UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF 

TEXAS, DALLAS DIVISION 

In Re: Highland Capital Management, L.P. § Case No. 19-34054-SGJ-11 

The Charitable DAF Fund LP § 

 Appellant § 22-03052 

vs. § 

Highland Capital Management, L.P. § 

 Appellee § 3:22-CV-02280-S

[43] Order granting amended motion to dismiss adversary proceeding with prejudice (related 

document # 19) Entered on 9/30/2022 

APPELLANT RECORD 

VOLUME 4 

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Signed March 16, 2021

______________________________________________________________________

The following constitutes the ruling of the court and has the force and effect therein described.

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DOCS_NY:42677.3 36027/002 

IN THE UNITED STATES BANKRUPTCY COURT 

NORTHERN DISTRICT OF TEXAS 

DALLAS DIVISION 

In re: 

HIGHLAND CAPITAL MANAGEMENT, 

L.P.,1

Debtor. 

§ 

§ 

§ 

§ 

§ 

§ 

§ 

Case No. 19-34054-SGJ-11 

ORDER ON MOTIONS FOR STAY PENDING APPEAL 

This matter having come before the Court on the Emergency Motion of the Advisors for Stay 

Pending Appeal of the Confirmation Order, and Brief in Support Thereof [Docket No. 1955] (the 

“Advisors Motion”); Motion for Stay Pending Appeal of the Court’s Order Confirming the Debtor’s 

Fifth Amended Plan [Docket No. 1967] (the “Funds Motion”); Joinder to Motions for Stay Pending 

Appeal of the Court’s Order Confirming the Debtor’s Fifth Amended Plan [Docket No. 1971] (the 

“Trusts Motion”); and Joinder in Motion for Stay Pending Appeal and Additional Grounds for the 

1

 The Debtor’s last four digits of its taxpayer identification number are (6725). The headquarters and service address 

for the above-captioned Debtor is 300 Crescent Court, Suite 700, Dallas, TX 75201. 

Signed March 22, 2021

______________________________________________________________________

The following constitutes the ruling of the court and has the force and effect therein described.

Case 19-34054-sgj11 Doc 2084 Filed 03/23/21 Entered 03/23/21 12:20:28 Page 1 of 3

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Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 13 of 215 PageID 549
2

DOCS_NY:42677.3 36027/002 

Issuance of a Stay Pending Appeal [Docket No. 1973] (the “Dondero Motion,” and together with 

the Advisors Motion, the Funds Motion, and the Trusts Motion, the (“Motions”), and this Court 

having considered (i) the Motions; (ii) Debtor’s Omnibus Response to Motions for Stay Pending 

Appeal of the Confirmation Order [Docket No. 2022] (the “Debtor’s Response”);2

 (iii) Omnibus 

Objection of the Official Committee of Unsecured Creditors’ Objection to Motions for Stay Pending 

Appeal of the Confirmation Order and Joinder in Debtor’s Omnibus Objection to Motions for Stay

[Docket No. 2023] (the “UCC Response,” and together with the Motions and the Debtor’s 

Response, the “Briefs”); (iv) the evidence admitted into evidence during the hearing held on March 

19, 2021 (the “Hearing”); and (v) the arguments made during the Hearing; and this Court having 

jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334; and this Court having found 

that this is a core proceeding pursuant to 28 U.S.C. § 157(b)(2); and this Court having found that 

venue of this proceeding and the Motion in this District is proper pursuant to 28 U.S.C. §§ 1408 

and 1409; and this Court having found that the notice of the Motions and opportunity for a hearing 

on the Motions were appropriate and that no other notice need be provided; and upon all of the 

proceedings had before this Court, the legal and factual bases set forth in the Briefs, and the 

evidence submitted at the Hearing; and after due deliberation and sufficient cause appearing 

therefor, and for the reasons set forth in the record on the Motions, it is hereby ORDERED that: 

1. The Motions are DENIED. 

2. The Court will hold a hearing on March 24, 2021, at 9:30 a.m. Central Time (the 

“Bond Hearing”) on whether the Appellants are entitled to a stay pending appeal of the 

Confirmation Order, as a matter of right, under applicable law upon the posting of an adequate 

monetary bond. If the Court determines that applicable law provides Appellants with a stay 

2

 Capitalized terms used but not herein defined shall have the meanings ascribed to such terms in the Debtor’s 

Response. 

Case 19-34054-sgj11 Doc 2084 Filed 03/23/21 Entered 03/23/21 12:20:28 Page 2 of 3

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Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 14 of 215 PageID 550
3

DOCS_NY:42677.3 36027/002 

pending appeal of the Confirmation Order as a matter of right upon the posting of an adequate 

monetary bond, then this Court will hear evidence at the Bond Hearing regarding the appropriate 

amount of such bond. 

