David Parker, Edward Grosz, Kleinberg, Kaplan, Wolff & Cohen, P.C., John J. Gal-ban, Seward & Kissel LLP, New York, NY, for Appellant Springfield Associates, L.L.C., Brad S. Karp, Stephen J. Shimshak, Douglas R. Davis, Claudia L. Hammer-man, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Inter-venor-Appellant Citibank, N.A., Kenneth N. Klee, David M. Stern, Lee R. Bogdanoff, Stacia A. Neeley, Klee Tu-chin, Bogdanoff & Stern LLP, Los Ange-les, CA, Edward A. Smith, Venable LLP, New York, NY, Richard L. Wasserman, Michael Schatzow, Venable LLP, Baltimore, MD, for Appellee Enron Creditors Recovery Corp., Reorganized Debtor., James H. Millar, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY, Seth P. Waxman, Louis R. Cohen, Craig Goldblatt, Joel Millar, Amy Oberdorfer Nyberg, Wilmer Cutler Pickering Hale and Dorr LLP, Washington, D.C., for Ami-ci Curiae The Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association, and the Loan Syndications and Trading Association., Isaac M. Pachulski, Whitman L. Holt, Stutman, Treister & Glatt, P.C., Los Ange-les, CA, for Amici Curiae Abrams Capital, LLC, Blavin & Company, Inc., and Citadel Investment Group, L.L.C., Daniel L. Wallach, Kathy E. Brewer, Ivan J. Reich, Becker & Poliakoff, P.A., Fort Lauderdale, FL, Louis S. Robin, Fitzgerald, O’Brien & Robin, Longmea-dow, MA, for Amicus Curiae Commercial Law League of America., Jeffrey W. Morris, Samuel A. McCray, Chair in Law, University of Dayton School of Law, Dayton, OH, for Amicus Curiae Jeffrey W. Morris.