Opinion
Jointly Administered Under Case No. 01-16034 (AJG).
May 16, 2005
David B. Wheeler, Moore Van Allen PLLC, Charleston, SC, Attorneys for South Carolina, Electric and Gas Company.
Martin J. Bienenstock (MB 3001), Brian S. Rosen (BR 0571), Melanie Gray (Pro Hac Vice), Weil Gotshal Manges LLP, New York, NY, Attorneys for Reorganized Debtors.
STIPULATION AND ORDER RESOLVING REORGANIZED DEBTORS' OBJECTION TO PROOF OF CLAIM NO. 18913 FILED BY SOUTH CAROLINA ELECTRIC AND GAS COMPANY
Enron Corp. ("Enron") and certain of its affiliates as reorganized debtors (the "Reorganized Debtors") and South Carolina Electric and Gas Company ("SCEG"), together with Enron and the Reorganized Debtors (the "Parties"), by and through their respective undersigned counsel, hereby stipulate and agree as follows:
RECITALS:
A. Commencing on December 2, 2001 (the "Petition Date"), and periodically thereafter, Enron and certain of its direct and indirect subsidiaries (collectively, the "Debtors") each filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the "Code"). The Debtors' Chapter 11 cases have been procedurally consolidated for administrative purposes.
B. On or about October 11, 2002, SCEG timely filed a Proof of Claim in the amount of $478,228.00 (Claim No. 18913).
C. SCEG's claim is based upon electricity provided to Enron Power Marketing, Inc. ("EPMI") that was unpaid as of the Petition Date.
D. In addition to SCEG providing electrical power to EPMI, EPMI provided electrical power to SCEG. Like SCEG, EPMI alleged that it provided electricity to SCEG that was unpaid.
E. SCEG and EPMI reviewed their books and records, and SCEG and EPMI reached a compromise to the billing dispute. The compromise included resolving Claim Number 18913 in its entirety.
F. As part of the settlement negotiations, EPMI requested SCEG to execute a settlement agreement and release. SCEG was uncomfortable with the terms of the proposed agreement and release, and it did not execute the proposed agreement and release. SCEG, however, honored the points of the parties' compromise.
G. On or about January 31, 2005, the Reorganized Debtors filed their Seventy-Seventh Omnibus Objection to Proofs of Claim (No Amount Due Per Debtors' Books and Records and Insufficient Proof) (the "Objection"), pursuant to which the Reorganized Debtors sought to have Claim Number 18913 expunged and disallowed because the claim had been settled pursuant to a court order and because SCEG had executed a release.
H. The Parties now desire to resolve the Objection and provide for Claim Number 19813 to be expunged on the terms and conditions provided herein.
AGREEMENT
1. Claim Number 18913 shall be expunged from the claims register.
2. Claim Number 18913 is being expunged as a result of the Parties' prior compromise of their billing dispute.
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. This Court shall retain jurisdiction with respect to any and all issues or disputes that may arise in connection with this Stipulation and Order.
5. This Stipulation and Order shall be binding on the Parties hereto and their respective successors and assigns.
SO ORDERED.