Case No. 01-16034 (AJG) Jointly Administered.United States Bankruptcy Court, S.D. New York.
November 18, 2004
Martin J. Bienenstock (MB 3001), Brian S. Rosen (BR 0571), Melanie Gray (Pro Hac Vice), Martin A. Sosland (Pro Hac Vice), WEIL, GOTSHAL MANGES LLP, New York, New York, ATTORNEYS FOR DEBTORS AND DEBTORS IN POSSESSION.
Hugh M. McDonald, (HM 2667), Allen Overy LLP, New York, New York, ATTORNEYS FOR IMPERIAL CHEMICAL INDUSTRIES plc.
STIPULATION AND ORDER DISALLOWING CLAIMS OF IMPERIAL CHEMICAL INDUSTRIES (CLAIM NOS. 10912 AND 10913) AND PRESERVING ANY RECONSIDERATION RIGHTS UNDER 11 U.S.C. § 502(j)
ARTHUR GONZALEZ, Bankruptcy Judge
WHEREAS, on or about October 11, 2002, Imperial Chemical Industries plc (“ICI”) filed two proofs of claim (nos. 10912 and 10913) against Enron Corp. (collectively, the “ICIClaims”);
WHEREAS, the ICI Claims are contingent, unliquidated claims;
WHEREAS, no contingency has occurred and it is possible no contingency will occur triggering liability on the part Enron Corp. in respect of the ICI Claims;
WHEREAS, ICI has informed Enron that pursuant to that certain Third CRTA Interim Agreement, dated March 31, 2004, there is a standstill period in effect with respect to the enforcement of certain rights relating to Enron Capital Trade Resources Limited, which standstill will expire on April 1, 2005;
WHEREAS, on or about September 3, 2004, Enron Corp. filed Estimation Objection Number 9 with the Court, asserting that the ICI Claims were speculative, contingent claims that should be estimated at zero dollars for all purposes in the above-captioned chapter 11 cases;
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WHEREAS, Enron Corp. and ICI have agreed that the ICI Claims should be disallowed, preserving any reconsideration rights that ICI may possess under 11 U.S.C. § 502(j);
NOW, THEREFORE, it is hereby AGREED and ORDERED:
1. The ICI Claims are disallowed in full for all purposes in the above-captioned chapter 11 cases.
2. Nothing in this Stipulation and Order shall create, expunge, reduce or enlarge any rights ICI or Enron Corp. (or their respective successors and assigns, including any reorganized debtor, estate representative or other party in interest) may have under 11 U.S.C. 502(j) to seek or oppose reconsideration of the disallowance of ICI’s claims as agreed to herein in the event that a contingency occurs that might trigger any liability of Enron and, in no event, shall Enron Corp. be deemed to have consented to ICI obtaining any relief thereunder. Enron Corp. shall reserve all rights to challenge any reconsideration request by ICI, or if reconsideration is later allowed under 11 U.S.C. 502(j), to challenge any claim asserted by ICI on any available grounds.
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So Ordered.