Opinion
88 Civ. 4337 (LAK).
March 17, 2005
Dear Judge Kaplan:
We represent W.R. Grace Co.-Conn. ("Grace") in this matter and with the consent of counsel for Continental Casualty Company write to respectfully request an extension of the deadline to reopen this matter, to provide time for the filing of any appeals of the Bankruptcy Court's March 15, 2005 Order approving the Settlement Agreement. On December 20, 2004, Your Honor extended the deadline to March 20, 2005.
On December 17, 2004, we advised Your Honor that the parties had finalized a Settlement Agreement between the respective parties and that the settlement amount had been paid into escrow. The Settlement Agreement required that the agreement be submitted, considered, and approved by the Bankruptcy Court within 90 days of payment of the settlement funds, which was March 15, 2005. There were no objections to the motion seeking approval of the agreement and the Settlement Agreement was approved by the Bankruptcy Court on February 28, 2005, as memorialized in the Order dated March 15, 2005.
The Settlement Agreement further provides that the escrowed settlement funds cannot be released until 30 days after an order approving the agreement, providing no appeals are filed. Accordingly, we respectfully request that the current March 20, 2005 deadline to reopen this matter be extended an additional 90 days to permit the Bankruptcy Court to enter the Order on the docket, and to allow for the passage of the appeal period in accordance with the terms of the Settlement Agreement.
SO ORDERED.
Granted Nunc Pro Tunc.