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IN RE ASHINC CORP.

Case No. 12-11564 (CSS) (Jointly Administered) Adv. Proc. No.: 13-50530 (CSS) Adv. Pro. No. 14-50971 (CSS).

629 B.R. 154 (2021)

IN RE: ASHINC CORPORATION, et al., Debtors. Catherine E. Youngman, Litigation Trustee for Ashinc Corporation, et al., as Successor To the Official Committee of Unsecured Creditors of Ashinc Corporation, and Its Affiliated Debtors Plaintiff, BDCM Opportunity Fund II, LP, Black Diamond CLO 2005-1 Ltd., and Spetrum Investment Partners, L.P., Intervenors, v. Yucaipa American Alliance Fund I, L.P., and Yucaipa American Alliance (Parallel) Fund I, L.P., Defendants. Catherine E. Youngman, Litigation Trustee for Ashinc Corporation, et al., as Successor To BDCM Opportunity Fund II, LP., Black Diamond CLO 2005-1 Ltd., Spectrum Investment Partnters L.P., Black Diamond Commerical Finance, L.L.C., as Co-Administrative Agent, and Spectrum Commerical Finance LLC, as Co-Administrative Agent, Plaintiff, v. Yucaipa American Alliance Fund I, L.P., and Yucaipa American Alliance (Parallel) Fund I, L.P., Defendants

United States Bankruptcy Court, D. Delaware.

Signed May 4, 2021.

Attorney(s) appearing for the Case

FOX ROTHSCHILD LLP, Seth A. Niederman, 919 Market Street, Suite 300, Wilmington, DE 19801, -and-, JOSEPH HAGE AARONSON LLC, Gregory P. Joseph, Douglas J. Pepe, Gila S. Singer, 485 Lexington Avenue, 30th Floor, New York, NY 10017, -and-, ZAIGER LLC, Jeffrey H. Zaiger, 432 Park Avenue, Suite 19A, New York, NY 10022, Counsel for the Litigation Trustee.

YOUNG CONAWAY STARGATT & TAYLOR LLP, Michael R. Nestor, Michael S. Neiberg, 1000 North King Street, Wilmington, DE 19801, -and-, GIBSON, DUNN & CRUTCHER LLP, Robert A. Klyman, Maurice M. Suh, Kahn Scolnick, 333 South Grand Avenue, Los Angeles, CA 90071, Counsel for Defendants.

OPINION1

Table of Contents

INTRODUCTION 163

JURISDICTION 164

FACTUAL HISTORY 164

A. Procedural History 164

B. Facts/Background Applicable to this Matter 166

i. 2005 Bankruptcy and Yucaipa's Investment in Allied 166...

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