Opinion
Bankruptcy Case No. BK-S-00-10533-LBR, Jointly Administered With: BK-S-00-10534-LBR (AgriBio Tech Canada), BK-S-00-10534-LBR (Las Vegas Fertilizer Co.), BK-S-00-10536-LBR (Garden West Distrib., Inc.), BK-S-00-10537-LBR (Geo W. Hill Co., Inc.).
June 14, 2004
Candace C. Carlyon, SHEA CARLYON, LTD., Las Vegas, Nevada.
Deborah D. Williamson COX SMITH INCORPORATED, San Antonio, Texas, Counsel for Anthony H.N. Schnelling, Trustee of the AgriBioTech Creditors' Trust.
ORDER APPROVING SETTLEMENT — D O DEFENDANTS
Having considered the Motion to Approve Settlement — DO Defendants, and having considered the pleadings, evidence, and arguments of counsel relating to the settlement between Anthony H.N. Schnelling, Trustee, and certain of the defendants in the case of Schnelling, Trustee v. Thomas et al., Case No. CV-S-02-0537-PMP(LRL) now pending in the United States District Court for the District of Nevada (the "Settlement") and for good cause shown:
THE COURT FINDS that adequate notice of the Motion has been given to all parties in interest, as required by Federal Rule of Bankruptcy Procedure 9019 and as set forth in the terms of the Order Confirming First Amended Joint Plan of Reorganization of AgriBioTech, Inc., et al., entered on April 10, 2001 (the "Confirmation Order").
THE COURT FINDS that, pursuant to Federal Rule of Bankruptcy Procedure 9019, the Settlement is fair and equitable, represents the sound business judgment of Anthony H.N. Schnelling as Trustee of the ABT Creditor Trust, and is in the best interests of the ABT Creditor Trust and its beneficiaries.
THE COURT FINDS that the terms of the Settlement as set forth in the Motion were negotiated and agreed to by all parties thereto acting in good faith (in so finding, the Court makes no finding with regard to the duties of the insurance carriers to Richard P. Budd and no finding that the insurance carriers acted in good faith in carrying out those duties).
Based on the foregoing findings:
IT IS HEREBY ORDERED THAT the Motion is granted and the Settlement is approved.