38905/2 

03/02/2022 211054248.2 

Michael S. Etkin (admitted pro hac vice) Ronald A. Page, Jr. (VA 71343) 

Andrew Behlmann (admitted pro hac vice) RONALD PAGE, PLC 

Michael Papandrea P.O. Box 73087 

LOWENSTEIN SANDLER LLP N. Chesterfield, Virginia 23235 

One Lowenstein Drive Telephone: (804) 562-8704 

Roseland, New Jersey 07068 Facsimile: (804) 482-2427 

Telephone: (973) 597-2500 

Facsimile: (973) 597-2333 

Bankruptcy Counsel to the Lead Plaintiffs and the Proposed Class 

UNITED STATES BANKRUPTCY COURT 

EASTERN DISTRICT OF VIRGINIA 

RICHMOND DIVISION 

In re: 

RETAIL GROUP, INC., et al.,

1

Debtors. 

 

 Chapter 11 

 Case No. 20-33113 (FJS) 

 (Jointly Administered) 

 

SECURITIES LEAD PLAINTIFFS’ LIMITED OBJECTION TO DEBTORS’ 

MOTION FOR ENTRY OF AN ORDER (A) MODIFYING AND CONFIRMING 

THE AMENDED CHAPTER 11 PLAN CONSISTENT WITH THE DISTRICT 

COURT’S MEMORANDUM OPINION, (B) RATIFYING ACTIONS TAKEN IN 

RELIANCE ON THE ORDER DATED FEBRUARY 25, 2021, AND (C) 

GRANTING RELATED RELIEF 

Joel Patterson and Michaella Corporation (“Lead Plaintiffs”), the court-appointed lead 

plaintiffs in the securities fraud class action captioned as In re Ascena Retail Group, Inc. 

Securities Litigation, Case No. 2:19-cv-13529-KM-JBC (the “Securities Litigation”), pending in 

the United States District Court for the District of New Jersey (the “District Court”), for 

themselves and the putative class they seek to represent in the Securities Litigation (the 

“Proposed Class”), hereby submit this limited objection (the “Limited Objection”) to the above1

 A complete list of each of the Debtors in these chapter 11 cases may be obtained on the website of the Debtors’ 

claims and noticing agent at http://cases.primeclerk.com/ascena. The location of Debtor Mahwah Bergen Retail 

Group, Inc.’s principal place of business and the Debtors’ service address in these chapter 11 cases is 933 

MacArthur Boulevard, Mahwah, New Jersey 07430. 

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captioned Debtors’2 Motion for Entry of an Order (A) Modifying and Confirming the Amended 

Chapter 11 Plan Consistent with the District Court’s Memorandum Opinion, (B) Ratifying 

Actions Taken in Reliance on the Order Dated February 25, 2021, and (C) Granting Related 

Relief (the “Motion”) [Docket No. 2562]. In support of this Limited Objection, Lead Plaintiffs 

respectfully state as follows: 

LIMITED OBJECTION 

1. The Lead Plaintiffs do not oppose the Motion or the relief sought therein as a 

general matter. However, the Debtors’ desire to expeditiously re-confirm their Plan following 

the reversal and remand by the District Court must not come at the expense of consistency with 

the District Court’s Remand Opinion and Remand Order. 

2. Specifically, the proposed order on the Motion that was filed by the Debtors on 

February 24, 2022 (the “Proposed Order”) [Docket No. 2587] arguably blesses findings of fact 

and conclusions of law that have since been reversed by the District Court, by wholesale 

incorporating by reference the findings of fact and conclusions of law made in connection with 

the prior confirmation hearing and prior confirmation order. Indeed, the Proposed Order limits 

such findings and conclusions to those that are “consistent with the Remand Order and Remand 

Opinion” and also incorporates by reference the findings of fact and conclusions of law made by 

the District Court. However, the Proposed Order is ambiguous as to which findings and 

conclusions apply here, post-remand. 

3. There should be no mistake that any findings of fact or conclusions of law made 

in connection with the now-voided Third-Party Release (as defined in the Remand Opinion) are 

likewise void in light of the District Court’s holding that the Bankruptcy Court lacked authority 

2

 Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Motion. 

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to adjudicate various claims that were intended to be subject to such release, including those 

relating to the Securities Litigation. As the District Court stated: 

[I]t takes only a cursory review of the Third-Party Releases and the 

Releasing Parties to find released claims that the Bankruptcy Court 

lacked authority to adjudicate. For example, the Third-Party 

Release would bar securities claims, such as those brought by the 

Securities Plaintiffs, against former directors and officers of [the 

Debtors], even if the claims arose before [the Debtors] filed for 

bankruptcy and those directors and officers had no involvement in 

the Bankruptcy Proceeding. 

See, e.g., Remand Opinion, p. 29. 

4. Lead Plaintiffs submit that this ambiguity can be resolved by modifying 

paragraph 6 of the Proposed Order, as follows, in bold below: 

Article I.A.129 and VIII.F of the Plan and paragraph 119 of the

Confirmation Order are hereby deemed stricken and are of no force or 

effect. Any action taken at any time pursuant to Articles I.A.129 or 

VIII.F of the Plan or paragraph 119 of the Confirmation Order is hereby 

deemed void ab initio. Notwithstanding anything to the contrary in 

this Order, no findings of fact or conclusions of law previously made 

by or any evidence previously presented to this Court in connection 

with the Third-Party Release Provision shall be incorporated into 

the record, and all such findings of fact, conclusions of law, and 

evidence are hereby stricken from the record and shall not be 

binding on any party in any proceeding.

5. For the reasons set forth above and to ensure consistency with the Remand 

Opinion and Remand Order, Lead Plaintiffs respectfully submit that, to the extent the Court 

grants the Motion, the Proposed Order should be modified as set forth herein. 

[Remainder of page intentionally left blank] 

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Dated: March 2, 2022 Respectfully submitted, 

/s/ Ronald A. Page, Jr. 

 Ronald A. Page, Jr. (VA 71343) 

RONALD PAGE, PLC

 P.O. Box 73087 

N. Chesterfield, Virginia 23235 

 Telephone: (804) 562-8704 

 Facsimile: (804) 482-2427 

 Email: rpage@rpagelaw.com 

- and – 

 Michael S. Etkin (admitted pro hac vice) 

 Andrew Behlmann (admitted pro hac vice) 

 Michael Papandrea

LOWENSTEIN SANDLER LLP

 One Lowenstein Drive 

 Roseland, New Jersey 07068 

 Telephone: (973) 597-2500 

 Facsimile: (973) 597-2333 

 Email: metkin@lowenstein.com 

 Email: abehlmann@lowenstein.com 

 Email: mpapandrea@lowenstein.com 

 

Bankruptcy Counsel to the Lead Plaintiffs and 

the Proposed Class

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CERTIFICATE OF SERVICE 

 The undersigned hereby certifies that on March 2, 2022, I caused a copy of the foregoing 

to be served through the Court’s EM/ECF system on all parties receiving notices in these cases. 

 By /s/ Ronald A. Page, Jr.

 

 Counsel 

 

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