On August 17, 2018, the Court issued its Opinion and Order Granting and Denying in Part Cross Motions for Summary Judgment.
In its Order, the Court held that the ERS Bondholders’ asserted liens on ERS assets were not perfected and could be avoided (i.e., disqualified) by the Financial Oversight & Management Board (FOMB).
The Court’s decision followed extensive briefing on the legal issues, as well as oral argument in December 2017, at which counsel for the Retiree Committee argued along with the FOMB that the ERS Bondholders were not perfected.
On August 20, 2018, the ERS Bondholders, the FOMB, and the Retiree Committee submitted a Joint Stipulation stating that the Court should deny the ERS Bondholders’ pending motion for relief from the automatic stay on the basis that the motion was resolved and rendered moot by the Court’s August 17, 2018 Order.
The ERS Bondholders reserved all rights, including to seek an appeal of the Court’s August 17 Order, and the FOMB and the Retiree Committee reserved all rights to oppose any such appeal.
To read the Order, download this document: