NEW YORK--(BUSINESS WIRE)--The following is a letter from Karen Wagner, Davis Polk & Wardwell to the U.S. Bankruptcy Court.
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February 3, 2011 |
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| Re: Picard v. Katz, No. 10-05287 (BRL) | ||||
| The Honorable Burton R. Lifland | ||||
| United States Bankruptcy Court | ||||
| Southern District of New York | ||||
| One Bowling Green | ||||
| New York, New York 10004 | ||||
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Dear Judge Lifland: |
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We represent defendants in the above-referenced action, in which motions to unseal the complaint currently are pending. We are in receipt of David Sheehan’s letter of today to Your Honor, in which he requests that the Court unseal the complaint in this matter as soon as practicable prior to the February 9, 2011 hearing date. We write to inform Your Honor that the defendants do not oppose the pending motions and, therefore, agree that the complaint should be unsealed immediately. |
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As Your Honor is aware, the complaint was filed by the Trustee under seal to further settlement discussions. Those discussions have ended in the wake of a series of events that stemmed from the actions of “two lawyers involved in the case” who, in conjunction with The New York Times, took it upon themselves to violate this Court’s orders and to disclose confidential information that is either in the complaint or was otherwise provided or discussed in confidence. As a result, one-sided and misleading information was publicly disseminated, both about the complaint and the defendants. These leaks resulted in a media storm to which we were forced to respond. At no point did we respond to repeated questions about the content of the complaint. |
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The defendants have strong objection to the heated rhetoric and unfounded conclusions in the complaint. Further, many of the key allegations are made “upon information and belief,” even though they are contrary to the factual record developed by the Trustee in his pre-complaint discovery. |
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Nevertheless, the objective of keeping the complaint sealed are no longer being served, so defendants consent to its immediate unsealing. |
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Respectfully yours, |
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Karen E. Wagner |
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cc: David Sheehan, Esq. Fernando Bohorquez, Esq. Daniel Kummer, Esq. George Freeman, Esq. |
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