In a Proceeding Under Section 304 of the Bankruptcy Code Case No. 04-10280(ALG). March 29, 2006. Cleary Gottlieb Steen Hamilton LLP, By Lindsee P. Granfield, Esq., Evan A. Davis, Esq., Leslie N. Silverman, Esq., Timothy S. Mehok, Esq., New York, NY, for Board of Directors of Multicanal S.A., Petitioner. Proskauer Rose LLP, By Louis M. Solomon, Esq., Jennifer R. Scullion, Esq., Adam T. Berkowitz, Esq., New York, NY, for the ARC-Related Parties. MEMORANDUM OF OPINION ALLAN L. GROPPER, Bankruptcy Judge