Opinion
Case No. 01-16034 (AJG), Jointly Administered.
May 3, 2005
William Sheehy, Knowles, Robertson Cornelius, P.C. Tyler, Texas, ATTORNEYS FOR CODY COLE USA, INC.
Melanie Gray, Martin J. Bienenstock, Brian S. Rosen, Melanie Gray (Pro Hac Vice), WEIL GOTSHAL MANGES LLP, New York, New York, ATTORNEYS FOR REORGANIZED DEBTORS.
STIPULATION AND ORDER RESOLVING THE SEVENTY-FIFTH OBJECTION TO CODY COLE USA, INC. PROOFS OF CLAIM NO. 2124
Enron Broadband Services, Inc. ("EBS"), as reorganized debtor (the "Reorganized Debtor"), and Cody Cole USA, Inc. ("Cody Cole" and together with the Reorganized Debtor, the "Parties"), by and through their respective undersigned counsel, hereby stipulate and agree as follows:
RECITALS:
Procedural Background:
A. On December 2, 2001 (the "Petition Date") and from time to time thereafter, Enron Corp. ("Enron") and certain of its direct and indirect subsidiaries (collectively, the "Debtors") filed voluntary petitions for relief under chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York (the "Court").
References to the Debtors include the Reorganized Debtors (as defined in the Plan (defined hereafter)), where appropriate.
B. On July 15, 2004, the Court entered an order (the "Confirmation Order") confirming the Debtors' Supplemental Modified Fifth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code, dated as of July 2, 2004 (the "Plan"). On November 17, 2004, the Plan became effective. The Proof of Claim:
C. On or about May 23, 2002, Cody Cole (the "Creditor") filed proof of claim 2124, against EBS for 549,244.11 (the "Claim").
D. On or about January 14, 2005, the Reorganized Debtors filed their Seventy-Fifth Omnibus Objection (Modify and Allow), pursuant to which the Reorganized Debtors sought to have proofs of claim 2124 modified and allowed (the "Objection").
E. On or about February 21, 2005, the Creditor filed an Opposition to Reorganized Debtors' Seventy-Fifth Omnibus Objection to Proofs of Claim, docket no. 23192 (the "Response").
F. The Parties now desire to resolve the Objection, the Response and provide for the allowance of the Claim on the terms and conditions provided herein.
AGREEMENT
NOW, THEREFORE, IT IS HEREBY AGREED BY THE PARTIES, BY AND THROUGH THEIR RESPECTIVE COUNSEL, AS FOLLOWS:
1. Proof of Claim no. 2124 is allowed as a General Unsecured Claim in the amount of $449,496.18 against EBS (the "Allowed Claim"). All Schedules related to the Creditor as set forth in the liability schedules filed with the Court are hereby disallowed in their entirety in favor of the Allowed Claims. Distributions on the Allowed Claims will be made according to the Plan.
2. The Parties agree that this Stipulation and Order is the entire understanding of the Parties with respect to the subject matter hereof and is intended to be the complete and exclusive statement of the terms thereof and may not be modified or amended except by a writing signed by all the Parties hereto, which shall be so ordered by the Court.
3. This Stipulation and Order shall become effective and binding as of entry of the Stipulation and Order on the docket as "so ordered" by the Court. In the event that this Stipulation and Order is not approved by the Court, it shall be null and void and have no force and effect.
4. The Objection and the Response are resolved as provided herein.
5. The Court shall retain exclusive jurisdiction with respect to any and all issues or disputes that may arise in connection with this Stipulation and Order.
6. This Stipulation and Order shall be binding on the Parties hereto and their respective successors and assigns.
7. This Stipulation and Order may be executed in any number of counterparts and shall constitute one agreement, binding upon all Parties hereto as if all Parties signed the same document; all facsimile signatures shall be treated as originals for all purposes.
SO ORDERED.