3. Parties may submit briefs on the question of whether Appellants are entitled to a 

stay pending appeal of the Confirmation Order as a matter of right upon the posting of an adequate 

monetary bond, and if so, the appropriate amount of such bond, by no later than 3:00 p.m. Central 

Time on March 23, 2021. 

4. The Effective Date of the Plan will not occur prior to March 31, 2021. 

5. This Court retains exclusive jurisdiction with respect to all matters arising from or 

related to the implementation, interpretation, and enforcement of this Order. 

### END OF ORDER ### 

Case 19-34054-sgj11 Doc 2084 Filed 03/23/21 Entered 03/23/21 12:20:28 Page 3 of 3

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Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 15 of 215 PageID 551
EXHIBIT 

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Case 3:21-cv-01710-N Document 10-15 Filed 10/05/21 Page 1 of 5 PageID 443

Case 22-03052-sgj Doc 10-15 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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000474

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 16 of 215 PageID 552
DOCS_LA:336869.4 36027/002 

IN THE UNITED STATES BANKRUPTCY COURT 

NORTHERN DISTRICT OF TEXAS 

DALLAS DIVISION 

In re: 

HIGHLAND CAPITAL MANAGEMENT, 

L.P.,1

Debtor. 

§ 

§ 

§ 

§ 

§ 

§ 

§ 

Case No. 19-34054-SGJ-11 

SUPPLEMENTAL ORDER ON MOTIONS FOR STAY PENDING APPEAL 

This matter having come before the Court on the Emergency Motion of the Advisors for Stay 

Pending Appeal of the Confirmation Order, and Brief in Support Thereof [Docket No. 1955] (the 

“Advisors Motion”); Motion for Stay Pending Appeal of the Court’s Order Confirming the Debtor’s 

Fifth Amended Plan [Docket No. 1967] (the “Funds Motion”); Joinder to Motions for Stay Pending 

Appeal of the Court’s Order Confirming the Debtor’s Fifth Amended Plan [Docket No. 1971] (the 

“Trusts Motion”); and Joinder in Motion for Stay Pending Appeal and Additional Grounds for the 

1

 The Debtor’s last four digits of its taxpayer identification number are (6725). The headquarters and service address 

for the above-captioned Debtor is 300 Crescent Court, Suite 700, Dallas, TX 75201. 

Signed March 24, 2021

______________________________________________________________________

The following constitutes the ruling of the court and has the force and effect therein described.

Case 19-34054-sgj11 Doc 2095 Filed 03/24/21 Entered 03/24/21 14:00:51 Page 1 of 4

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Exhibit 15 Page 2 of 5

000475

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 17 of 215 PageID 553
2

DOCS_LA:336869.4 36027/002 

Issuance of a Stay Pending Appeal [Docket No. 1973] (the “Dondero Motion,” and together with 

the Advisors Motion, the Funds Motion, and the Trusts Motion, the (“Motions”), and this Court 

having considered (i) this Court’s Order on Motions for Stay Pending Appeal [Docket No. 2084] 

(the “Prior Order”); (ii) the Motions and the letter of Davor Rukavina to this Court dated March 23, 

2021 regarding In re Highland Capital Management, L.P., 19-34054-SGJ-11: Motions/Joinders for 

Stay Pending Appeal of Confirmation Order [Docket No. 2086] (the “Letter”); (iii) Debtor’s 

Omnibus Response to Motions for Stay Pending Appeal of the Confirmation Order [Docket No. 

2022] (the “Debtor’s Response”) and the Debtor’s Supplemental Brief in Opposition to Motions for 

Stay Pending Appeal of the Confirmation Order [Docket No. 2087] (the “Debtor’s Supplemental 

Brief”);2 (iv) Omnibus Objection of the Official Committee of Unsecured Creditors’ Objection to 

Motions for Stay Pending Appeal of the Confirmation Order and Joinder in Debtor’s Omnibus 

Objection to Motions for Stay [Docket No. 2023] (the “UCC’s Response”) and the Supplemental 

Statement of the Official Committee of Unsecured Creditors’ Regarding Motions for Stay Pending 

Appeal of the Confirmation Order [Docket No. 2089] (the “UCC’s Statement,” and together with 

the Motions, the Debtor’s Response, the Debtor’s Supplemental Brief and the UCC’s Response, the 

“Briefs”);3

 (v) the evidence admitted into evidence during the hearing held on March 19, 2021 (the 

“March 19 Hearing”); and (vi) the arguments made during the March 19 Hearing; and this Court 

having jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334; and this Court having 

found that this is a core proceeding pursuant to 28 U.S.C. § 157(b)(2); and this Court having found 

that venue of this proceeding and the Motion in this District is proper pursuant to 28 U.S.C. §§ 1408 

and 1409; and this Court having found that the notice of the Motions and opportunity for a hearing 

2

 Capitalized terms used but not herein defined shall have the meanings ascribed to such terms in the Debtor’s 

Response. 

