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European Central Bank

  European Central Bank Directorate General Communications Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany Tel.: +49 69 1344 7455, email: media@ecb.europa.eu, website: www.ecb.europa.eu  Reproduction is permitted provided that the source is acknowledged.  Combined monetary policy decisions and statement 18 July 2024 Monetary policy decisions The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information broadly supports the Governing Council’s previous assessment of the medium-term inflation outlook. While some measures of underlying inflation ticked up in May owing to one-off factors, most measures were either stable or edged down in June. In line with expectations, the inflationary impact of high wage growth has been buffered by profits. Monetary policy is keeping financing conditions restrictive. At the same time, domestic price pressures are still high, services inflation is elevated and headline inflation is likely to remain above the target well into next year. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim. The Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction. In particular, its interest rate decisions will be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. The Governing Council is not pre-committing to a particular rate path. Key ECB interest rates The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.25%, 4.50% and 3.75% respectively.   Asset purchase programme (APP) and pandemic emergency purchase programme (PEPP) The APP portfolio is declining at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities. The Eurosystem no longer reinvests all of the principal payments from maturing securities purchased under the PEPP, reducing the PEPP portfolio by €7.5 billion per month on average. The Governing Council intends to discontinue reinvestments under the PEPP at the end of 2024. The Governing Council will continue applying flexibility in reinvesting redemptions coming due in the PEPP portfolio, with a view to countering risks to the monetary policy transmission mechanism related to the pandemic. Refinancing operations As banks are repaying the amounts borrowed under the targeted longer-term refinancing operations, the Governing Council will regularly assess how targeted lending operations and their ongoing repayment are contributing to its monetary policy stance.  *** The Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation returns to its 2% target over the medium term and to preserve the smooth functioning of monetary policy transmission. Moreover, the Transmission Protection Instrument is available to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across all euro area countries, thus allowing the Governing Council to more effectively deliver on its price stability mandate. The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:45 CET today.     Monetary policy statement Press conference Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB Good afternoon, the Vice-President and I welcome you to our press conference. The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information broadly supports our previous assessment of the medium-term inflation outlook. While some measures of underlying inflation ticked up in May owing to one-off factors, most measures were either stable or edged down in June. In line with expectations, the inflationary impact of high wage growth has been buffered by profits. Monetary policy is keeping financing conditions restrictive. At the same time, domestic price pressures are still high, services inflation is elevated and headline inflation is likely to remain above our target well into next year. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. We will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim. We will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction. In particular, our interest rate decisions will be based on our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path.  The decisions taken today are set out in a press release available on our website. I will now outline in more detail how we see the economy and inflation developing and will then explain our assessment of financial and monetary conditions. Economic activity The incoming information indicates that the euro area economy grew in the second quarter, but likely at a slower pace than in the first quarter. Services continue to lead the recovery, while industrial production and goods exports have been weak. Investment indicators point to muted growth in 2024, amid heightened uncertainty. Looking ahead, we expect the recovery to be supported by consumption, driven by the strengthening of real incomes resulting from lower inflation and higher nominal wages.   Moreover, exports should pick up alongside a rise in global demand. Finally, monetary policy should exert less of a drag on demand over time. The labour market remains resilient. The unemployment rate was unchanged, at 6.4 per cent in May, remaining at its lowest level since the start of the euro. Employment, which grew by 0.3 per cent in the first quarter, was supported by a further increase in the labour force, which expanded at the same rate. More jobs are likely to have been created in the second quarter, mainly in the services sector. Firms are gradually reducing their job postings, but from high levels.  