Case No. 01-52840-399.United States Bankruptcy Court, E.D. Missouri, Eastern Division.
July 7, 2003
Peter Broderick, Esq., Ahmuty, Demers McManus, Albertson, New York, Attorneys for defendant Parenta Sons Enterprises, Inc.
Paul A. Marber, Esq., Sullivan, Papain, Block, McGrath Cannavo P.C., New York, Attorneys for plaintiff Fabian Beck.
John S. Meyer, Jr., Esq., Mo. Bar #31967, Jennifer A. Merlo, Esq., Mo. Bar #51455, Bryan Cave LLP, St. Louis, Missouri, and James W. Weller, Esq., Joseph J. Ortego, Esq., Nixon Peabody LLP, New York, Attorneys for Movants, Thermadyne Holdings Corporation, et al., defendant Victor Equipment Co., Inc., and the Debtors.
STIPULATED ORDER TO PERMIT LITIGATION TO PROCEED IN SOUTHERN DISTRICT OF NEW YORK
BARRY SCHERMER, Bankruptcy Judge
The Court having considered the motion (the “Motion”) of Thermadyne Holdings Corporation, et al. (the “Debtors”) for entry of a stipulated order to permit the civil action pending in the United States District Court for the Southern District of New York captioned Fabian Beck v. Victor Equipment Co., Inc., etal., Civil No. 02CV1255 (the “Beck Lawsuit”) to proceed, as contemplated by the Order dated February 3, 2003 entered by the United States District Court in Cause Number 4:02CV001274 CDP; and the Court having jurisdiction to consider the Motion and the relief requested therein; and due notice of the Motion having been given; and sufficient cause appearing therefore, it is
ORDERED that, pursuant to Section 5.6 of the Debtors’ Plan of Reorganization which this Court confirmed by Order dated April 3, 2003 (the “Plan”) the Beck Lawsuit may proceed to final judgment in the United States District Court for the Southern District of New York and appellate courts (the “New York District Court”); and it is further
ORDERED that the Parties to the Beck Lawsuit may proceed in the New York District Court to liquidate Beck’s monetary claim and related cross-claims against the Debtors, but
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shall take no action to collect any such claims from the Debtors or the estates of the Debtors without further order of this Court; and it is further
ORDERED that the Holdback Amount to be reserved for distribution purposes pursuant to the Plan, for the aggregate of all the claims, cross claims and third-party claims asserted against the Debtors in the Beck Lawsuit shall be capped at $500,000. The establishment of the Holdback Amount is without prejudice to the parties’ rights to recover against applicable insurance; and it is further
ORDERED that no later than (5) business days after the date of this Order, the Debtors are directed to serve a copy of this Order on the parties listed below and are directed to file a certificate of service no later than (2) business days after service.
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