3

 The Debtor’s Supplemental Brief and the UCC’s Statement together are the “Supplemental Briefs.” 

Case 19-34054-sgj11 Doc 2095 Filed 03/24/21 Entered 03/24/21 14:00:51 Page 2 of 4

Appx. 0391

Case 3:21-cv-01710-N Document 10-15 Filed 10/05/21 Page 3 of 5 PageID 445

Case 22-03052-sgj Doc 10-15 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 15 Page 3 of 5

000476

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 18 of 215 PageID 554
3

DOCS_LA:336869.4 36027/002 

on the Motions were appropriate and that no other notice need be provided; and upon all of the 

proceedings had before this Court, the legal and factual bases set forth in the Briefs, and the 

evidence submitted at the March 19 Hearing; and after due deliberation and sufficient cause 

appearing therefor, and for the reasons set forth in the record on the Motions, it is hereby FOUND

and ORDERED that: 

1. At the March 19 Hearing, the Court heard the Motions for a discretionary stay 

pending appeal, pursuant to Fed.R.Bankr.P. 8007. The Court determined that the Appellants 

(which only made oral argument and presented only some documentary evidence) did not meet 

their burden of proof on the four-factor test articulated in case law to obtain a discretionary stay 

pending appeal. The Prior Order memorialized the Court’s ruling denying the requested stay 

pending appeal. Since there was some discussion raised by certain of the Appellants and the 

Debtor regarding an appropriate amount for a monetary bond that Appellants might be required to 

post in connection with a stay pending appeal, the Court raised the question whether applicable 

law required the Court to grant a stay pending appeal (i.e., a mandatory stay) if Appellants posted 

a sufficient bond. The Court considered Fed.R.Bankr.P. 7062 (incorporating Fed.R.Civ.P. 62). 

Fed.R.Bankr.P. 7062 does not automatically apply in contested matters, see Fed.R.Bankr.P. 9014, 

but rather applies in adversary proceedings. However, a bankruptcy court might conceivably apply 

it in a contested matter. The Court gave the parties an opportunity to brief this issue and gave the 

Appellants the opportunity to put on evidence as to what would be an appropriate bond amount, if 

Fed.R.Bankr.P. 7062 should be applied. In the Prior Order, the Court set a briefing deadline of 

March 23, 2021 at 3:00 p.m. and an evidentiary hearing for March 24, 2021 at 9:30 a.m. (the 

“Supplemental Hearing”). Shortly before the briefing deadline, Appellants informed the Court by 

the Letter that they did not believe the Court could issue a mandatory stay pending appeal of the 

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Appx. 0392

Case 3:21-cv-01710-N Document 10-15 Filed 10/05/21 Page 4 of 5 PageID 446

Case 22-03052-sgj Doc 10-15 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 15 Page 4 of 5

000477

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 19 of 215 PageID 555
4

DOCS_LA:336869.4 36027/002 

Confirmation Order, and, rather, the Court is limited to issuing a discretionary stay pursuant to 

Fed.R.Bankr.P. 8007. Appellants announced that they did not intend to proceed at the 

Supplemental Hearing and asked the Court to cancel it. 

2. Meanwhile, the Debtors and UCC submitted their Supplemental Briefs arguing that 

the Court, indeed, does not have the ability to issue a mandatory stay pending appeal, pursuant to 

Fed.R.Bankr.P. 7062 and Fed.R.Civ.P. 62, upon the posting of a bond, in the context of a 

confirmation order. Rather, Fed.R.Bankr.P. 7062 is available in connection with monetary 

judgments only. Only Fed.R.Bankr.P. 8007 (and the traditional four-factor test articulated in case 

law) applies with regard to the potential stay of a confirmation order. The Court finds this 

Supplemental Briefs to be compelling. 

3. Based on the arguments presented, and the Letter, the Court determines that 

Fed.R.Bankr.P. 7062 and Fed.R.Bankr.P. 62 are not applicable in connection with the appeal of 

the Confirmation Order. 

4. Accordingly, and as requested by Appellants, the Supplemental Hearing on the 

bond issue is cancelled. 

5. This Court retains exclusive jurisdiction with respect to all matters arising from or 

related to the implementation, interpretation, and enforcement of this Order. 