National fiscal and structural policies should aim at making the economy more productive and competitive, which would help to raise potential growth and reduce price pressures in the medium term. An effective, speedy and full implementation of the Next Generation EU programme, progress towards capital markets union and the completion of banking union, and a strengthening of the Single Market are key factors that would help foster innovation and increase investment in the green and digital transitions. We welcome the European Commission’s recent guidance calling for EU Member States to strengthen fiscal sustainability and the Eurogroup’s statement on the fiscal stance for the euro area in 2025. Implementing the EU’s revised economic governance framework fully and without delay will help governments bring down budget deficits and debt ratios on a sustained basis. Inflation Annual inflation eased to 2.5 per cent in June, from 2.6 per cent in May. Food prices went up by 2.4 per cent in June – which is 0.2 percentage points less than in May – while energy prices remained essentially flat. Both goods price inflation and services price inflation were unchanged in June, at 0.7% and 4.1% respectively. While some measures of underlying inflation ticked up in May owing to one-off factors, most measures were either stable or edged down in June. Domestic inflation remains high. Wages are still rising at an elevated rate, making up for the past period of high inflation. Higher nominal wages, alongside weak productivity, have added to unit labour cost growth, although it decelerated somewhat in the first quarter of this year. Owing to the staggered nature of wage adjustments and the large contribution of one-off payments, growth in labour costs will likely remain elevated over the near term. At the same time, recent data on compensation per employee have been in line with expectations and the latest survey indicators signal that wage growth will moderate over the course of next year. Moreover, profits contracted in the first quarter, helping to offset the inflationary effects of higher unit labour costs, and survey evidence suggests that profits should continue to be dampened in the near term.   Inflation is expected to fluctuate around current levels for the rest of the year, partly owing to energy-related base effects. It is then expected to decline towards our target over the second half of next year, owing to weaker growth in labour costs, the effects of our restrictive monetary policy and the fading impact of the past inflation surge. Measures of longer-term inflation expectations have remained broadly stable, with most standing at around 2 per cent. Risk assessment  The risks to economic growth are tilted to the downside. A weaker world economy or an escalation in trade tensions between major economies would weigh on euro area growth. Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East are major sources of geopolitical risk. This may result in firms and households becoming less confident about the future and global trade being disrupted. Growth could also be lower if the effects of monetary policy turn out stronger than expected. Growth could be higher if inflation comes down more quickly than expected and rising confidence and real incomes mean that spending increases by more than anticipated, or if the world economy grows more strongly than expected. Inflation could turn out higher than anticipated if wages or profits increase by more than expected. Upside risks to inflation also stem from the heightened geopolitical tensions, which could push energy prices and freight costs higher in the near term and disrupt global trade. Moreover, extreme weather events, and the unfolding climate crisis more broadly, could drive up food prices. By contrast, inflation may surprise on the downside if monetary policy dampens demand more than expected, or if the economic environment in the rest of the world worsens unexpectedly. Financial and monetary conditions The policy rate cut in June has been transmitted smoothly to money market interest rates, while broader financial conditions have been somewhat volatile. Financing costs remain restrictive as our previous policy rate increases continue to work their way through the transmission chain. The average interest rate on new loans to firms edged down to 5.1 per cent in May, while mortgage rates remained unchanged at 3.8 per cent.  Credit standards for loans remain tight. According to our latest bank lending survey, standards for lending to firms tightened slightly in the second quarter, while standards for mortgages eased moderately. Firms’ demand for loans fell slightly, while households’ demand for mortgages rose for the first time since early 2022.   Overall, credit dynamics remain weak. Bank lending to firms and households grew at an annual rate of 0.3 per cent in May, only marginally up from the previous month. The annual growth in broad money – as measured by M3 – rose to 1.6 per cent in May, from 1.3 per cent in April.  Conclusion  The Governing Council today decided to keep the three key ECB interest rates unchanged. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. We will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim. We will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction. In particular, our interest rate decisions will be based on our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path.  In any case, we stand ready to adjust all of our instruments within our mandate to ensure that inflation returns to our medium-term target and to preserve the smooth functioning of monetary policy transmission. We are now ready to take your questions.  

