Opinion
Bankruptcy No. 5:03-BK-01802.
May 11, 2005
ORDER OF COURT
Upon consideration of the Motion (the "Motion") of the Weirton Steel Corporation Liquidating Trustee (the "WSCLT Trustee") for an Order Pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure Approving Compromise and Settlement with the National Steel Corporation ("National") and the NSC Creditor Trust (the "National Trust"); due and proper notice of the Motion having been given; and it appearing that the terms of the Settlement Agreement are reasonable and fair in light of the particular circumstances of this case, that such terms fall within the reasonable range of litigation possibilities, and that the WSCLT Trustee's decision to settle and compromise the matters addressed in the Motion and the Settlement Agreement is an exercise of reasonable business judgment; it is hereby ORDERED that:
1. Undefined capitalized terms used herein shall have the meanings ascribed to such terms in the Motion.
2. The Settlement Agreement attached to the Motion is approved in all respects.
3. The National Trust's Claim Number 1919 shall be fixed and allowed as an unsecured priority claim against Weirton and the WSCLT in the amount of one hundred thousand dollars ($100,000.00) (the "Allowed National Claim") and shall be paid as an allowed Class 3 claim in accordance with sections 4.3 and 7.5 of Weirton's plan of liquidation confirmed by the Weirton Bankruptcy Court. WSCLT shall pay the Allowed National Claim within three (3) business days of the entry of an order by the Weirton Bankruptcy Court approving this Agreement.
4. Other than as to the Allowed National Claim or as specifically provided in this Agreement, the Parties release and discharge each other and their respective members, principals, agents, accountants, attorneys, employers, representatives, successors, assigns, officers and directors, as applicable, from any and all claims and causes of action that each may have against the other, including, but not limited to, any claims or causes of action related to, or arising from, the Weirton Claims or the National Claim.
5. The WSCLT Trustee is authorized to execute, deliver, and implement any and all documents, fully perform any and all obligations, and take any and all actions, reasonably necessary or appropriate to effectuate the Settlement Agreement without further Order of Court.
6. This Court retains jurisdiction to enforce and implement the terms and provisions of this Order, the Settlement Agreement, all amendments thereto, any waivers and consents thereunder, each of the documents executed in connection therewith in all respects, and any and all disputes related to the aforementioned.