### END OF ORDER ### 

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Case 3:21-cv-01710-N Document 10-15 Filed 10/05/21 Page 5 of 5 PageID 447

Case 22-03052-sgj Doc 10-15 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 15 Page 5 of 5

000478

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 20 of 215 PageID 556
EXHIBIT 

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Case 3:21-cv-01710-N Document 10-16 Filed 10/05/21 Page 1 of 5 PageID 448

Case 22-03052-sgj Doc 10-16 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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000479

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 21 of 215 PageID 557
{00375463-6} Page 1 of 4

IN THE UNITED STATES DISTRICT COURT 

FOR THE NORTHERN DISTRICT OF TEXAS 

DALLAS DIVISION 

In re: 

HIGHLAND CAPITAL MANAGEMENT, 

L.P., 

Debtor. 

§

§

§

§

§

§

§

Bankruptcy Case No. 19-34054 

THE DUGABOY INVESTMENT TRUST 

AND GET GOOD TRUST 

Appellants, 

v.

HIGHLAND CAPITAL MANAGEMENT, 

L.P., 

Appellee. 

§

§

§

§

§

§

§

§

§

§

§

§

§

Civ. Act. No. 3:21-cv-00550-L 

MOTION FOR STAY PENDING APPEAL 

TO THE HONORABLE JUDGE SAM A. LINDSAY, U.S. DISTRICT JUDGE: 

NOW COMES the Appellants, The Dugaboy Investment Trust and Get Good Trust (the 

“Movants”), in the above styled and numbered appeal from the bankruptcy case (the 

“Bankruptcy Case”) captioned, In re: Highland Capital Management, L.P., case number 19-

34054, as filed by Highland Capital Management, L.P. (the “Debtor”), and hereby file this 

Motion for Stay Pending Appeal (the “Motion”). In support of the Motion, the Movants, 

respectfully aver as follows: 

Pursuant to this Motion and Fed. R. Bankr. P. 8007, the Movants request that the Court 

issue a stay of that certain Order (i) Confirming the Fifth Amended Plan of Reorganization of 

Highland Capital Management, L.P. (as Modified) and (ii) Granting Related Relief [Bankr. Dkt. 

Case 3:21-cv-00550-L Document 5 Filed 04/06/21 Page 1 of 4 PageID 199

Appx. 0395

 ̈1¤}HV5$& ("«

1934054210406000000000008

Docket #0005 Date Filed: 4/6/2021

Case 3:21-cv-01710-N Document 10-16 Filed 10/05/21 Page 2 of 5 PageID 449

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Exhibit 16 Page 2 of 5

000480

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 22 of 215 PageID 558
{00375463-6} Page 2 of 4

No. 1943] (the “Confirmation Order”1), pending the outcome of this appeal through the Fifth 

Circuit. Contemporaneously herewith, the Movants are filing their Brief in Support of Motion 

for Stay Pending Appeal (the “Brief”). Such a stay is justified for the reasons set forth in the 

Brief, all of which is incorporated herein by reference. 

Notices of Appeal from the Confirmation Order have been filed by the Movants (DKT 

1972 and 2014), Highland Capital Management Fund Advisors L.P. and NexPoint Advisors L.P 

(“Advisors”) (DKT 1957), Highland Income Fund, NexPoint Strategic Opportunities Fund 

Highland Global Fund and NexPoint Capital, Inc (“Funds”) (DKT 1966) and James Dondero 

(DKT 1970). The appeal of the Confirmation Order filed by Funds and Advisors has been 

allotted to Judge David C. Godbey2

. The appeal of the Confirmation Order filed by Movants and 

Dondero have been allotted to this Court3

.

Motions for Stay of the Confirmation Order have been filed by Funds and Advisors 

(DKTS 1967 and 1955) Movants and Dondero filed joinders to the Motions to Stay the 

Confirmation Order (DKTS 1971 and 1973). 

The Bankruptcy Court conducted a hearing on March 19, 2021; and the Bankruptcy 

Court denied the Motions for Stay Pending Appeal by order entered on March 23, 2021 (DKT 

2084 and 2095). 

A Motion for Stay Pending Appeal has been filed by Advisors in this Court. (See USDCNDTX Case No. 3:21-cv-00538-N). 

1

 Appx. 1. 

2

 Highland Capital Management Fund Advisors L.P. and NexPoint Advisors L.P (“Advisors”) – USDC NDTX Case 

No. 3:21-cv-00538-N 

Highland Income Fund, NexPoint Strategic Opportunities Fund Highland Global Fund and NexPoint Capital, Inc 

(“Funds”) – USDC NDTX Case No. 3:21-cv-00539-N. 

3

 James Dondero USDC NDTX Case No. 3:21-cv-00546-L. 