English

Section XI.B EU Monetary Policy December-June

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28         -1- Case No. 24 - ______ S. Greene First Day Declaration PAUL J. PASCUZZI, State Bar No. 148810JASON E. RIOS, State Bar No. 190086 THOMAS R. PHINNEY, State Bar No. 159435 FELDERSTEIN FITZGERALD WILLOUGHBY PASCUZZI & RIOS LLP 500 Capitol Mall, Suite 2250 Sacramento, CA  95814 Telephone:  (916) 329-7400 Facsimile:  (916) 329-7435 Email:  ppascuzzi@ffwplaw.com   jrios@ffwplaw.com   tphinney@ffwplaw.com  ORI KATZ, State Bar No. 209561 ALAN H. MARTIN, State Bar No. 132301 SHEPPARD, MULLIN, RICHTER & HAMPTON LLP A Limited Liability Partnership Including Professional Corporations Four Embarcadero Center, 17th Floor San Francisco, California 94111-4109 Telephone: (415) 434-9100 Facsimile: (415) 434-3947 Email:  okatz@sheppardmullin.com   amartin@sheppardmullin.com Proposed Attorneys for The Roman Catholic Bishop of Sacramento UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF CALIFORNIA SACRAMENTO DIVISION In re: THE ROMAN CATHOLIC BISHOP OF SACRAMENTO,   Debtor in Possession. Case No.  24-21326Chapter 11 DCN: FWP-1 Date: April 4, 2024 Time:   10:00 a.m. Location: Courtroom 35 (Dept. C) Judge: Hon. Christopher M. Klein Hearing Requested on Shortened Time  DECLARATION OF STEPHEN J. GREENE, JR., IN SUPPORT OF CHAPTER 11 PETITION AND FIRST DAY MOTIONS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28                          -2- Case No. 24 - ______ S. Greene First Day Declaration  I, Stephen J. Greene, Jr., hereby declare under penalty of perjury as follows:  1. I am an attorney duly licensed to practice law in the State of California and a partner at Greene & Roberts LLP (“Greene & Roberts”), proposed special corporate and litigation counsel for The Roman Catholic Bishop of Sacramento, the debtor in possession herein (the “Debtor in Possession” or “RCBS”).  I have been an attorney licensed to practice in California since 1995.  If called as a witness, I would and could testify competently to the matters stated herein. 2. Greene & Roberts is counsel of record for the RCBS in the pending judicial council coordinated proceeding number 5108 in Alameda Superior Court (“JCCP 5108”), where all childhood sexual assault complaints against northern California diocesan entities are being jointly administered before Judge Noel Wise, including complaints filed against the RCBS and its parishes and other related entities.  Greene & Roberts and prior iterations of the firm has acted as counsel for the RCBS since approximately 2002 in litigation, as corporate counsel, and as general counsel for many other day to day matters.  I personally have represented the RCBS for more than 20 years now and have served as defense counsel in every childhood sexual abuse claim asserted against the RCBS over those two decades. 3. All facts set forth in this declaration are based on my personal knowledge, upon information supplied to me by people who report to me, upon information supplied to me by the RCBS, upon my review of relevant documents, or upon my opinion based on my 20 year experience and knowledge with respect to the RCBS’s operations and past and current litigation status.  If I were called upon to testify, I could and would testify competently to the facts set forth herein. 4. My involvement in representing the RCBS regarding claims of childhood sexual assault began in 2004, after approximately three dozen plaintiffs filed lawsuits against the RCBS as part of the first statute of limitations revival window in 2003.  Those claims were litigated and ultimately settled through global mediation negotiations in 2005 for an aggregate amount of $35 million.  In addition to the claims that were part of the global resolution in 2005, the RCBS also settled more than two dozen other claims of childhood sexual abuse over the past 20 years, some in the context of additional lawsuits and others as a result of pre-filing negotiated resolutions.  Overall, since 2000, the RCBS and its insurers have paid more than $51 million in legal settlements 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28                          -3- Case No. 24 - ______ S. Greene First Day Declaration  in an effort to fulfill the RCBS’s responsibility for abuse of minors by diocesan clergy and lay employees. 5. In 2019, the California Legislature enacted AB 218, the most recent legislative revival of the statute of limitations, which established a three-year revival window from 2020 to 2022.  As part of the window created by AB 218, and based on the most up-to-date information we have been able to compile as of the date of this declaration, approximately 300 individuals filed civil actions in which the RCBS is named as a defendant.  Virtually all the pending claims have been grouped together in a coordinated proceeding in Alameda County, and all but very limited discovery in those matters has been stayed since the create of the proceeding in 2020.   6. Consistent with its policies and protocols, the RCBS and my firm have investigated and taken action to try to determine the background of every allegation of abuse received directly by the RCBS since approximately 2002.  