Free Statement - District Court of Delaware - Delaware

Case 1:04-cv-00951-JJF Document 51 Filed 08/17/2005 Page 1 of 3
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE
In re: Chapter ll
OAKWOOD HOMES CORPORATION, et al., Bankr. Case N0. 02-13396 (PJ W)
Debtors. Jointly Administered
JPMORGAN CHASE BANK, TRUSTEE,
Appellant,
vs. Civil Action N0. 04-951-JJF
U.S. BANK NATIONAL ASSOCIATION,
Appellee.
STATEMENT OF THE OHC LIQUIDATION TRUST
IN RESPONSE TO THE LIMITED OPPOSI TION AND
ALTERNATIVE PROPOSALS OF JPMORGAN CHASE BANK
IN RESPONSE T O THE OH C LIQUIDATION TRUST’S MOTION
FOR PARTIAL RELIEF FROM THE COURT’S SEPTEMBER 28, 2004
ORDER GRANTINGAPPELLANTS MOTION FOR STAY PENDING APPEAL
The OHC Liquidation Trust (the “Trust”), by and through its undersigned
counsel, respectfully submits this statement in response to the Limited Opposition and
Alternative Proposals of JPMorgan Chase Bank in Response to the OHC Liquidation Trust 's
Motion for Partial Relief from the Court 's September 28, 2004 Order Granting Appellant 's
Motion for Stay Pending Appeal, dated August I5, 2005 (the "JPMorgan Response").

Case 1:04-cv-00951-JJF Document 51 Filed 08/17/2005 Page 2 of 3
l. The following representations are made in the JPMorgan Response: (a)
"[u]pon information and belief, the Trustee has indicated that recovery is currently estimated to
be 50% or more" (JPMorgan Response at 11 1); (b) "Section 8(c) of the Plan expressly requires a
Disputed Claims Reserve of $36,704,574 for the Limited Guarantee Claims, based on the current
estimated 50% recovery under the Plan for unsecured creditors" (Q. at 9); and (c) "the Trustee
has indicated that recovery is currently estimated to be 50% or more" (Q. at 10).
2. These representations are inaccurate. Neither the Trust nor its trustee (the
"Trustee") have ever publicly or privately provided any party or any court an estimate of total
recoveries to unsecured creditors. Accordingly, the Trust and Trustee refute any attribution to
them of any estimate of total recoveries to unsecured creditors in the cases, including the
statement that recoveries are "estimated to be 50% or more."
3. To date, the Trust has distributed to unsecured creditors and into disputed
claims reserves 22.25% of amounts claimed. No guarantees or assurances can be given
regarding the amount or extent of further distributions to unsecured creditors.
Dated: Wilmington, Delaware
August 17, 2005
M , NICHOLS, ARSHT & NNELL
Robert J. Dehney (N . 3578)
Michael G. Busenkell (No. 393 )
Gilbert R. Saydah, Jr. (No. 4304)
1201 North Market Street
P.O. Box 1347
Wilmington, Delaware 19899
Tele: (302) 658-9200
Fax: (302) 658-3989
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Case 1 :04-cv-00951-JJF Document 51 Filed 08/17/2005 Page 3 of 3
BROWN RUDNICK BERLACK ISRAELS LLP
Robert J. Stark
Seven Times Square
New York, New York 10036
Tele: (212) 209-4800
Fax: (212-209-480l
Email: rstarkgcgbrownrudnick.com
CO-COUNSEL TO THE OHC LIQUIDATION
TRUST
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