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Dates, Forms and Procedures; and (II) Requesting Approval of Disclosure Statement at Combined <br />Hearing (Docket No. 511) (the "Motion"). This Court granted the Motion on November 23, 2020 and <br />set a combined hearing on approval of the Disclosure Statement and Confirmation for January 15, <br />2021 with objections due January 5. <br />8. This Objection is therefore timely. <br />Preliminary Statement <br />9. The United States Trustee objects to the First Amended Plan because it includes an overly - <br />inclusive definition of parties covered by the exculpation provisions, including non -fiduciaries of the <br />estate in contravention of established law. <br />ARGUMENT <br />A. Debtor's Definition of Exculpated Parties is Overly Broad <br />10. Exculpation provisions are meant to limit liability to the fiduciaries in the case and only <br />for acts occurring during the case and while acting as an estate fiduciary. See Washington Mutual, <br />Inc., 442 B.R. at 350 — 351 (limiting exculpation clauses to estate fiduciaries). See also In re Tribune <br />Co., 464 B.R. 126, 189 (Bankr. D. Del. 2011) (same); In re PWS Holding Corp., 228 F.3d 224, 246 <br />(3d Cir. 2000) (holding Section 1103(c) "limits the liability of a committee to willful misconduct or <br />ultra vires acts."); In re PTL Holdings LLC, 2011 WL 5509031 at * 11-12 (Bankr. D. Del. 2011) (BLS) <br />(holding exculpation "must be reeled in to include only those parties who have acted as estate <br />fiduciaries and their professionals."); In re Indianapolis Downs, LLC, 486 B.R. 286, 306 (Bankr. D. <br />Del. 2013) (holding exculpation "limited so as to apply only to estate fiduciaries" was consistent with <br />applicable law). <br />11. The exculpation provision in the First Amended Plan is overly broad because it extends <br />beyond fiduciaries of the Debtors' bankruptcy estates. The exculpation provision reads as follows: <br />3 <br />