Hickman;  Warren C. Houseman;  Stephen C. Kenney;  James R. Mahoney;  Thomas R. Marti;  David W. Mayfield;  William H. McIntosh;  Roy McKinney;  David C. McMurtry;  Daniel C. Melchior, III;  Georgeann N. Morekas;  William C. Paris;  Matthew G. Radek;  Kevin R. Smith;  Louis Stout;  Leonard Yamamoto;  John E. Foley;  James M. Redwine;  Stewart Bornhoft;  Enzo Zoratto;  Polly Quick.


• For Appellees:
  
• Jeffrey M. Schlerf, The Bayard Firm, Wilmington, DE, John K. Cunningham, Ileana A. Cruz, White & Case, Miami, FL, Counsel for Appellees, IT Litigation Trust;  IT Group, Inc., and Their Affiliates, As Employers and Fiduciaries, Administrators and Sponsors of the Plan., Mark D. Collins, Jason M. Madron, Richards, Layton & Finger One Rodney Square, Wilmington, DE, Timothy L. Patten, Latham & Watkins, Washington, DC, Counsel for Appellees, Carlyle Partners II, LP, as Fiduciary of the Plan And/or Tortfeasor., Ronald S. Gellert, Eckert, Seamans, Cherin & Mellott, Philadelphia, PA, Mark A. Willard, Delia B. Bianchin, Sandra R. Mihok, Eckert, Seamans, Cherin & Mellott, Floor Pittsburgh, PA, Counsel for Appellee, Anthony DeLuca., Michael J. Prame [Argued], Groom Law Group Chartered, Washington, DC, Counsel for Appellee, Francis J. Harvey., Charles A. DeMonaco, Dickie, McCamey & Chilcote, Pittsburgh, PA, Counsel for Appellee, Harry J. Soose, as Fiduciaries of the Plan and as Officers.