Regarding the currently pending civil claims, however, there are significant challenges associated with obtaining sufficient information to determine the credibility of the allegations because all general discovery in the pending cases has been stayed since the creation of the JCCP 5108 proceeding in 2020.  In the end, the RCBS has only been able to rely on very limited standardized disclosures, in the form of “fact sheets” completed by the plaintiffs as part of the JCCP 5108 coordinated proceeding.  The fact sheets each contain general descriptions of the nature, duration, and location of the alleged abuse, and although the vast majority received by RCBS included verifications signed by the plaintiff under penalty of perjury, many others were provided without the verification.   7. With very minimal exceptions, the AB 218 claims of alleged abuse are all historical claims that arise from conduct that occurred decades ago.  As a consequence, of the 100+ priests named as perpetrators, more than 90% are deceased.  And although the dates of alleged abuse range from approximately 1950 up through 2020, only 11 claims allege abuse since the year 2000, and three of those 11 claims involve perpetrators who were lay coaches at a diocesan high school. 8. The majority of AB 218 complaints filed against the RCBS in the JCCP 5108 proceeding have, in addition to the RCBS, named as co-defendants parishes and schools located in the Diocese of Sacramento, as well as Roman Catholic religious orders.  Under indemnity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28                          -4- Case No. 24 - ______ S. Greene First Day Declaration  provisions in the parish services agreements between RCBS and the parishes of the Diocese, Greene & Roberts has defended the parish co-defendants against those pending claims. 9. It is RCBS’s position that the automatic stay extends to stay all litigation against the RCBS and the parish and school co-defendants.  These co-defendants are for the most part covered by the same insurance applicable to the RCBS, so any incurring of defense costs or payment of settlements by the related entities with those mutual insurance assets also will impact the insurance coverage available to settle claims filed against the RCBS.  The representation of those co-defendants in the abuse claims litigation may continue to be necessary post-filing of bankruptcy, unless the plaintiffs’ counsel will stipulate or the court orders, that the litigation against those co-defendants also is stayed.  10. The RCBS participated in a three-day global mediation in November 2023, with the goal of exploring the potential global settlement of the 250+ claims pending in the JCCP 5108 proceeding.  That mediation was not successful in resulting in a global settlement.  Among the matters in the global mediation were the claims of three plaintiffs in cases that had been designated by the JCCP 5108 judge as “bellwether trial” cases, which were set to proceed to trial in mid and late 2024.  My understanding is that absent a bankruptcy filing, the bellwether trial cases and possibly additional pending cases involving claims against the RCBS would be set for trial by the coordination judge in the JCCP 5108 proceeding. 11. As set forth in the foregoing paragraphs, RCBS does not have detailed information from which to assess and determine a settlement value for all of the pending cases.  Based on our experience in defending these sorts of claims over the past two decades, however, the RCBS expects the initial demands for those pending claims to be more than $2 million per claim.  Moreover, in addition to enacting the three-year revival window, AB 218 also added a provision to permit plaintiffs to seek treble damages if they can prove that the abuse was the result of a “cover up,” and so any potential exposure the diocese might face could also include both those “cover up” treble damages and potential punitive damages pursuant to California Civil Code section 3294.  Based on these procedural realities, the RCBS’s total exposure could exceed its available assets.  Thus, in my view, this volume of lawsuits puts the RCBS in immediate financial distress and in 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28                          -5- Case No. 24 - ______ S. Greene First Day Declaration  need of a forum to resolve these claims while continuing to serve the faithful and those in need. 12. I understand the Bankruptcy Court provides a forum and the Bankruptcy Code provides a mechanism whereby all the claims can be determined and paid on a fair and equitable basis and ensures that all claimants with similarly situated claims are treated the same.  In my view, the RCBS requires the Bankruptcy Court’s immediate protection and the protection of the bankruptcy laws to make fair and equitable payment of the claims against it, including the survivors of abuse, trade creditors, the parishes and others. I declare under penalty of perjury that the foregoing it true and correct.  Executed on March 22, 2024, at Sacramento, California.  ________________________________ Stephen J. Greene 

