Opinion
Case Number 02-13533-AJG (Jointly Administered).
June 30, 2005
STINSON MORRISON HECKER LLP, Mark A. Shaiken, Andrew W. Muller, Kansas City, MO, ATTORNEYS FOR THE REORGANIZED DEBTORS.
HALPERIN BATTAGLIA RAICHT, LLP, Alan D. Halperin (AH-8432), Debra J. Cohen (DC-7245), New York, New York, ATTORNEYS FOR SPEEDWAY SUPERAMERICA LLC.
STIPULATION AND ORDER REINSTATING, REDUCING AND ALLOWING CLAIM NUMBER 5313 FILED BY SPEEDWAY SUPERAMERICA LLC
NOW COME the above-captioned reorganized debtors (the "Debtors"), and Claimant, Speedway SuperAmerica LLC ("Speedway" or "Claimant"), and hereby stipulate as follows:
WHEREAS, on July 21, 2002 and November 8, 2002, WorldCom, Inc. and certain of its affiliates and subsidiaries commenced these bankruptcy cases (the "Bankruptcy Cases") under Chapter 11 of the Bankruptcy Code (the "Code"); and
WHEREAS, by orders dated July 22, 2002 and November 12, 2002, the Bankruptcy Cases were consolidated for procedural purposes only; and
WHEREAS, on October 29, 2002, this Court fixed January 23, 2003 (the "Bar Date") as the bar date for filing proofs of claim in the Bankruptcy Cases; and
WHEREAS, on December 13, 2002, Speedway timely filed an unsecured claim against the Debtors in the amount of $3,129,986.59 designated as claim number 5313 (the "Claim"); and
WHEREAS, on October 31, 2003, the Debtors' Modified Second Amended Joint Plan of Reorganization (the "Plan") was confirmed by this Court and the Plan became effective on April 20, 2004; and
WHEREAS, on October 15, 2004, the Debtors filed their Seventy-Second Omnibus Objection to Proofs of Claim (Litigation Related Claims) (the "Claim Objection"), which included objections to the Claim; and
WHEREAS, by order dated December 7, 2004 (the "Default Order"), certain of Debtors objections to proofs of claim were sustained, and certain proofs of claim, including the Claim filed by Claimant, were expunged due to the claimants' failure to timely respond to the Claim Objection; and
WHEREAS, Claimant asserts it never received the Claim Objection and had no notice of the Claim Objection or entry of the Default Order until January 2005; and
WHEREAS, by motion dated March 29, 2005 (the "Motion"), Claimant sought entry of an order of this Court, pursuant to § 502(j) of the Code and Rule 3008 of the Federal Rules of Bankruptcy Procedure, reinstating the Claim in an amount not less than $2,177,129 on various grounds set forth with particularity in the Motion and the exhibits thereto; and
WHEREAS, the Debtors and Claimant have negotiated a resolution to the Motion as well as negotiated a resolution as to the Claim Objection as it relates to the Claim as memorialized in a certain settlement agreement dated May 10, 2005 (the "Agreement").
NOW THEREFORE, the Parties hereto agree, and the Court hereby orders, as follows:
1. The Claim is hereby reinstated.
2. The Debtors are hereby authorized to enter into the Agreement and effectuate all of the terms thereof and pursuant thereto, the Claim shall be reduced and allowed as a Class 6 general unsecured claim in the amount of $1,550,000.00 to be paid in accordance with the Plan following the date hereof.
SO ORDERED.