Opinion
Case No. 12-10113 (PM)
2012-05-11
In re: PENN CAMERA EXCHANGE, INC., Debtor.
SHULMAN, RODGERS, GANDAL, PORDY & ECKER, P.A. By: Michael J. Lichtenstein Michael J. Lichtenstein, Esquire Attorneys for the Official Committee Of Unsecured Creditors ZUCKERMAN SPAEDER LLP Nelson C. Cohen, Esquire Attorneys for Penn Camera Exchange, Inc. HERRICK, FEINSTEIN LLP Paul Rubin, Esquire Attorneys for Canon U.S.A., Inc. HUGHES HUBBARD & REED LLP Daniel Lubell, Esquire One Battery Park Plaza
SO ORDERED
______________
U. S. BANKRUPTCY JUDGE
Chapter 11
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.
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.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.
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 May 30, 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
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.
By: Michael J. Lichtenstein
Michael J. Lichtenstein, Esquire
Attorneys for the Official Committee
Of Unsecured Creditors
ZUCKERMAN SPAEDER LLP
By: __________
Nelson C. Cohen, Esquire
Attorneys for Penn Camera Exchange, Inc.
HERRICK, FEINSTEIN LLP
By: __________
Paul Rubin, Esquire
Attorneys for Canon U.S.A., Inc.
HUGHES HUBBARD & REED LLP
By: __________
Daniel Lubell, Esquire
One Battery Park Plaza
Attorneys for Nikon Inc.
Copies to:
Nelson C. Cohen, Esquire
Zuckerman Spaeder LLP
1201 Connecticut Avenue, NW
Washington, DC 20036
The Office of the United States Trustee
6305 Ivy Lane
Suite 600
Greenbelt, MD 20770
Richard E. Hagerty, Esq.
Troutman Sanders LLP
1660 International Drive Suite 600
McLean, VA 22102
Michael J. Lichtenstein, Esq.
Shulman, Rodgers, Gandal, Pordy & Ecker, P.A.
12505 Park Potomac Avenue, Suite 600
Potomac, MD 20854
Paul Rubin, Esquire
Herrick, Feinstein LLP
2 Park Avenue
New York, New York 10016
Daniel Lubell, Esquire
Hughes Hubbard & Reed LLP
One Battery Park Plaza
New York, New York 10004-1482