Opinion
Case No. 399-02649, Jointly Administered, Adv. Proc. No. 301-1236A.
April 5, 2004
Wally W. Dietz, Esq., Paul G. Jennings, Esq., Phillip G. Young, Jr., Esq., Bass, Berry Sims PLC, Nashville, TN, Attorneys for Debtors and Debtors in Possession.
Charles F. Smith, Esq., Van C. Durrer, II, Esq., Skadden, Arps, Slate, Meagher Flom (Illinois), Chicago, IL, Attorneys for Debtors and Debtors in Possession.
AGREED ORDER OF SETTLEMENT OF DEFAULT JUDGMENT
Upon the agreement of Service Merchandise Company, Inc. ("Service Merchandise") and 31 of its affiliates (the "Affiliate Debtors"; collectively, with Service Merchandise, the "Plaintiffs"), and City of Lafayette, LA ("Defendant"), and the Court being otherwise sufficiently advised, the Court FINDS, ADJUDGES AND DECREES:
A. Prior to March 14, 2001, the Plaintiffs, Service Merchandise Company, Inc. ("Service Merchandise") and 31 of its affiliates (the "Affiliate Debtors"; collectively, with Service Merchandise, the "Plaintiffs"), initiated the above-captioned adversary proceeding by filing their Complaint to Avoid Preferential Transfers and to Recover Amount of Such Transfers (the "Complaint") against the Defendant.
B. On January 15, 2004, upon the Plaintiffs' Motion for Default Judgment (Docket # 4), the Court entered a default judgment (the "Default Judgment") in favor of the Plaintiffs against the Defendant (Docket # 6).
C. The Defendant has paid the Debtors the principal amount of $1,974.88 on account of the Default Judgment. The Defendant has further agreed to waive any and all claims against the Debtors in these bankruptcy cases for the amount paid pursuant to this Agreed Order of Settlement of Default Judgment.
D. The Debtors have agreed to accept the Defendant's payment of $1,974.88, along with the Defendant's waiver of any and all claims against the Debtors in these bankruptcy cases for the amount paid hereunder, in full and complete satisfaction of the Default Judgment.
NOW, THEREFORE, IT IS HEREBY ORDERED:
1. The Defendant shall not have and is forever barred from asserting any claim against the Debtors for the amount paid by the Defendant hereunder.
2. The Debtors have accepted the Defendant's payment of $1,974.88, and its waiver of any and all claims against the Debtors in these bankruptcy cases for the amount paid hereunder, in full and complete satisfaction of the Default Judgment.
3. The Default Judgment entered against the Defendant is hereby deemed satisfied in full, so that the Debtors may not execute against it.
4. The Court shall retain jurisdiction to hear any matters or disputes arising from or relating to the Agreed Order of Dismissal.