Owens Corning debentureholder's request to reconsider plan confirmation conclusions of law dismissed

By Caroline Salls

Pittsburgh, Oct. 17 - Owens Corning debentureholder Joel Ackerman's motion for reconsideration of the conclusions of law confirming the company's plan of reorganization was dismissed as moot Tuesday by the U.S. Bankruptcy Court for the District of Delaware.

According to the filing, the order confirming the plan and the related conclusions of law were affirmed by the district court before Ackerman's motion was filed, "and therefore there is nothing for this court to consider."

In his motion for reconsideration, Ackerman's attorney Irving Bodner said Ackerman's Deutschmark 7¼% debentures required equal treatment under Owens Corning's plan to the treatment of bank debt holders.

The motion said the recovery to bank debt holders is 160% of their original dollar claim as a result of compounding interest, while "the recovery to the Deutschmark debenture is barely one-third of that."

Owens Corning, a Toledo, Ohio, building materials company, filed for bankruptcy on Oct. 5, 2000. Its Chapter 11 case number is 00-3837.

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