First Day Declaration - Greene

1  IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND  In re:  ROMAN CATHOLIC ARCHBISHOP OF BALTIMORE  Debtor.1   Case No:  23-16969-MMH Chapter 11   SUPPLEMENTAL STATEMENT OF HARTFORD ACCIDENT AND INDEMNITY COMPANY AND TWIN CITY FIRE INSURANCE COMPANY IN CONNECTION WITH THEIR RESPONSE TO (1) THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS’ APPLICATION TO EMPLOY STOUT RISIUS ROSS, LLC AS ITS VALUATION EXPERT AND (2) APPLICATION TO EMPLOY BURNS BAIR LLP AS SPECIAL INSURANCE COUNSEL FOR THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS  Hartford Accident and Indemnity Company (“Hartford A&I”) and Twin City Fire Insurance Company (“Twin City”) (collectively, “Hartford”) respectfully submit this short statement regarding their pending Response to (1) The Official Committee of Unsecured Creditors’ Application to Employ Stout Risius Ross, LLC as Its Valuation Expert and (2) Application to Employ Burns Bair LLP as Special Insurance Counsel for the Official Committee of Unsecured Creditors [Dkt. No. 454] (the “Response”).  Hartford does so to address certain issues that were raised at the recent status conference in this Chapter 11 case. At the conference, the Court inquired as to the interest Hartford and other insurance carriers have in the amount of money the Debtor and its estate may spend on professionals.  After the conference, the Committee asked whether Hartford, based on the Court’s comments, would withdraw its objections.  Hartford had a different interpretation of the Court’s comments; Hartford recalls, among other things, the Court’s encouraging the parties to set a hearing if they  1  The last four digits of the Debtor’s federal tax identification number are: 1535.  The Debtor’s principal place of business is located at 320 Cathedral Street, Baltimore, Maryland 21201. Case 23-16969    Doc 467    Filed 04/17/24    Page 1 of 62  could not reach consensus, and encouraging, if not requiring, the Committee to submit budgets for the applicants.  Still, Hartford recognizes that official creditors’ committees are typically afforded wide latitude in selecting professionals, especially where the Debtor voices no objection.  Accordingly, and notwithstanding Hartford’s concerns over where these applications suggest we are heading (away from a global resolution and toward protracted coverage litigation), Hartford withdraws its objection.  But before doing so, Hartford believes it is important to answer in writing the Court’s question concerning Hartford’s interest in the applications to engage professionals.   Hartford’s interest in professional applications is legal and practical.  As a legal matter, Hartford and the other carriers are “parties in interest” within the meaning of Section 1109(b) of the Bankruptcy Code because the Debtor is seeking to have the carriers fund a substantial portion, if not the lion’s share, of any distributions to claimants asserting that the Debtor is legally liable for damages the claimants have incurred as a result of sexual abuse.  And, should there be any doubt about Hartford’s legal standing, the United States Supreme Court recently signaled at oral argument in Truck Insurance Exchange v. Kaiser Gypsum Co., Case No. 22-1079, that an insurer that will be asked to pay is a party in interest and therefore has rights under Section 1109(b) to be heard on “any issue in a case under this chapter.”   As a practical matter, Hartford and the other carriers have significant interest (indeed, perhaps the most significant interest) in how much money the Debtor’s estate spends on professionals and whether those professionals will help move the case toward a consensual plan.  For one, the greater the post-petition administrative expenses the estate incurs and is required to pay, the less the estate will have available to satisfy pre-petition abuse claims, and the more the Committee and claimant lawyers may demand of the insurers or potentially structure plan terms Case 23-16969    Doc 467    Filed 04/17/24    Page 2 of 63  to attempt to collect insurance proceeds in excess of what a reasonable exposure analysis suggests is appropriate. Should Debtor go down this path here, that strategy will all but guarantee the opposite of what Debtor says is its goal of a global resolution that avoids protracted litigation and that allows meaningful distributions to be made in a timely fashion to legitimate claimants.  Hartford previously conveyed its concerns over these particular professionals in its Response and need not repeat them here.  Unfortunately, those concerns can become roadblocks, as they did in the bankruptcy involving The Roman Catholic Diocese of Rockville Centre, New York, where the claimants voted down the plan (the Committee was advised on insurance issues by Burns Bair) and the debtor last week threw in the towel, filing a motion for authorization to dismiss the entire reorganization proceeding.  See generally In re The Roman Catholic Diocese of Rockville Centre, N.Y. (Bankr. S.D.N.Y.), Case No. 20-12345. Hartford hopes to avoid a repeat of that situation here, though continues to believe that if the Maryland Supreme Court rules the Child Victims Act is unconstitutional, then Debtor should consider moving to dismiss because it would have no reason to be in bankruptcy.  Hartford maintains that if this case is to be mediated, the insurers will have to be involved in all aspects of mediation, or a global resolution will not occur.  