Opinion
Case No. 02-13533 (AJG), (Jointly Administered).
July 25, 2003.
Mark A. Shaiken, Esq., Carrie L. McGuire, Esq., Mark S. Carder, Esq., Stinson Morrisson Hecker LLP, Kansas City, MO, Attorney for Debtors and Debtors-In-Possession.
Richard Brunette, Esq., Sheppard Mullin Richter Hampton LLP, Los Angeles, CA, Attorney for Sheppard Mullin.
JOINT STIPULATION AND CONSENT ORDER RESOLVING THE DEBTORS' OBJECTION TO CLAIM NUMBER 21274
COME NOW WorldCom, Inc., et al., the Chapter 11 debtors and debtors-in-possession in this case ("Debtors") by and through their undersigned counsel, Stinson Morrison Hecker LLP, together with Sheppard Mullin Richter Hampton LLP ("Sheppard Mullin"), and stipulate as follows:
WHEREAS, the Debtors filed their Objection to Claim No. 21274 ("Objection") in this Court on May 22, 2003.
WHEREAS, the Objection requested that Claim No. 21274, filed by Sheppard Mullin on January 22, 2003 as a partially secured claim in the amount of $18,449.93 and an unsecured claim in the amount of $378,343.60, be expunged on the alleged basis that: (a) insufficient documentation was provided to support the claim; (b) the claim failed to identify the collateral securing the debt asserted; and (c) the claim is for an amount for which the Debtors dispute they owe.
WHEREAS, the parties are now in agreement that Sheppard Mullin holds collateral in the amount of $18,449.93 that represents pre-petition unapplied payments made by the Debtors for legal services rendered pre-petition and is not a retainer as alleged in the claim.
WHEREAS, the parties are now in agreement that Sheppard Mullin's unsecured claim is in the amount of $373,637.95.
NOW THEREFORE it is hereby:
AGREED that the objection to Claim No. 21274 as set forth in the Debtors' Ninth Omnibus Objection is overruled; and it is
FURTHER AGREED that Sheppard Mullin shall be permitted to apply the funds on hand ($18,449.93) in order to extinguish its secured claim; and it is
FURTHER AGREED that the remaining balance of Claim No. 21274 is hereby finally and irrevocably allowed as a pre-petition, non-priority, unsecured claim in the WorldCom, Inc. bankruptcy (Case No. 02-42229) in the amount of $373,637.95.