Case No. 01-41593-293.United States Bankruptcy Court, E.D. Missouri, Eastern Division.
January 24, 2005
SCOTT PELTZ, AS CHAPTER 11, PLAN ADMINISTRATOR OF THE ESTATE OF BIS ADMINISTRATION, INC. Michael J. Small, Cynthia A. Fonner, FOLEY
LARDNER LLP, Chicago, Illinois.
NOTICE OF COMPROMISE OF CLAIMS AND AMENDED ORDER REGARDING MERISEL AMERICAS, INC.
DAVID McDONALD, Chief Judge, Bankruptcy
Scott Peltz, as Chapter 11 Plan Administrator for BIS Administration, Inc., f/k/a Bridge Information Systems, Inc., et al., (the “Plan Administrator”) by and through his attorneys, hereby notices the settlement and compromise of claims of Merisel Americas Inc. (“Merisel”) (together with the Plan Administrator, the “Parties”), and states as follows:
1. On February 15, 2001, BIS Administration, Inc. and certain of its subsidiaries (collectively, the “Debtors”) filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Eastern District of Missouri, Eastern Division (the “Bankruptcy Court”).
2. In accordance with Section 8.03 of the Second Amended Joint Plan of Liquidation (“the Plan”), as confirmed by order of the Bankruptcy Court, and Section 1.2 of the Plan Administrator Agreement, the Plan Administrator may settle, compromise or otherwise resolve any Disputed Claim without approval of the Bankruptcy Court.
3. On May 4, 2001, Merisel filed claim number 416, asserting a priority claim in the amount of $8,858,816.08 against Bridge Information Systems, Inc.
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4. On March 7, 2003, the Plan Administrator filed an Objection to Merisel’s claim number 416 in his Omnibus Objection and Motion to Reclassify Claims (the “Objection”).
5. Merisel failed to timely file a response or otherwise address the Objection.
6. On April 22, 2003, the Court disallowed Merisel’s claim number 416 in its entirety in its Order Granting Plan Administrator’s Omnibus Objection To and Motion to Reclassify Claims.
7. On March 24, 2003, Merisel filed proof of claim number 1989 in the amount of $8,858,816.08 amending proof of claim number 416 to identify the amount claimed as an unsecured non-priority claim against Bridge Information Systems, Inc. (the “Claim”).
8. Merisel indicated its intention to file a motion under F.R.C.P. 60
to vacate the Order Granting Plan Administrator’s Omnibus Objection To and Motion to Reclassify Claims.
9. The Parties have entered into a settlement agreement, following arms-length negotiation, in which the Plan Administrator agreed to allowance of claim number 416 as a general unsecured, non-priority claim in the amount of $7,353,492.00 against Debtor Bridge Information Systems America, Inc., Case No. 01-41598-293. Merisel agreed to withdraw claim number 1989, and all additional claims against the Debtor.
THEREFORE, the Claim and the related Objection are resolved, under the terms set forth herein.
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SO ORDERED.
1. The Order Granting Plan Administrator’s Omnibus Objection To and Motion to Reclassify Claims is vacated in part, and amended as follows:
2. Merisel’s claim number 416 shall be allowed in the amount of $7,353,492.00 as a general unsecured, non-priority claim against Debtor Bridge Information Systems America, Inc., Case No. 01-41598-293, such claim to be paid on the first date subsequent to the execution date of the this Order on which such claims are paid.
3. All other claims asserted by Merisel Americas, Inc. against the Debtors shall be withdrawn.
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