IN RE FRIEDMAN'S INC.

Bankruptcy No. 08-10161 (CSS). Adversary No. 09-51010.

452 B.R. 512 (2011)

In re FRIEDMAN'S INC., a Delaware corporation, et al., Debtors. Friedman's Liquidating Trust, Plaintiff, v. Goldman Sachs Credit Partners, L.P., Plainfield Direct Inc., Ramius Value and Opportunity Master Fund, Ltd., Parche, LLC, Cadence Master Fund Ltd., and Ivy MA Holdings Cayman 8, Ltd., Defendants.

United States Bankruptcy Court, D. Delaware.

July 12, 2011.


Attorney(s) appearing for the Case

Kenneth J. Nachbar, Robert J. Dehney (Argued), Eric D. Schwartz, Andrew R. Remming, Matthew B. Harvey, Morris, Nichols, Arsht & Tunnell, LLP, Wilmington, DE, for Goldman Sachs Credit Partners L.P., Plainfield Direct Inc., Ramius Value and Opportunity Master Fund Ltd., Parche, LLC and Cadence Master Fund Ltd.

John D. Demmy, Maria Aprile Sawczuk, Stevens & Lee, P.C., Wilmington, DE, and Nicholas F. Kajon, David M. Green (Argued), Constantine Pourakis, New York, NY, for Friedman's Liquidating Trust.


OPINION1

CHRISTOPHER S. SONTCHI, Bankruptcy Judge.

The Plaintiff (as defined below) filed this adversary proceeding objecting to Defendants' (as defined below) claims and seeking to recharacterize them. The defendants Goldman Sachs Credit Partners L.P., Plainfield Direct Inc., Ramius Value and Opportunity Master Fund Ltd., Parche, LLC and Cadence Master Fund Ltd. (collectively, the "Defendants")2

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