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the claims of Trenwick America’s creditors under either the governing bankruptcy

documents or under federal bankruptcy law.

Trenwick America’s chapter 11 reorganization plan states specifically that the

vested “Causes of Action” are:

, suits, rights,

,

, recoveries, and

, on or after the Petition date, known or unknown, suspected or unsuspected, in contract or in tort, at law or in equity or any theory of law liquidated or unliquidated, fixed or contingent, matured or unmatured, disputed or undisputed, whether filed or initiated

prior to the Confirmation Date

...

or afterward

,

,

but not limited

to . . . (ii)

, (iii)

those on behalf of the Estate’s creditors, (iv) those of the Estate or Debtor in Possession may have against any Person arising under chapter 5 of the Bankruptcy Code, or any similar provision of state law or any other law, rule regulation, decree, order, statute or otherwise,

(vi) and (vii) right of setoff or recoupment, and claims on contracts or breaches of duty imposed by law . . . . 60

Under this definition and the Litigation Trust Agreement, the Litigation Trust contends

that it has the authority to bring the claims of Trenwick America’s creditors. But the

relevant provisions of those governing documents do not support the Litigation Trust’s

position.

First, although the definition of “Causes of Action” contemplates the possibility of

assignment of creditors’ claims to the Litigation Trust, no automatic assignment of such

claims arises from this definition or elsewhere in the plan of reorganization. At most, the

definition of “Causes of Action,” included in the court-approved plan of reorganization,

60

TAC Second Amended Plan of Reorganization § 1.16 (emphasis added).

36

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