Case 3:21-cv-00550-L Document 5 Filed 04/06/21 Page 2 of 4 PageID 200

Appx. 0396

Case 3:21-cv-01710-N Document 10-16 Filed 10/05/21 Page 3 of 5 PageID 450

Case 22-03052-sgj Doc 10-16 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 16 Page 3 of 5

000481

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 23 of 215 PageID 559
{00375463-6} Page 3 of 4

The Debtor, Funds Advisors, Movants and Dondero request for a direct appeal to the 5th

Circuit of the Confirmation Order was granted by Order Certifying Appeals of the Confirmation 

Order for Direct Appeal to the United States Court of Appeals for the Fifth Circuit (DKT 2034). 

For the reasons set forth in the Brief filed by the Movant in Support of this Motion, Movant 

requests that this Court issue a Stay Pending Appeal of the Confirmation Order. 

WHEREFORE, PREMISES CONSIDERED, the Movants request that the Court enter an 

Order: 

1. Staying the effectiveness of the Confirmation Order pending the conclusion of the 

appeal thereof through the Fifth Circuit; and 

2. Granting such other relief as is just and proper. 

RESPECTFULLY SUBMITTED this the 6th day of April 2021. 

/s/ Douglas S. Draper 

Douglas S. Draper, (pro hac vice admittance 

requested) 

Heller, Draper & Horn, L.L.C. 

650 Poydras Street, Suite 2500 

New Orleans, LA 70130 

Phone: 504-299-3300/Fax: 504-299-3399 

e-mail: ddraper@hellerdraper.com

Case 3:21-cv-00550-L Document 5 Filed 04/06/21 Page 3 of 4 PageID 201

Appx. 0397

Case 3:21-cv-01710-N Document 10-16 Filed 10/05/21 Page 4 of 5 PageID 451

Case 22-03052-sgj Doc 10-16 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 16 Page 4 of 5

000482

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 24 of 215 PageID 560
{00375463-6} Page 4 of 4

CERTIFICATE OF SERVICE 

The undersigned hereby certifies that, on this the 6th day of April, 2021, true and correct 

copies of this document, with any exhibits attached thereto, were served on the recipients listed 

below via email, and correct copies of this document, with any exhibits attached thereto, were 

served on the recipients listed below via first class U.S. mail, postage prepaid: 

Jeffrey N Pomerantz 

Pachulski Stang Ziehl & Jones LLP 

10100 Santa Monica Blvd 

13th Floor 

Los Angeles, CA 90067 

Email: jpomerantz@pszjlaw.com 

John A Morris 

Pachulski Stang Ziehl & Jones LLP 

780 Third Avenue, 34th Floor 

New York, NY 10017-2024 

Email: jmorris@pszjlaw.com 

Zachery Z. Annable 

Hayward PLLC 

10501 N. Central Expressway 

Suite 106 

Dallas, TX 75231 

Email: zannable@haywardfirm.com 

/s/ Douglas S. Draper 

Douglas S. Draper 

4841-5773-6163v.4 . 

Case 3:21-cv-00550-L Document 5 Filed 04/06/21 Page 4 of 4 PageID 202

Appx. 0398

Case 3:21-cv-01710-N Document 10-16 Filed 10/05/21 Page 5 of 5 PageID 452

Case 22-03052-sgj Doc 10-16 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 16 Page 5 of 5

000483

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 25 of 215 PageID 561
EXHIBIT 

Appx. 0399

Case 3:21-cv-01710-N Document 10-17 Filed 10/05/21 Page 1 of 5 PageID 453

Case 22-03052-sgj Doc 10-17 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 17 Page 1 of 5

000484

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 26 of 215 PageID 562
APPELLANTS’ MOTION FOR STAY PENDING APPEAL Page 1 of 4

IN THE UNITED STATES DISTRICT COURT

FOR THE NORTHERN DISTRICT OF TEXAS

DALLAS DIVISION

In re:

HIGHLAND CAPITAL MANAGEMENT, 

L.P., 

 Debtor. 

§

§

§

§

§

§

§

Bankruptcy Case No. 19-34054 

HIGHLAND CAPITAL MANAGEMENT 

FUND ADVISORS, L.P. and NEXPOINT 

ADVISORS, L.P.,

 Appellants, 

v.

HIGHLAND CAPITAL MANAGEMENT, 

L.P., 

Appellee.

