Opinion
Case No. 12-10113 (PM)
05-25-2012
In re: PENN CAMERA EXCHANGE, INC., Debtor.
Michael J. Lichtenstein, Esquire Attorneys for the Official Committee Of Unsecured Creditors HERRICK, FEINSTEIN LLP Paul Rubin, Esquire Attorneys for Canon U.S.A., Inc. ZUCKERMAN SPAEDER LLP Nelson C. Cohen, Esquire Attorneys for Penn Camera Exchange, Inc. HUGHES HUBBARD & REED LLP Daniel Lubell, Esquire Attorneys for Nikon Inc.
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U. S. BANKRUPTCY JUDGE
Chapter 11
STIPULATION AND CONSENT ORDER EXTENDING TIME FOR
THE DEBTOR TO FILE OBJECTIONS TO THE SECTION 503(b)(9)
CLAIMS OF CANON U.S.A., INC. AND NIKON INC.
This Stipulation and Consent Order is made by and among Canon U.S.A., Inc. ("Canon"), Nikon Inc. ("Nikon," collectively with Canon, the "Section 503(b)(9) Claimants"), and Penn Camera Exchange, Inc. (the "Debtor"), individually and by and through their respective counsel of record (collectively, the "Parties"). The Parties hereby stipulate and agree as follows:
RECITALS
A. On January 4, 2012 (the "Petition Date"), the Debtor filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Maryland (the "Court").
B. On January 4, 2012, the Debtor filed Debtor's Motion for Order Pursuant to 11 U.S.C. Sections 105(a), 362, and 546 (I) Establishing Procedures for Addressing Reclamation Demands, (II) Authorizing Debtor to Return Goods Pursuant to 11 U.S.C. Sections 546(h) and (III) Prohibiting Parties from Interfering with the Delivery of Goods (the "Reclamation Motion") [D.I. 6].
C. On February 22, 2012, the Court granted the Reclamation Motion and entered its Order Establishing Procedures for Asserting Claims Under Section 503(b)(9) (the "Procedures Order") [D.I. 171]. Under the Procedures Order, creditors were directed to make their claims pursuant to section 503(b)(9) of the Bankruptcy Code, if any, by serving a written claim on the Debtor and the Official Committee of Unsecured Creditors on or before March 15, 2012. The Procedures Order further provided that the Debtor had until April 15, 2012 to object to any Section 503(b)(9) claim it received.
D. In accordance with the Procedures Order, Canon submitted a Section 503(b)(9) claim in the amount of $551,587.61. Similarly, Nikon submitted a Section 503(b)(9) claim in the amount of $445,795.96.
E. The Section 503(b)(9) Claimants were the Debtor's two largest vendors and have made the largest claims under section 503(b)(9).
F. The Debtor and the Section 503(b)(9) Claimants have been working together to determine whether they can resolve the Section 503(b)(9) claims. To facilitate this cooperation, the Parties previously agreed to extended the deadline for the Debtor to object to the Section 503(b)(9)claims from April 15, 2012, to May 7, 2012. On May 4, 2012, the Parties agreed to a further extension of the deadline for the Debtor to object to the Section 503(b)(9) claims from May 7, 2012, to May 30, 2012.
G. The Parties continue believe that it is in the best interest of the estate that they have an opportunity to resolve the Section 503(b)(9) claims of the Section 503(b)(9) Claimants prior to the submission of any objection.
STIPULATION
NOW, THEREFORE, IT IS HEREBY STIPULATED and agreed to by and between the Parties as follows:
1. The Recitals set forth above are hereby incorporated in full and made a part of this Stipulation.
2. The Procedures Order shall be further modified with respect to the Section 503(b)(9) claims of Canon and Nikon to extend the time within which the Debtor must file its objection to their respective Section 503(b)(9) claims to June 15, 2012.
3. This Stipulation shall be binding on and shall inure to the benefits of the Parties, and any successors in interest, assignees, trustees, examiners, agents, and representatives.
4. Each party and/or counsel signing below warrants that he or she has full authority to do so on behalf of the party he or she purports to bind.
5. This Stipulation sets forth the entire agreement and understanding of the Parties hereto with respect to the subject matter herein and supersedes and merges all prior oral and written agreements, discussions and understandings between the Parties with respect thereto, and none of the Parties shall be bound by any conditions, inducements or representations other than as expressly provided for herein.
6. This Stipulation may be executed by facsimile or electronic signature in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. No term of this Stipulation may be waived, modified or amended except in writing signed by the party against whom enforcement of the waiver, modification or amendment is sought.
IN WITNESS WHEREOF, the undersigned have executed this Stipulation on behalf of their respective clients as of the date hereof.
STIPULATED AND AGREED
SHULMAN, RODGERS, GANDAL, PORDY & ECKER, P.A.
Michael J. Lichtenstein, Esquire
Attorneys for the Official Committee Of Unsecured Creditors
HERRICK, FEINSTEIN LLP
Paul Rubin, Esquire
Attorneys for Canon U.S.A., Inc.
ZUCKERMAN SPAEDER LLP
Nelson C. Cohen, Esquire
Attorneys for Penn Camera Exchange, Inc.
HUGHES HUBBARD & REED LLP
Daniel Lubell, Esquire
Attorneys for Nikon Inc. Copies to:
Nelson C. Cohen, Esquire
Zuckerman Spaeder LLP
The Office of the United States Trustee
Richard E. Hagerty, Esq.
Troutman Sanders LLP
Michael J. Lichtenstein, Esq.
Shulman, Rodgers, Gandal, Pordy & Ecker, P.A.
Paul Rubin, Esquire
Herrick, Feinstein LLP
Daniel Lubell, Esquire
Hughes Hubbard & Reed LLP