I actually believe that it has more to do with the Judges order on 2/8/11 regarding the discovery on the noteholder settling parties.
Once that was in place, I think that Esopus Creek Advisors LLC had to make an ethical decision. With Fried Frank obviously becoming the settling noteholders primary counsel for all of the Tepper hedge fund groups, Esopus had to clear itself of conflict as they have had dealings with Fried Frank as disclosed in other recent bankruptcy or restructuring cases.
INNKEEPERS USA TRUST
Case No. 10-13800 (SCC)
NOTICE OF DEBTORS’ MOTION FOR THE ENTRY
OF AN ORDER PURSUANT TO SECTION 363 OF THE
BANKRUPTCY CODE (I) APPROVING THE DEBTORS’ UNDERTAKING TO
COMPENSATE FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP AS
COUNSEL TO THE INDEPENDENT COMMITTEE OF THE BOARD OF TRUSTEES
OF INNKEEPERS USA TRUST
p37
EXHIBIT 2
Significant Creditors and Equityholders of the Debtors, and Other Parties
in Interest with whom Fried Frank Has Had Dealings or with
Affiliates of whom Fried Frank Has Had Dealings∗
ADP Inc.
Alsco
American Express
Apco Inc.
BCD Travel
Beverly Hilton
The Brickman Group, Ltd.
Brunswick Corp.
Carrabba’s
Centerline
Cenveo Corp.
C-III Asset Management LLC
Clear Channel Outdoor
Conoco
Consolidated Edison, Inc.
CWCapital Asset Management LLC
Diamond Springs
DS Waters of America Inc.
DTE Energy
Eckert, Seamans, Cherin & Mellott LLC
Esopus Creek Advisors LLC
Five Mile Capital and its affiliates
FPL Group Inc.
FTI Consulting, Inc.
Georgia Power Co.
Global Hyatt Corp.
GMAC Commercial Mortgage Corp.
Graybar
Great Atlantic and Pacific Tea Co.
Home Depot
Howard County, MD
Hyatt Hotels Corp.
IBM Corp.
∗ The entities listed on Exhibit 2 are in addition to those entities listed on Exhibit