Free Statement - District Court of Delaware - Delaware

‘ Case 1 :07-cv-00345-JJF Document 28 Filed 06/12/2008 Page 1 of 3
UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE ‘
)
In re: )
) .
PLAS SEIN INTERNATIONAL ) CHAPTER 7
CORP., etal. (n/k/a PL Liquidation Corp.), )
) Bankr. Case No. O3-l l489—KG
Debtors.1 ) J ointly Administered
`
) Adversary Proceeding No.
) 05-50692-KG
WILLIAM BRANDT, as he is )
the Trustee ofthe Estate of ` ) I
Plassein International Corp., et al., )
J
Appellant, )
)
v. » )
_ ) Civil Action No. 07-345-JJF
B.A. Capital Co. LP, )
The Andrew Marshall Forsberg Trust, )
Ethel Forsberg Revocable Trust, )
Janis Rae Forsberg Trust, )
Frank John McCarthy, Daniel R. Orris, )
Bernadine Orris, Charles J. Warr, )
Paul D. Gage, Stephen S. Wilson, )
G. Kenneth Pope, Jr., Kenneth Olenler, )
Daniel A. Jones, III, Sam Chebeir, )
Thomas F. Ray, Ruth L. Fischbach, )
Mark R. Freedman, Robert N. Zeitlin, )
· Sidney Zeitlan, ZFC Associates, Inc., )
William G. Russell, Robert N. Zeitlin 1999 )
Charitable Remainer Unitrust, )
)
Appellees. )

STATEMENT OF ISSUES PRESENTED ON APPEAL
I A Additional Debtors include all of Plassein International Corp.’s wholly—owned domestic
` subsidiaries: Plassein Intemational of Martin, Inc.; Plassein International of Ontario, LLC;
Plassein International of Salem, Inc.; Plassein International of Spartanburg, Inc.; Plassein
International of Thomasville, Inc.; and Teno Films, Inc.

Case 1 :07-cv-00345-JJF Document 28 Filed 06/12/2008 Page 2 of 3
· I William Brandt, as Truste ofthe Estates of Plassein International Corp., etal., by
and through undersigned counsel, and pursuant to Fed. R. Civ. P. 6(b), hereby states the
issues to be presented on appeal, for the appeal filed under 28 U.S.C. § l58(d) of the
order ofthe Honorable Joseph J. Farnan, Jr. of May 15, 2008 [Dock. No. 25; related ‘
Dock. No. 24]2 affirming the order of the Honorably Kevin Gross entered in the above— 8
captioned adversary proceeding on April 20, 2007 [D.I. No. 7l; related D.I. No. 70].
Statement of Issues Presented on Appeal
l) Whether the District Court erred in affirming the Bankruptcy Court’s finding that
§ 546(e) of the Bankruptcy code applies to a transaction that does not involve the
sale or transfer of a publicly traded security'?
2) Whether the District Court erred in affirming the Bankruptcy Court’s finding that
under the plain language of §74l(8) of the Bankruptcy Code, only settlement
payments “commonly used in the securities trade," that is, made with respect to
publicly traded securities, fall within the exception provided by §546(e) of the
United States Bankruptcy Code?
3) Whether the District Court erred in affirming the Bankruptcy Court’s finding that ~
the Complaint failed to state a claim for relief because the transfers alleged were
made by a non-debtor (Plassein Packaging Corp.) where the record clearly
establishes that Plassein Packaging Corp. changed its name to Plassein
international Corp., a debtor, upon the completion of the transaction at issue?
2 "Dock. N0." shall refer to the docket on appeal in this matter in the District Court and "D.I. No."
shall refer to the docket in the underlying adversary proceeding in the Bankruptcy Court.

Case 1 :07-cv-00345-JJF Document 28 Filed 06/12/2008 Page 3 of 3
4) Whether the District Court erred in affirming the Bankruptcy Court’s holding that
Brandt was required to allege actual intent to defraud in order to collapse the
transactions constituting a leveraged buyout and thereby state a claim under the
Delaware Fraudulent Transfer Act, 6 Del. C. §§1304 and 1305?
Dated: June l2, 2008
Wilmington, Delaware 1
CROSS & SIMON, LLC
BYÂ¥
V Christopher P. Simon (No. 3697)
Kevin S. Mann (No. 4576)
913 North Market Street, 11th Floor
P.O. Box 1380
Wilmington, DE 19899-1380
V (302) 777-4200
.. ...
Charles R. Bennett, Jr. (BBO #037380)
I-IANIFY & KING, P.C.
One Beacon Street
Boston, MA 02108
(617) 423 -0400
Attorneys for William Brandt, as he
is Trustee ofthe Chapter 7 Estates of
PL Liquidation Corp., j7lda Plassein
International Corp., et al.

Case 1:07-cv-00345-JJF Document 28-2 Filed 06/12/2008 Page 1 of 1
· CERTIFICATE OF SERVICE
I, Christopher P. Simon, Esquire do hereby certify that on this 12th day of June, 2008, I
caused copies of the Statement oflssues Presented 0n Appeal to be served upon the parties listed
below as indicated:
VIA FIRST CLASS MAIL VIA HAND DELIVERY
Karen E. Wagner Robert J. Steam Jr.
Elliot Moskowitz Richard Layton & Finger, P.A.
Davis Polk & Wardwell One Rodney Square
450 Lexington Avenue 920 North King Street
NY, NY 10017 Wihnington, DE 19801
James A. Sarna, Esquire Laurie Polleck
Sarna & Associates, PC J aspan Schleslinger Hoffman LLP
99 Main Street 913 North Market Street,
Nyack, NY 10960 12th Floor
Wilmington, DE 19801
Richard A. Johnston, Esq.
Mark A. Fleming, Esq. Ricardo Palacio, Esq.
Wilmer Cutler Pickering Hale Dorr LLP Ashby & Geddes, P.A.
60 State Street 500 Delaware Avenue
Boston, Massachusetts 02109 Wilmington, DE 19801
Laurie Selber Silverstein, Esq.
_ _ Potter Anderson & Corroon LLP
1313 N. Market Street
Hercules Plaza, 6th Floor
Wilmington DE 19801
Christopher P. Simon (DE Bar No. 3697)