At the recent status conference, the Debtor suggested that it believes there are issues to be mediated between it and the Committee that do not implicate the insurers.  For the reasons discussed above, the dollar amount of any contribution the Debtor (and its affiliates) will make under a plan to pay abuse claims and the terms of any such plan, including any trust distribution procedures, will necessarily affect the insurers.  If there is to be any hope for a global settlement, Harford and the other insurers must have a seat at the table.  Hartford, therefore, hopes that the Debtor will invite it and the other Case 23-16969    Doc 467    Filed 04/17/24    Page 3 of 64  insurers to any mediation.  If not, the odds of a global settlement will diminish greatly.  In the interim, Hartford reserves all of its rights, including its rights under its policies to deny coverage if the Debtor refuses to cooperate with it in seeking to defend and resolve the asserted abuse claims.   Dated:  April 17, 2024 Respectfully submitted,   /s/ James P. Ruggeri  James P. Ruggeri (Fed. Bar No. 21926) Joshua D. Weinberg (admitted pro hac vice) Annette P. Rolain (admitted pro hac vice) RUGGERI PARKS WEINBERG LLP 1875 K Street NW, Suite 600 Washington, DC  20006 Tel: (202) 984-1400 jruggeri@ruggerilaw.com jweinberg@ruggerilaw.com arolain@ruggerilaw.com   and  Philip D. Anker (admitted pro hac vice) WILMER CUTLER PICKERING HALE AND DORR LLP 7 World Trade Center 250 Greenwich Street New York, NY  10007 Tel: (212) 230-8890 philip.anker@wilmerhale.com  Counsel for Interested Parties Hartford Accident and Indemnity Company and Twin City Fire Insurance Company Case 23-16969    Doc 467    Filed 04/17/24    Page 4 of 65  CERTIFICATE OF SERVICE I HEREBY CERTIFY that on this 17th day of April, 2024, a true and correct copy of the foregoing document was filed and served via the Court’s CM/ECF e-filing system on all parties of record.  Additionally, Epiq Corporate Restructuring, LLC will cause a true and correct copy of the foregoing document to be served on all parties required to be served, with a certificate or affidavit of service to be filed subsequently, in accordance with Local Rule 9013-4.  Blake D. Roth, Esquire: blake.roth@hklaw.com Catherine Keller Hopkin, Esquire: chopkin@yvslaw.com Hugh M. (UST) Bernstein, Esquire: hugh.m.bernstein@usdoj.gov Gary R. Greenblatt, Esquire: grg@cooncolelaw.com Marc E. Shach, Esquire: mes@cooncolelaw.com Andrew D. Freeman, Esquire: adf@browngold.com Anthony May, Esquire: AMay@browngold.com Geoffrey Grivner, Esquire: geoffrey.grivner@bipc.com Nathan D. Adler, Esquire: nda@nqgrg.com Diane C. Bristow, Esquire: dcb@nqgrg.com Tyler N. Layne, Esquire: Tyler.Layne@hklaw.com Christopher Scott Kunde, Jr., Esquire: scott.kunde@hklaw.com Steven J Kelly, Esquire: skelly@gelaw.com Nicholas R. Miller, Esquire: nick.miller@hklaw.com Timothy P. Palmer, Esquire: timothy.palmer@bipc.com Gordon Z. Novod, Esquire: gnovod@gelaw.com Philip Tucker Evans, Esquire: philip.evans@hklaw.com, Megan Harmon, Esquire: megan.harmon@bge.com Richard L. Costella, Esquire: rcostella@tydings.com Alan M. Grochal, Esquire: agrochal@tydings.com Robert T. Kugler, Esquire: robert.kugler@stinson.com Edwin H. Caldie, Esquire: ed.caldie@stinson.com Andrew J. Glasnovich, Esquire: drew.glasnovich@stinson.com Nicole Khalouian, Esquire: nicole.khalouian@stinson.com Hannah Berny, Esquire: Hannah.berny@hklaw.com Monique D. Almy, Esquire: MAlmy@crowell.com Miranda H. Turner, Esquire: MTurner@crowell.com Mark D. Plevin, Esquire: MPlevin@crowell.com Irving E. Walker, Esquire: iwalker@coleschotz.com J. Michael Pardoe, Esquire: mpardoe@coleschotz.com Robert K. Jenner, Esquire: rjenner@jennerlawfirm.com David K. Roberts: droberts2@omm.com Bruce A. Anderson, Esquire: banderson@eaidaho.com Ford Elsaesser, Esquire: felsaesser@eaidaho.com Mark Pfeiffer, Esquire: mark.pfeiffer@bipc.com Jonathan Schapp, Esquire: jschapp@goldbergsegalla.com Sam J. Alberts, Esquire: sam.alberts@dentons.com David F. Cook, Esquire: david.f.cook@dentons.com Case 23-16969    Doc 467    Filed 04/17/24    Page 5 of 66  Patrick C. Maxcy, Esquire: Patrick.maxcy@dentons.com G. Calvin Awkward, Esquire: cawkward@goldbergsegalla.com Gary K. Bahena, Esquire: garybahena@bahenalaw.com Kevin Foreman, Esquire: kforeman@carltonfields.com U.S. Trustee – Baltimore: ustpregion04.ba.ecf@usdoj.gov Adam R. Durst, Esquire, adurst@goldbergsegalla.com Samantha J. Hanson-Lenn, Esquire, Samantha.hansonlenn@stinson.com Eric G. Korphage, Esquire, korphagee@whiteandwilliams.com Matthew M. Weiss, Esquire, mweiss@phrd.com John E. Bucheit, Esquire, jbucheit@phrd.com Matthew G. Roberts, Esquire, mroberts@phrd.com John Grossbart, Esquire, john.grossbart@dentons.com Harris B. Winsberg, Esquire, hwinsberg@phrd.com R. David Gallo, Esquire, dgallo@phrd.com Todd C. Jacobs, Esquire, tjacobs@phrd.com Patrick C. Maxcy, Esquire, patrick.maxcy@dentons.com M. Keith Moskowitz, Esquire, keith.moskowitz@dentons.com Siobhain P. Minarovich, Esquire, Minarovichs@whiteandwilliams.com Robert H. Kline, Esquire, kliner@whiteandwilliams.com Robert W. DiUbaldo, Esquire, rdiubaldo@carltonfields.com Alex B. Silverman, Esquire, asilverman@carltonfields.com Nora A. Valenza-Frost, Esquire, nvalenza-frost@carltonfields.com Adam P. Haberkorn, Esquire, ahaberkorn@omm.com Tancred V. Schiavoni, Esquire, tschiavoni@omm.com  /s/ James P. Ruggeri         James P. Ruggeri   Case 23-16969    Doc 467    Filed 04/17/24    Page 6 of 6

