In re Olympic Pipe Line Company

Full title: In Re: OLYMPIC PIPE LINE COMPANY, a Delaware corporation, Debtor

Court: United States Bankruptcy Court, W.D. Washington, Seattle

Date published: Apr 25, 2005

No: 03-14059 (Bankr. W.D. Wash. Apr. 25, 2005)

Opinion

No: 03-14059.

April 25, 2005

BUCKNELL STEHLIK SATO STUBNER, LLP, Edwin K. Sato, Esq., Seattle, WA, Attorneys for the Reorganized Debtor.

PRESTON GATES ELLIS LLP, Charles E. Shigley, Esq., Mark C. Paben, Esq., Kimberly W. Osenbaugh, Esq., Seattle, WA, Attorneys for the Official Unsecured Creditors Committee.

AGREED ORDER AND JOINT STIPULATION RESOLVING THE DEBTOR'S OBJECTIONS TO CLAIM NUMBERS 61, 62, and 63

SAMUEL STEINER, Bankruptcy Judge

UPON CONSIDERATION of the Debtor's Omnibus Objections to Claims including Claim Numbers 61, 62, and 63 filed by the Pension Benefit Guaranty Corporation (the "PBGC") and the PBGC's response thereto; and it appearing that the Debtor, the Creditors' Committee and the PBGC, by and through their counsel, hereby agree and stipulate as follows:

WHEREAS, PBGC filed three claims in this bankruptcy proceeding numbered 61, 62, and 63 in connection with the Retirement Plan for Employees of Olympic Pipe Line Company; and

WHEREAS, the Retirement Plan for Employees of Olympic Pipe Line Company was not terminated, and is sponsored by the Reorganized Debtor, Olympic Pipe Line Company, and PBGC withdrew its objection to the Disclosure Statement; and PBGC did not vote on the Plan of Reorganization; and

WHEREAS, PBGC will not receive a distribution pursuant to the Debtor's Plan of Reorganization; and

WHEREAS, on January 11, 2005, the Debtor filed with this Court an Omnibus Objections to Claims; and

WHEREAS, PBGC's claims numbered 61, 62, and 63 were part of the Debtor's Omnibus Objections to Claims.

NOW THEREFORE, the parties stipulate and agree as follows:

1. The Debtor's Omnibus Objections to Claims is withdrawn to the extent that it seeks to have PBGC's claims disallowed.

2. The PBGC's claims will be deemed withdrawn.

3. The PBGC is not entitled to distribution pursuant to the Debtor's Plan of Reorganization.

4. The PBGC's claims shall be treated as provided for in the Plan of Reorganization.

5. The Court shall retain jurisdiction over all matters or disputes under this Stipulation and Order.

6. This Stipulation and Order shall be of no force or effect unless and until it is entered by the Court.