Opinion
Jointly Administered Under: No. 04-00757-W11, Docket No. 2210 [Motion for Order], 2211 [Notice of Motion], 2285 [Declaration of Lyons in Support of Motion], 2343 [Request for Entry of Order].
April 11, 2005
Barry W. Davidson, Robert S. Delaney, Spokane, Washington, and Charles R. Ekberg, Susan Brye Jahnke, Mary Jo Heston, LANE POWELL PC, Seattle, Washington, Attorneys for Metropolitan Mortgage Securities Co., Inc., Debtor and Debtor-in-Possession.
ORDER AUTHORIZING COMPROMISE OF CLAIMS, AND APPROVING SETTLEMENT AGREEMENT AND MUTUAL RELEASE (ALUMINUM CHAMBERED BOATS)
THIS MATTER having come on regularly for hearing upon the Motion (the "Motion") of Metropolitan Mortgage Securities Co., Inc. ("Metropolitan"), by and through its counsel, for an Order Authorizing the Compromise of Claims regarding Aluminum Chambered Boats, Inc. ("ACB"), and Approving the Settlement Agreement and Mutual Release described therein in accordance with the terms set forth in the Motion, and the Court having reviewed said Motion, the Court being fully advised in the premises, and the Court having determined that good cause exists for the relief requested in the Motion; NOW THEREFORE,
IT IS HEREBY ORDERED that Metropolitan and ACB are authorized to fully and finally settle and compromise claims against one another and Jaguar Ventures, Inc., including issues arising from Metropolitan's ownership of ACB stock and ACB's Proof of Claim against Metropolitan, pursuant to the terms of the Settlement Agreement and Mutual Release (the "Agreement") attached to the Motion as Exhibit A, providing for the release of ACB, Metropolitan, and Jaguar Ventures, Inc., as well as their affiliates, and the former and existing officers, directors, shareholders, employees, successors, assigns, representatives, and agents of each; provided, that C. Paul Sandifur, Phillip Sandifur, and William Snider are released only from claims arising from their employment, service, or any other relationship with the Debtors. C. Paul Sandifur, Phillip Sandifur, and William Snider are not released from claims arising from their individual ownership, if any, of ACB stock or stock options to the extent that said ownership did not arise from or relate to any relationship between said individuals and the Debtors and/or the Debtors subsidiaries or affiliates.
IT IS FURTHER ORDERED that, within thirty (30) days of entry of this Order, ACB shall pay Metropolitan the sum of $100,000.00.
IT IS FURTHER ORDERED that, upon entry of this Order, Metropolitan and/or its subsidiaries, shall transfer, assign, and deliver all shares of ACB Stock to ACB, and shall deliver duly endorsed stock certificates or certificates accompanied by executed assignments separate from the certificates directly to ACB's counsel.
IT IS FURTHER ORDERED that, upon entry of this Order, ACB and Metropolitan shall file in the State Court Proceeding a Stipulated Order dismissing with prejudice all claims among ACB and Metropolitan, and Jaguar Ventures, Inc.
IT IS FURTHER ORDERED that the Agreement attached to the Motion as Exhibit A is approved, and that Metropolitan is authorized to perform said Agreement in accordance with the terms thereof.