IN RE WORLDCOM, INC. (Bankr.S.D.N.Y. 2004)

Case No. 02-13533 (AJG) (Jointly Administered)United States Bankruptcy Court, S.D. New York.
April 19, 2004

ORDER PURSUANT TO BANKRUPTCY RULE 9019 APPROVING RESCISSION AND SETTLEMENT AGREEMENTS
ARTHUR GONZALEZ, Bankruptcy Judge

A hearing having been held on April 19, 2004 (the “Hearing”) to consider the motion, dated April 16, 2004 (the “Motion”), of WorldCom, Inc. and certain of its direct and indirect subsidiaries, as debtors and debtors in possession (collectively, “WorldCom” or the “Debtors”), for entry of an order pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) for approval of certain Rescission Agreements (as defined in the Motion), all as more fully set forth in the Motion; and the Court having jurisdiction to consider the Motion and the relief requested therein pursuant to 28 U.S.C. § 157 and 1334 and the Standing Order of Referral of Cases to Bankruptcy Court Judges of the District Court for the Southern District of New York, dated July 19, 1984 (Ward, Acting C.J.); and consideration of the Motion and the relief requested therein being a core proceeding pursuant to 28 U.S.C. § 157(b); and venue being proper before this Court pursuant to 28 U.S.C. § 1408 and 1409; and a hearing having been held on April 15, 2004 in the United States District Court for the Southern District of New York (the “District Court”) in the matter of Securities and Exchange Commission v. WorldCom, Inc., Civ. No. 2-CV-4963 (JSR); and upon the

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District Court’s approval of the Rescission Agreements following such hearing; and due and proper notice of the Motion having been provided in accordance with the order of this Court dated April 16, 2004, and it appearing that no other or further notice need be provided; and upon the Motion, the papers in support thereof, the response and objections thereto (if any), the record of the Hearing, and all proceedings had before the Court; and the Court having found and determined that the relief requested in the Motion is in the best interests of the Debtors and their estates and creditors; and after due deliberation and sufficient cause appearing therefor, it is

ORDERED that the Motion is granted; and it is further

ORDERED that the Rescission Agreements are hereby approved pursuant to Bankruptcy Rule 9019 and the Debtors shall be, and hereby are, authorized to enter into the Rescission Agreements; and it is further

ORDERED that the Rescission Agreements were entered into following good faith, arm’s-length negotiations between the parties thereto and the compromise and settlement reflected in the Rescission Agreement is in the best interests of the Debtors, its creditors, and all other parties in interest; and it is further

ORDERED that the requirement under Rule 9013-1(b) of the Local Bankruptcy Rules for the Southern District of New York for the filing of a memorandum of law is waived.