Hartford\u27s Statement re: Employment of Committee Professionals

Louisiana Supreme Court Reconsideration Opinion

Penn State Journal of Law & International Affairs Volume 12 Issue 1 February 2024 Dedication Follow this and additional works at: https://elibrary.law.psu.edu/jlia  Part of the International and Area Studies Commons, International Law Commons, International Trade Law Commons, and the Law and Politics Commons ISSN: 2168-7951 Recommended Citation Dedication, 12 PENN. ST. J.L. & INT'L AFF. (2024). Available at: https://elibrary.law.psu.edu/jlia/vol12/iss1/1 The Penn State Journal of Law & International Affairs is a joint publication of Penn State’s School of Law and School of International Affairs. Penn State Journal of Law & International Affairs 2023 VOLUME 12 NO. 1 DEDICATION: For their unconditional support and dedication to the success of this publication, Volume 12, Issue 1 of the Penn State Journal of Law & International Affairs is dedicated to: WAN LI: PROFESSOR STUART HARGREAVES FOR HIS GUIDANCE DURING MY PHD STUDIES, FOR BRINGING ME TO THIS ISSUE, AND FOR HIS INSIGHTFUL INPUT ON THIS ARTICLE, AND TO PROFESSOR SANDRA MARCO COLINO FOR HER ENCOURAGEMENT AND SUPPORT THROUGHOUT THIS RESEARCH ENDEAVOR. LASTLY, MANY THANKS TO MICHAEL SEKICH, JESSICA LOWEN, AND THE PENN STATE JOURNAL OF LAW & INTERNATIONAL AFFAIRS FOR THOUGHTFUL REMARKS AND THOROUGH EDITING.  *** EMILEE KULA: TO MY MOMMA, TOBI, MY DAD, MY BROTHERS, GARRETT AND GUNNER, MY GRANDPARENTS, MY FRIENDS, AND MY ENTIRE FAMILY FOR THEIR UNCONDITIONAL LOVE, CONSTANT SUPPORT, AND THE IMPACT THEY HAVE ALL HAD ON MY LIFE – I AM ME BECAUSE OF YOU. JESSICA LOWEN: MY PARENTS AND FAMILY FOR ALWAYS SUPPORTING ME AND TO MY FRIEND, CAMILIA KATKOCIN FOR INSPIRING ME TO WRITE ABOUT THIS ISSUE.   MICHAEL SEKICH: TO MY LOVELY FIANCÉ AND FAMILY, I WOULD NOT BE WHERE I AM TODAY WITHOUT YOUR UNWAVERING SUPPORT. THANK YOU TO THE ONES THAT KEEP ME MOVING FORWARD.   

Dedication

OCC\u27s Omnibus Reply to Objection to Disclosure Statement

Appendix 14B Final Generic Form of Corp Val in MA DCF Model the Steps Only

We all want to engage our students, particularly in this world of short attention spans, addictive technology, and competing deadlines and priorities. Furthermore, active learning methods support nontraditional and neurodivergent learners while also fostering community among the participants. Explore the cognitive science principles behind active learning, then experience them through demonstrations and handouts describing active learning strategies. With this knowledge under your belt, workshop active learning activities you can implement in your classes with other conference attendees

