Chesapeake Energy Corporation v. The Bank of New York Mellon Trust Company, N.A.
| Chesapeake Energy Corporation |
| The Bank of New York Mellon Trust Company, N.A. |
| Intervenor Ad Hoc Noteholder Group |
| 1:2013cv01582 |
| March 8, 2013 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| XX Out of State |
| Paul A. Engelmayer |
| Contract: Other |
| 28 U.S.C. ยง 1332 Diversity-Other Contract |
| None |
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Filing
192
OPINION & ORDER: For the foregoing reasons, the Court grants BNY Mellon's motion for further relief, and denies Chesapeake's cross-motion for an order of restitution. Chesapeake shall pay the 2019 Noteholders $379,650,133.21, consi stent with their entitlement to be paid the Make-Whole Amount for a redemption on May 13, 2013. Further, the Court holds that the prejudgment interest rate is 6.775%, that it runs from May 13, 2013, and that it is to be calculated semiannua lly (on March 15 and September 15). The Clerk of Court is respectfully directed to terminate the motions pending at 160, 169, and 183, and to close this case. SO ORDERED. (As further set forth in this Order) (Signed by Judge Paul A. Engelmayer on 7/10/2015) (kl) Modified on 7/10/2015 (kl).
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Filing
145
OPINION & ORDER re: 131 MOTION for Attorney Fees. filed by The Bank of New York Mellon Trust Company, N.A. For the reasons stated above, the Court holds that Chesapeake is responsible for paying its own legal fees and expenses. The Court further h olds that BNY Mellon is entitled, under Base Indenture § 7.07, to indemnification from Chesapeake for its counsels reasonable fees and expenses, that the exception in § 7.07 for expenses caused by negligence or willful misconduct does not a pply, and that discovery into the applicability of that exception is not justified. The Clerk of Court is respectfully directed to terminate the motion, by Chesapeake, at docket number128. The Court leaves open, for the time being, BNY Mellon's motion for fees and expenses, at docket number 131. Whether the individual fees and expenses incurred by BNY Mellon were reasonable, as opposed to unreasonable or excessive, is not presently before the Court. The Court strongly urges counsel to atte mpt to reach a resolution of that issue, and to avoid triggering a new round of litigation, this time into fees. The Court directs that counsel meet and confer about that issue promptly, and report back to the Court in the form of a joint status lett er, due by October 18,2013, as to that issue. To the extent the parties are unable to resolve any differences about specific fees or expenses, counsel should report whether these disputes are better resolved in the context of BNY Mellon's pendin g motion pursuant to Rule 54(d) or of a separate action brought by BNY Mellon. The Court recognizes that whether fees and expenses incurred in connection with BNY Mellon's pending appeal are indemnifiable, and if so to what extent, presents a s eparate inquiry which the parties may conclude is better addressed at a later date. If the parties so conclude, the Court encourages counsel to attempt to resolve now any differences as to fees and expenses with regard to the trial phase of this litigation, with BNY Mellon reserving its right at a later date to seek, and Chesapeake its right to oppose, indemnification of appellate fees and expenses.(Signed by Judge Paul A. Engelmayer on 10/1/2013) (djc) Modified on 10/1/2013 (djc).
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Filing
143
OPINION & ORDER re: 128 MOTION for Attorney Fees and Related Nontaxable Expenses filed by Chesapeake Energy Corporation. For the reasons stated above, the Court holds that Chesapeake is responsible for paying its own legal fees and expenses . The Court further holds that BNY Mellon is entitled, under Base Indenture § 7.07, to indemnification from Chesapeake for its counsel's reasonable fees and expenses, that the exception in § 7.07 for expenses caused by negligence or wi llful misconduct does not apply, and that discovery into the applicability of that exception is not justified. The Clerk of Court is respectfully directed to terminate the motion, by Chesapeake, at docket number 128. The Court leaves open, for the ti me being, BNY Mellon's motion for fees and expenses, at docket number 131. Whether the individual fees and expenses incurred by BNY Mellon were reasonable, as opposed to unreasonable or excessive, is not presently before the Court. The Court str ongly urges counsel to attempt to reach a resolution of that issue, and to avoid triggering a new round of litigation, this time into fees. The Court directs that counsel meet and confer about that issue promptly, and report back to the Court in the form of a joint status letter, due by October 18,2013, as to that issue. To the extent the parties are unable to resolve any differences about specific fees or expenses, counsel should report whether these disputes are better resolved in the context of BNY Mellon's pending motion pursuant to Rule 54( d) or of a separate action brought by BNY Mellon. The Court recognizes that whether fees and expenses incurred in connection with BNY Mellon's pending appeal are indemnifiable, and if so t o what extent, presents a separate inquiry which the parties may conclude is better addressed at a later date. If the parties so conclude, the Court encourages counsel to attempt to resolve now any differences as to fees and expenses with regard to the trial phase of this litigation, with BNY Mellon reserving its right at a later date to seek, and Chesapeake its right to oppose, indemnification of appellate fees and expenses. (Signed by Judge Paul A. Engelmayer on 9/30/2013) (lmb)
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Filing
115
OPINION AND ORDER: For the reasons stated in the foregoing, the Court enters judgment in favor of Chesapeake on Claim One. The Court issues a declaratory judgment that Chesapeakes Notice of Special Early Redemption, issued on March 15, 2013, was time ly and effective to redeem the 2019 Notes under the special early redemption terms set forth in § 1.7(b) of the Supplemental Indenture. The Court dismisses Claim Two as moot. The Clerk of Court is directed to terminate the motions pending at doc ket numbers 69 and 94. The Court directs counsel for Chesapeake and for BNY Mellon to meet and confer by Friday, May 17, 2013, as to whether there are any remaining issues in the case to be resolved. The Court directs counsel to submit, by Wednesday, May 22, 2013, a joint letter addressing that question (Signed by Judge Paul A. Engelmayer on 5/8/2013) (js)
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Filing
77
OPINION & ORDER: For the reasons stated, BNY's request that the end date of Chesapeake's privilege waiver be extended beyond February 21, 2013, is denied. Chesapeake is directed to submit a letter to the Court, by noon on April 16, 2013, confirming that the materials about which the Court has inquired in this opinion have in fact been produced to BNY. (Signed by Judge Paul A. Engelmayer on 4/15/2013) (djc)
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