§

§

§

§

§

§

§

§

§

§

§

§

§

Civ. Act. No. 3:21-cv-00538-N 

APPELLANTS’ MOTION FOR STAY PENDING APPEAL 

TO THE HONORABLE DAVID C. GODBEY, U.S. DISTRICT JUDGE:

COME NOW Highland Capital Management Fund Advisors, L.P. and NexPoint 

Advisors, L.P. (the “Movants” or “Appellants”), creditors and parties-in-interest in the above 

styled and numbered bankruptcy case (the “Bankruptcy Case”) of Highland Capital 

Management, L.P. (the “Debtor”), and file this their Motion for Stay Pending Appeal (the 

“Motion”), respectfully stating as follows:

Contemporaneously herewith, the Appellants are filing their Brief in Support of 

Appellants’ Motion for Stay Pending Appeal (the “Brief”) and their Appendix in Support of 

Appellants’ Motion for Stay Pending Appeal (the “Appendix”). Pursuant to this Motion and Fed. 

R. Bankr. P. 8007, the Appellants request that the Court issue a stay of that certain Order (i) 

Case 3:21-cv-00538-N Document 2 Filed 04/01/21 Page 1 of 4 PageID 187

Appx. 0400

 ̈1¤}HV5$% !§«

1934054210405000000000001

Docket #0002 Date Filed: 4/1/2021

Case 3:21-cv-01710-N Document 10-17 Filed 10/05/21 Page 2 of 5 PageID 454

Case 22-03052-sgj Doc 10-17 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 17 Page 2 of 5

000485

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 27 of 215 PageID 563
APPELLANTS’ MOTION FOR STAY PENDING APPEAL Page 2 of 4

Confirming the Fifth Amended Plan of Reorganization of Highland Capital Management, L.P. 

(as Modified) and (ii) Granting Related Relief [Bankr. Dkt. No. 1943] (the “Confirmation 

Order”1), pending the outcome of this appeal through the Fifth Circuit. Such a stay is justified 

for the reasons set forth in the Brief, based on the evidence set forth in the Appendix, all of 

which is incorporated herein by reference.

Pursuant to Fed. R. Bankr. P. 8007(b)(2)(B), the Appellants state that (A) this Motion 

was originally made in the Bankruptcy Court on February 28, 2021 [Bankr. Dkt. No. 1955]; (B) 

the Bankruptcy Court conducted a hearing on March 19, 2021; and (C) the Bankruptcy Court 

denied the Motion for the reasons given in the transcript of said hearing that is included in the 

Appendix.2

WHEREFORE, PREMISES CONSIDERED, the Appellants request that the Court enter 

an Order:

1. Staying the effectiveness of the Confirmation Order pending the conclusion of the 

appeal thereof through the Fifth Circuit; and

2. Granting such other relief as is just and proper. 

1 Appx. 1.

2 Appx. 1199 (beginning on line 13).

Case 3:21-cv-00538-N Document 2 Filed 04/01/21 Page 2 of 4 PageID 188

Appx. 0401

Case 3:21-cv-01710-N Document 10-17 Filed 10/05/21 Page 3 of 5 PageID 455

Case 22-03052-sgj Doc 10-17 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 17 Page 3 of 5

000486

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 28 of 215 PageID 564
APPELLANTS’ MOTION FOR STAY PENDING APPEAL Page 3 of 4

RESPECTFULLY SUBMITTED this the 1st day of April, 2021. 

 MUNSCH HARDT KOPF & HARR, P.C.

By: /s/ Davor Rukavina 

Davor Rukavina, Esq. 

Texas Bar No. 24030781 

Julian P. Vasek, Esq. 

Texas Bar No. 24070790 

500 N. Akard Street, Ste. 3800 

Dallas, Texas 75201-6659 

Telephone: (214) 855-7500 

Facsimile: (214) 855-7584 

 E-mail: drukavina@munsch.com 

COUNSEL FOR HIGHLAND CAPITAL 

MANAGEMENT FUND ADVISORS, L.P., AND 

NEXPOINT ADVISORS, L.P.

CERTIFICATE OF CONFERENCE

The undersigned hereby certifies that, pursuant to Fed. R. Bankr. P. 8007, this Motion 

was originally filed in the Bankruptcy Court. The Debtor/Appellee opposed the relief requested 

herein in the Bankruptcy Court, and, after conference regarding the same, the Debtor/Appellee 

will continue to oppose such relief in this Court. 