Nolan, Savanna

Nolan – Experience Active Learning! Teaching the Teachers Conference 2024  1   Experience Active Learning!  Program Exercise Handout  Savanna Nolan Instruction & Faculty Services Librarian University of Georgia School of Law     Pre-conference assignment:  Please come to this session with an idea for an instructional session you think would benefit from an active learning component.  Maybe this is a new area you’re teaching, or maybe this is a topic your students have struggles with in the past.     Use this space to jot down notes on your proposed session.  What are some expected challenges or what have been issues in the past?        Nolan – Experience Active Learning! Teaching the Teachers Conference 2024  2  Step 1: Identify a Learning Objective1  Learning Objectives are statements specifying the skill, ability, or attitude a student must demonstrate in a measurable way upon completion of an educational experience. Ideally learning objectives are SMART:   Specific to who will perform what action Measurable to how success will be measured and quantified Achievable and realistic for the time and resources you have Relevant to your vision for student learning as a whole Targeted to your audience based on their background (e.g., 1L vs. 3L; group diversity, etc.)  Another tool to develop good Learning Objectives is Bloom’s Taxonomy of Measurable Verbs—a list of verbs tied to a specific cognitive level of Bloom’s Taxonomy.  I like this list from UGA’s Center for Teaching and Learning.2   What are 1-3 Learning Objectives for this instructional session you would like to assess using active learning techniques?       Step 2: Determine Acceptable Evidence  What are you assessing?  The most basic answer is “student learning,” but let’s dig deeper.  We can group assessments into six categories.3  What you choose to assess should align with your Learning Objective(s) from Step 1.  • Assessing Prior Knowledge and Understanding o How can we measure students’ prior knowledge, background, and attitudes versus their retention of the content of the lesson?  o Example Activities: Minute Papers, Snowball feedback  1 This section draws heavily from Instruction Infrastructure: Part I: Learning Objectives from Teaching the Teachers Beginners’ Bootcamp 2023 by AJ Blechner and Heather Joy.  2 https://perma.cc/YWR6-YPAL   3 MELISSA BOWLES-TERRY & CASSANDRA KVENILD, CLASSROOM ASSESSMENT TECHNIQUES FOR LIBRARIANS (2015). Nolan – Experience Active Learning! Teaching the Teachers Conference 2024  3   • Assessing Skill in Analysis and Critical Thinking o Can students make insightful connections and inferences, rather than merely recalling information from the lesson?  o Example Activities: Think-Pair-Share, Defining Features Matrix  • Assessing Skill in Synthesis and Creative Thinking  o Can students create original work from a synthesis of the new concepts presented in the lesson and their prior intelligence, knowledge, background, and skills?  o Example Activities: One Sentence Summaries, Concept Maps  • Assessing Skill in Application o Can students apply newly learned skills to real-life situations?  o Example Activities: All types of gamification, 3-2-1 reaction papers, Class Modeling  • Assessing Attitudes and Self-Awareness o What are the students’ attitudes, values, opinions, and/or self-awareness and how can we develop those elements to lead to greater success (e.g., metacognition)?  o Example Activities: Opinion Polls, Self-Confidence Surveys, Goal Ranking and Matching, Research Logs.    • Assessing Learner Reactions o Seek student feedback, especially at midterm, concerning the instructor’s ability to present material; the ability to encourage students to learn; and the ability to regulate and deal fairly with students.   o Example Activities: Chain Notes, Snowballs, “RSQC2” (Recall, Summarize, Question, Connect, Comment)     Nolan – Experience Active Learning! Teaching the Teachers Conference 2024  4  Step 3: Plan Learning Experiences and Instruction Plan your instructional session in the space below, keeping in mind that you should be switching modalities and incorporating classroom assessment techniques often to retain students’ attention.    Example:  A 50-minute Lunch & Learn Session on Administrative Legal Research4    Minutes 1-5 Introductions, Outline of the class Minutes 5-7 Minute Paper: What do you know about Administrative Legal Research?   Minutes 8-15 Mini-lecture about the three branches of government, executive branch, Informal rulemaking process  Minutes 16-20 Short discussion on agencies students are familiar with and what they do. List agencies on the board.  Minutes 21-34 Lecture on how to research using the CFR Minutes 35-45 Have students create a Defining Features Matrix comparing how the CFR is presented in Westlaw/Lexis compared to statutes and cases. (e.g., all 3 have citators; only statutes have annotations/Notes of Decisions/Case Notes) Minutes 46-50 Closing comments and students fill out Thumbs Up/Thumbs Down “Exit Ticket”  Sketch out your rough timeline below:           4 Note that while I have very specific times here, all times are approximate. You’re a teacher, not a stopwatch.  

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Section XI.B EU Monetary Policy December-June

First Day Declaration - Greene

Hartford\u27s Statement re: Employment of Committee Professionals

Louisiana Supreme Court Reconsideration Opinion

Dedication

OCC\u27s Omnibus Reply to Objection to Disclosure Statement

Appendix 14B Final Generic Form of Corp Val in MA DCF Model the Steps Only

Experience Active Learning!

Registration and Breakfast

Section 1.C Productivity and Costs

2,775

3,048