Case No. 01-41593-293United States Bankruptcy Court, E.D. Missouri
March 25, 2003
Mark L. Prager, Michael J.Small, David B. Goroff, FOLEY LARDNER, Chicago, Illinois, for SCOTT PELTZ
Gayle Ehrlich, Sullivan Worcester LLP, Boston, Massachusetts, for EXSHARE FINANCIAL LIMITED
ORDER APPROVING SETTLEMENT AND COMPROMISE OF CLAIMS OF FT INTERACTIVE DATA (EUROPE) LIMITED
DAVID McDONALD, Chief Judge, Bankruptcy
This matter having come on to be heard on the motion of Scott Peltz, the Chapter 11 Plan Administrator (the “Plan Administrator”) for the estate of BIS Administration, Inc. and certain of its subsidiaries (collectively, the “Debtors”) for the entry of an order approving a settlement and compromise between FT Interactive Date (Europe) Limited f/k/a Extel Financial Limited and Exshare Financial Limited, and Financial Times Information Limited (collectively, “Exshare”) and the Debtors concerning claims for payment of certain expenses, and the receipt of monies paid by Debtors to Exshare in the 90-day period immediately preceding the filing of the petition for relief under chapter 11 of title 11 of the United States Code, all as more particularly set forth herein, notice having been served on parties in interest, no objections having been filed or otherwise raised, and the Court being advised in the premises,
IT IS HEREBY ORDERED THAT:
1. The Debtors’ settlement with Exshare, as set forth on the attached Exhibit A, (the “Settlement”) is approved, and all of its terms are incorporated herein by this reference.
2. To the extent that FT Interactive Data (Europe) Limited has filed claims against the Debtors that are not related to Exshare Financial Limited, such claims shall not be affected by this Order. Except as otherwise provided in regard to FT Interactive Data (Europe) Limited, pursuant to the Settlement, Exshare’s claims are withdrawn.
3. The Plan Administrator is hereby authorized to execute any and all documents and to take any and all actions necessary to effectuate the terms of the Settlement.
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SETTLEMENT AGREEMENT AND RELEASE
This Settlement Agreement and Release (the “Settlement”) is entered into by and between FT Interactive Data (Europe) Limited f/k/a Extel Financial Limited and Exshare Financial Limited, and Financial Times Information Limited, including all subsidiaries and affiliates (collectively, “Exshare”), and Scott Peltz, not individually but solely as the Chapter 11 Plan Administrator of the Estate of BIS Administration, Inc. and certain of its subsidiaries (the “Plan Administrator” and, together with Financial, the “Parties”). By this Settlement Agreement, FT Interactive Data (Europe) Limited is not waiving any claims it may have that are not related to Exshare Financial Limited.
RECITALS
WHEREAS, BIS Administration, Inc. and certain of its subsidiaries (collectively, the “Debtor”) filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on February 15, 2001;
WHEREAS, Exshare asserted certain claims against the Debtor;
WHEREAS, Exshare received $400,000.00 from Debtor in the 90-day preference period preceding the filing of Debtor’s petition;
WHEREAS, the Plan Administrator asserted, pursuant to sections 547 and 550 of the Bankruptcy Code, that the Plan Administrator is entitled to recover $400,000.00 as preferential transfers, (together with Exshare’s claims asserted against Debtor, the “Claims”); and
WHEREAS, Exshare and the Plan Administrator have agreed to compromise and settle the Claims on the terms and conditions provided below.
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AGREEMENT
1. Nothing in this Settlement shall be deemed or construed as an admission or concession of wrongdoing or liability on the part of either Party.
2. Pursuant and subject to the terms and provisions of this Settlement, the Plan Administrator and Exshare agree that the Claims shall be off-setting, and compromised and settled without payment by either party.
3. In consideration of the foregoing, except as otherwise provided in regard to FT Interactive Data Limited, Exshare agrees to withdraw any and all Claims against the Debtor. The Plan Administrator agrees not to file a complaint against Exshare.
4. In further consideration of the foregoing, except as otherwise provided in regard to FT Interactive Data Limited, Exshare and the Plan Administrator hereby release and forever discharge each other from all claims raised or which could have been raised by the Parties, whether known or unknown, including, but not limited to, those arising under the Bankruptcy Code.
5. Each Party warrants to the other Party that the individual signing on its behalf has been duly authorized to sign and has the requisite authority to sign this Settlement on behalf of the respective Party.
6. This Settlement may be executed in one or more counterparts, each of which shall constitute one and the same instrument, and shall become effective when one or more counterparts have been signed by each of the Parties. The Parties agree that facsimile signatures will be treated in all manner and respects as a binding and original document, and the signature of any Party shall be considered for these purposes as an original signature.
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IN WITNESS WHEREOF, the Parties hereto have caused this Settlement to be executed as of the 13th day of February, 2003.
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