Opinion
Case #01-72167-DHA, APN 04-07083.
September 27, 2004
ORDER APPROVING COMPROMISE
THIS MATTER came before the Court upon the Chapter 7 Trustee's Application for Approval of Compromise, and based upon the representations of the Trustee, it appears to the Court and the Court finds as follows:
1. R. Clinton Stackhouse, Jr., ("Trustee") was appointed Chapter 7 Trustee in this case and is presently serving.
2. Trustee filed a Complaint initiating this adversary proceeding which sought to avoid an alleged preferential payment to Robert Bosch Corporation in the amount of $48,161.00.
R. Clinton Stackhouse, Jr., VSB #19358 Chapter 7 Trustee P.O. Box 3640 Norfolk, VA 23514-3640 (757) 623-3555
1. Trustee settled this and similar litigation using the following general approach:
(a) Trustee offered this settlement only where he deemed it appropriate to effect a quick, certain resolution rather than prolonged litigation with its inherent risk cost and delay;
(b) Where applicable, demonstrated new value was subtracted from the amount claimed by Trustee on a dollar for dollar basis, assuming such new value was demonstrated to the satisfaction of Trustee;
(c) On account of defenses asserted under 11 U.S.C. § 547 as well as the general factors listed in Paragraph 3(a) a 50% discount was given against the amount claimed by Trustee after any new value credit;
(d) Payment of the discounted amount must be paid within 30 days of any order approving the particular settlement;
(e) After receiving the negotiated amount, Trustee will dismiss with prejudice each case settled in this manner;
6. Notice of this settlement was sent on August 6, 2004 to all creditors and parties in interest allowing 20 days to object to or request a hearing upon the proposed settlement and no objection to this settlement has been filed with the Court or received by Trustee.
7. The amount of the compromise figure in this adversary proceeding, to be paid by the Defendant, Robert Bosch Corporation within 30 days of the entry of this Order is $24,080.50.
8. The defendant by its signature (or that of its counsel) hereby accepts the courts jurisdiction over the parties to this adversary proceeding and consents to the agreement set forth herein.
It is therefore ADJUDGED, ORDERED and DECREED that the compromise as described hereinabove is approved, the parties shall promptly and timely abide by terms of the compromise as set forth herein, and the Trustee is authorized to proceed as set forth above; and
It is FURTHER ORDERED that copies of this order, when entered, be sent to R. Clinton Stackhouse, Jr., Esq., P.O. Box 3640, Norfolk, VA 23514; Cecelia Ann Weschler, Esq., 200 Granby Street, Room 625, Norfolk, VA 23510; and to Barbara L. Yong, Esquire, Field Golan, LLP, 70 West Madison, Suite 1500, Chicago, IL 60602.