Opinion
Bankruptcy No. 5:03-BK-01802.
April 13, 2005
Upon consideration of the Motion of the Weirton Steel Corporation Liquidating Trust ("Liquidating Trust") pursuant to sections 363 and 365 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the "Bankruptcy Code") and Federal Rule of Bankruptcy Procedure 6004 for an Order Authorizing And Approving the Sale of the Liquidating Trust's Interest in Certain Collateral Held by the United States Department of Labor to Robert C. Fletcher, and a hearing on the Motion having been held (the "Hearing"); the Court having considered any responses and objections to the Motion, and having heard the arguments of counsel at the Hearing; due and proper notice of the Motion and the Hearing having been given; it is hereby ORDERED, ADJUDGED AND DECREED as follows:
1. The Motion is GRANTED.
2. Undefined capitalized terms used herein shall have the meanings ascribed to such terms in the Motion.
3. The Liquidating Trust's sale of the Liquidating Trust's Contingent Refund Right to Robert C. Fletcher pursuant to the terms set forth in the Motion is approved and authorized.
4. The sale of the Liquidating Trust's Contingent Refund Right was negotiated in good faith and at arms-length, and Robert C. Fletcher is hereby afforded all of the protections of section 363(m) of the Bankruptcy Code.
5. The Liquidating Trust's Contingent Refund Right shall be sold free and clear of all Liens pursuant to section 363(f), subject only to the right of the USDOL to use the collateral to pay valid Longshoreman's Worker's Compensation claims.
6. The Court shall retain jurisdiction over any matter or dispute arising from or relating to the implementation of this Order.