 

 /s/ Davor Rukavina 

 Davor Rukavina 

Case 3:21-cv-00538-N Document 2 Filed 04/01/21 Page 3 of 4 PageID 189

Appx. 0402

Case 3:21-cv-01710-N Document 10-17 Filed 10/05/21 Page 4 of 5 PageID 456

Case 22-03052-sgj Doc 10-17 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 17 Page 4 of 5

000487

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 29 of 215 PageID 565
APPELLANTS’ MOTION FOR STAY PENDING APPEAL Page 4 of 4

CERTIFICATE OF SERVICE

The undersigned hereby certifies that, on this the 1st day of April, 2021, true and correct 

copies of this document, with any exhibits attached thereto, were served on the recipients listed 

below via email, and on April 2, 2021, true and correct copies of this document, with any 

exhibits attached thereto, were served on the recipients listed below via first class U.S. mail, 

postage prepaid:

Jeffrey N Pomerantz 

Pachulski Stang Ziehl & Jones LLP 

10100 Santa Monica Blvd 

13th Floor 

Los Angeles, CA 90067 

Email: jpomerantz@pszjlaw.com

John A Morris 

Pachulski Stang Ziehl & Jones LLP 

780 Third Avenue, 34th Floor 

New York, NY 10017-2024 

Email: jmorris@pszjlaw.com

Zachery Z. Annable 

Hayward PLLC 

10501 N. Central Expressway 

Suite 106 

Dallas, TX 75231 

Email: zannable@haywardfirm.com 

 /s/ Davor Rukavina 

 Davor Rukavina 

4841-5773-6163v.4 .

Case 3:21-cv-00538-N Document 2 Filed 04/01/21 Page 4 of 4 PageID 190

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Case 3:21-cv-01710-N Document 10-17 Filed 10/05/21 Page 5 of 5 PageID 457

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000488

Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 30 of 215 PageID 566
EXHIBIT 

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Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 31 of 215 PageID 567
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>'RFNHW1R@SXUVXDQWWRWKHMotion of the Debtor to Approve Settlement with Official Committee of Unsecured 

Creditors Regarding the Governance of the Debtor and Procedures for Operation in the Ordinary Course >'RFNHW

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 See Stipulation in Support of Motion of the Debtor for Approval of Settlement With the Official Committee of 

Unsecured Creditors Regarding Governance of the Debtor and Procedures for Operations in Ordinary Course

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Retention of James P. Seery, Jr., as Chief Executive Officer, Chief Restructuring Officer, and Foreign Representative 

Nunc Pro Tunc to March 15, 2020>'RFNHW1R@HQWHUHGRQ-XO\WKH3-XO\2UGHU ́

Case 19-34054-sgj11 Doc 1943 Filed 02/22/21 Entered 02/22/21 16:48:16 Page 15 of 161 Case: 21-90011 Document: 00515803515 Page: 38 Date Filed: 03/31/2021

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Appx. 0443

Case 3:21-cv-01710-N Document 10-18 Filed 10/05/21 Page 40 of 249 PageID 497

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D Objection to Confirmation of the Debtor’s Fifth Amended Plan of Reorganization

ILOHGE\*HW*RRG7UXVWDQG7KH'XJDER\,QYHVWPHQW7UXVW>'RFNHW1R@

E Objection to Confirmation of Fifth Amended Plan of Reorganization of Highland 

Capital Management, L.P. (filed by Highland Capital Management Fund Advisors, 

L.P., Highland Fixed Income Fund, Highland Funds I and its series, Highland 

Funds II and its series, Highland Global Allocation Fund, Highland Healthcare 

Opportunities Fund, Highland Income Fund, Highland Merger Arbitrate Fund, 

Highland Opportunistic Credit Fund, Highland Small-Cap Equity Fund, Highland 

Socially Responsible Equity Fund, Highland Total Return Fund, Highland/iBoxx 

Senior Loan ETF, NexPoint Advisors, L.P., NexPoint Capital, Inc., NexPoint Real 

Estate Strategies Fund, NexPoint Strategic Opportunities Fund) >'RFNHW 1R

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F $Joinder to the Objection filed at 1670 by: NexPoint Real Estate Finance Inc., 

NexPoint Real Estate Capital, LLC, NexPoint Residential Trust, Inc., NexPoint 

Hospitality Trust, NexPoint Real Estate Partners, LLC, NexPoint Multifamily 

Capital Trust, Inc., VineBrook Homes Trust, Inc., NexPoint Real Estate Advisors, 

L.P., NexPoint Real Estate Advisors II, L.P., NexPoint Real Estate Advisors III, 

L.P., NexPoint Real Estate Advisors IV, L.P., NexPoint Real Estate Advisors V, 

L.P., NexPoint Real Estate Advisors VI, L.P., NexPoint Real Estate Advisors VII, 

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Appx. 0513

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Appx. 0514

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Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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Appx. 0515

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Appx. 0516

Case 3:21-cv-01710-N Document 10-18 Filed 10/05/21 Page 113 of 249 PageID 570

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Case: 21-90011 Document: 00515803515 Page: 135 Date Filed: 03/31/2021

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Case: 21-90011 Document: 00515803515 Page: 136 Date Filed: 03/31/2021

