Opinion
Case No. 5:03-bk-01802, Related to Docket No. 2938.
January 10, 2005
ORDER GRANTING IN PART AND DENYING IN PART OBJECTION TO CLAIM NO. 2744 OF INTERAMERICAN ZINC, INC.
Upon consideration of (i) the Fifth Omnibus Objection to Claims ("Claim Objection") filed by the Weirton Steel Liquidating Trust (the "Trust") in which, inter alia, the Trust objected to Claim No. 2774 filed by Interamerican Zinc, Inc. ("IZI"), (ii) the Response of IZI thereto ("IZI Reply"), and (iii) the Response ("ISG Response") of ISG Weirton Inc. ("ISG"); a hearing (the "Hearing") having been held on December 13, 2004, to consider the Claim Objection, IZI Response and ISG Response; counsel for the Trust, IZI and ISG having appeared at the Hearing and informed the Court of the resolution of the Claim Objection as to Claim No. 2774; and it appearing that the agreement of the parties is in the best interests of the Trust and its beneficiaries; it is hereby ORDERED that:
1. Claim No. 2774 is hereby allowed pursuant to section 503(b) of the United States Bankruptcy Code as an administrative expense claim in the amount of $35,000, and the balance of such claim is hereby disallowed.
2. Within ten (10) days of the entry of this Order, the Trust is directed to pay $35,000 to IZI, which payment shall be in full and complete satisfaction of any and all administrative claim that IZI has asserted or may in the future assert against the Trust.
3. Notwithstanding any provision of this Order to the contrary, this Order is without prejudice to the rights and defenses of IZI and ISG regarding the scope and amount of ISG's liability to IZI pursuant to section 365(b) of the Bankruptcy Code in connection with Weirton Steel Corporation's assumption and assignment to ISG of a purchase order between Weirton and IZI.
4. This Court retains jurisdiction to consider any dispute between IZI and ISG regarding the rights and obligations of the parties with respect to the payment of any cure claim pursuant to section 365(b) of the Bankruptcy Code.