Opinion
Case No. 01-16034 (AJG) Jointly Administered.
October 6, 2005
ORDER, PURSUANT TO 11 U.S.C. §§ 105(a), 502(c) AND 1142, ESTIMATING CERTAIN CONTINGENT OR UNLIQUIDATED CLAIMS FOR PURPOSES OF ESTABLISHING RESERVES
Upon consideration of the Reorganized Debtors' Amended Second Omnibus Motion for Order, pursuant to 11 U.S.C. §§ 105(a), 502(c) and 1142, Estimating Certain Contingent or Unliquidated Claims for Purposes of Establishing Reserves, dated September 12, 2005 (the "Motion"); and it appearing that the relief requested in the Motion is in the best interests of the Reorganized Debtors, their creditors and all parties in interest; and, pursuant to rule 3007 of the Federal Rules of Bankruptcy Procedure, good and sufficient notice having been provided to the Office of the United States Trustee for the Southern District of New York, the persons or entities that are record holders of Affected Claims and their attorneys (if known), and any other parties on the Notice List; and it appearing that no other or further notice need be provided; and the Court having reviewed the Motion, the evidence adduced in support thereof, and having heard the statements of counsel in support of the relief requested therein at a hearing before the Court (the "Hearing"); and the Court having determined that the legal and factual bases set forth in the Motion and at the Hearing establish just cause for the relief granted herein; and upon all of the proceedings heard before the Court; and after due deliberation and sufficient cause appearing therefor, it is
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Motion.
ORDERED that, pursuant to sections 105(a), 502(c) and 1142 of the Bankruptcy Code, the claims identified on Exhibit "A" hereto shall each be estimated, for the purposes of establishing Reserve Claim Amounts, in the respective amounts, and with respect to the applicable Debtors, specified for each such claim on Exhibit "A"; and it is further
ORDERED that, pursuant to Sections 21.2 and 21.3(a) of the Plan, the Reserve Claim Amounts shall constitute and represent the maximum amount in which such claim may ultimately become an Allowed Claim; and it is further ORDERED that, the relief granted herein with respect to the Affected Claims is without prejudice to the existing rights of the Reorganized Debtors to pursue all pending objections to such claims, to file new objections to such claims on any and all grounds, and to seek, among other things, estimation or disallowance of such claims at any time; and it is further
ORDERED that, the Reserve Claim Amounts shall (a) not constitute an acknowledgement or admission of liability, amount or validity with respect to any Affected Claim and (b) not be relevant to the resolution of any issue in any court or tribunal other than to enforce the provisions of Section 21.3 of the Plan before this Court; and it is further
ORDERED that the claims agent appointed in these cases is authorized and directed to make appropriate entries in the claims register to reflect the terms of this Order as follows: (a) for each Affected Claim that has been filed as wholly unsecured, to (i)remove the "flag" indicating that such Affected Claim contains an unliquidated portion, so that such claim shall be deemed liquidated, solely for the purpose of establishing the unsecured Reserve Claim Amount for such Affected Claim, in the respective amount, and against the Debtor, indicated on Exhibit "A" hereto; (b) for each Affected Claim that has been filed as partially unsecured and partially secured, priority or administrative, to (i) remove the "flag" indicating that such Affected Claim contains an unliquidated portion, so that such claim shall be deemed liquidated, solely for the purpose of establishing the unsecured Reserve Claim Amount for such Affected Claim, and (ii) list the unsecured component of such claim in the respective amount, and against the Debtor, indicated on Exhibit "A" hereto; and (c) for each Affected Claim that has been filed as wholly secured, priority or administrative, to (i) remove the "flag" indicating that such Affected Claim contains an unliquidated portion, so that such claim shall be deemed liquidated, solely for the purpose of establishing the unsecured Reserve Claim Amount for such Affected Claim, and (ii) add an unsecured component to such claim in the respective amount, and against the Debtor, indicated on Exhibit "A" hereto; and it is further ORDERED that nothing in this Order shall affect in any way the amounts, if any, reserved for the Affected Claims in the SPA Reserve.