Appx. 0540

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Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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Case: 21-90011 Document: 00515803515 Page: 138 Date Filed: 03/31/2021

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Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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Case 19-34054-sgj11 Doc 1943 Filed 02/22/21 Entered 02/22/21 16:48:16 Page 116 of

161

Case: 21-90011 Document: 00515803515 Page: 139 Date Filed: 03/31/2021

Appx. 0543

Case 3:21-cv-01710-N Document 10-18 Filed 10/05/21 Page 140 of 249 PageID 597

Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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Case 19-34054-sgj11 Doc 1943 Filed 02/22/21 Entered 02/22/21 16:48:16 Page 117 of

161

Case: 21-90011 Document: 00515803515 Page: 140 Date Filed: 03/31/2021

Appx. 0544

Case 3:21-cv-01710-N Document 10-18 Filed 10/05/21 Page 141 of 249 PageID 598

Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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161

Case: 21-90011 Document: 00515803515 Page: 141 Date Filed: 03/31/2021

Appx. 0545

Case 3:21-cv-01710-N Document 10-18 Filed 10/05/21 Page 142 of 249 PageID 599

Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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Case: 21-90011 Document: 00515803515 Page: 145 Date Filed: 03/31/2021

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Case 3:21-cv-01710-N Document 10-18 Filed 10/05/21 Page 147 of 249 PageID 604

Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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Case 19-34054-sgj11 Doc 1943 Filed 02/22/21 Entered 02/22/21 16:48:16 Page 124 of

161

Case: 21-90011 Document: 00515803515 Page: 147 Date Filed: 03/31/2021

Appx. 0551

Case 3:21-cv-01710-N Document 10-18 Filed 10/05/21 Page 148 of 249 PageID 605

Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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Case 19-34054-sgj11 Doc 1943 Filed 02/22/21 Entered 02/22/21 16:48:16 Page 125 of

161

Case: 21-90011 Document: 00515803515 Page: 148 Date Filed: 03/31/2021

Appx. 0552

Case 3:21-cv-01710-N Document 10-18 Filed 10/05/21 Page 149 of 249 PageID 606

Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

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Case 19-34054-sgj11 Doc 1943 Filed 02/22/21 Entered 02/22/21 16:48:16 Page 126 of

161

Case: 21-90011 Document: 00515803515 Page: 149 Date Filed: 03/31/2021

Appx. 0553

Case 3:21-cv-01710-N Document 10-18 Filed 10/05/21 Page 150 of 249 PageID 607

Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 18 Page 150 of 249

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Case 19-34054-sgj11 Doc 1943 Filed 02/22/21 Entered 02/22/21 16:48:16 Page 127 of

161

Case: 21-90011 Document: 00515803515 Page: 150 Date Filed: 03/31/2021

Appx. 0554

Case 3:21-cv-01710-N Document 10-18 Filed 10/05/21 Page 151 of 249 PageID 608

Case 22-03052-sgj Doc 10-18 Filed 05/25/22 Entered 05/25/22 17:52:21 Desc

Exhibit 18 Page 151 of 249

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Case 3:22-cv-02280-S Document 3-4 Filed 12/06/22 Page 181 of 215 PageID 717
 

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Case 19-34054-sgj11 Doc 1943 Filed 02/22/21 Entered 02/22/21 16:48:16 Page 155 of

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DOCS_NY:40509.39 36027/002

Dated: January 22, 2021

Respectfully submitted,

HIGHLAND CAPITAL MANAGEMENT, L.P. 

By:

James P. Seery, Jr.

Chief Executive Officer and Chief Restructuring

Officer

Prepared by: 

PACHULSKI STANG ZIEHL & JONES LLP

Jeffrey N. Pomerantz (CA Bar No.143717)

Ira D. Kharasch (CA Bar No. 109084)

Gregory V. Demo (NY Bar No. 5371992)

10100 Santa Monica Boulevard, 13th Floor

Los Angeles, CA 90067

Telephone: (310) 277-6910

Facsimile: (310) 201-0760

Email: jpomerantz@pszjlaw.com

ikharasch@pszjlaw.com

gdemo@pszjlaw.com

and 

HAYWARD & ASSOCIATES PLLC

Melissa S. Hayward (TX Bar No. 24044908)

Zachery Z. Annable (TX Bar No. 24053075)

10501 N. Central Expy, Ste. 106

Dallas, TX 75231

Telephone: (972) 755-7100

Facsimile: (972) 755-7110

Email: MHayward@HaywardFirm.com

ZAnnable@HaywardFirm.com

Counsel for the Debtor and Debtor-in-Possession

Case 19-34054-sgj11 Doc 1943 Filed 02/22/21 Entered 02/22/21 16:48:16 Page 156 of

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