Opinion
Bankruptcy No. 5:03-BK-1802, Related to Docket No. 3313.
October 5, 2005
ORDER DENYING MOTION TO ENFORCE SETTLEMENT
Upon consideration of the Motion to Enforce Settlement (the "Motion") filed by Carol A. Simmons ("Simmons"); the Weirton Steel Liquidating Trust (the "Liquidating Trust") having filed an Objection (the "Objection") to the Motion; and based upon the record before the Court, the Court hereby finds as flows:
A. On August 24, 2004, this Court confirmed the Second Amended Plan of Liquidation (the "Plan") of Weirton Steel Corporation ("Weirton"), pursuant to which the Liquidating Trust succeeded to Weirton's rights effective as of September 9, 2004.
B. On October 16, 2003, Simmons filed Claim No. 2325 (the "Simmons Claim") in the amount off $75,000.
C. On December 8, 2004, the Liquidating Trust filed an objection (the "Claim Objection") to, inter alia, the Simmons Claim.
D. On December 20, 2004, Simmons filed a response to the Claim Objection.
E. On April 21, 2005, this Court entered an order disallowing the Simmons Claim.
F. Simmons filed three Motions for Reconsideration and a Notice of Appeal regarding the disallowance of the Simmons Claim.
G. On July 20, 2005, this Court entered a Stipulation and Agreed Order Resolving Objection to Claim No. 2325 Filed By Carol A. Simmons (Docket No. 3304) (the "Settlement Order") pursuant to which the Liquidating Trust consented to the allowance of the Simmons Claim in the amount of $75,000 to be "treated on a pro rata basis with all other general prepetition claims in Class 4 of the Plan."
H. The Liquidating Trust has not yet commenced distributions to holders of Class 4 Claims under the Plan.
I. The Liquidating Trust is not in default under the Settlement Order. Now therefore, based on the foregoing, IT IS HEREBY ORDERED THAT:
1. The Motion is denied.
2. At such time as the Liquidating Trust makes distributions to holders of Class 4 Claims, the Liquidating Trust shall, in accordance with the terms of the Settlement Order, make a distribution on account of the Simmons Claim at the same time and in the same percentage as distributions to all other holders of Class 4 Claims.