Bankruptcy No. BK-S-00-10533-LBR (AgriBioTech, Inc.) Jointly Administered With: No. BK-S-00-10534-LBR (AgriBioTech Canada, Inc.) No. BK-S-00-10535-LBR (Las Vegas Fertilizer Co., Inc.) No. BK-S-00-10536-LBR (Garden West Distributors, Inc.) No. BK-S-00-10537-LBR (Geo. W. Hill Co., Inc.)United States Bankruptcy Court, D. Nevada.
September 6, 2002
Deborah D. Williamson, Carol E. Jendrzey, COX SMITH INCORPORATED San Antonio, Texas, Janatte E. McPherson, Schwartzer McPherson Law Firm Las Vegas, Nevada, Counsel for the Anthony H.N. Schnelling Creditor Trustee.
Dais Wright Tremaine LLP., Jeseph Van Leuven, Portland OR., Counsel for Turf Seed, INC., Tee 2 Green Corporation and Pure Seed Inc.
STIPULATION AND ORDER ALLOWING CLASS 5 CLAIM FOR TURF SEED AND WITHDRAWING ADMINISTRATIVE CLAIM
LINDA RIEGLE, United States Bankruptcy Court
Plaintiff Anthony H.N. Schnelling, Creditor Trustee For the Bankruptcy Estates of AgriBioTech Inc., Las Vegas Fertilizer Co., Inc., Garden West Distributors, Inc. and Geo. W. Hill Co., Inc. (the “Creditor Trustee”) files this Stipulation and Order Allowing Class 5 Claim for Turf Seed Incorporated and Withdrawing Pure Seed Testing’s Administrative Claim and would show the Court as follows:
1. On or about June 30, 2000, Turf Seed Incorporated filed a proof of claim alleging a secured claim in the amount of $109,460.55 (Claim No. 3084).
2. The Creditor Trustee objected to the claim on the grounds that such claim was not a secured claim.
3. On or about May 17, 2001, Pure Seed Testing Inc. filed a proof of claim for an administrative claim in the amount of $10,000.00.
4. On or about December 12, 2001, the Creditor Trustee filed certain adversary proceedings seeking the recovery of transfers made to Turf Seed Incorporated in the aggregate amount of $47,326.00 and to Tee 2 Green Corporation in the aggregate amount of $61,231.30.
5. Pursuant to a settlement of the claims between the Creditor Trustee and Turf Seed Incorporated, Tee 2 Geen Corporation and Pure Seed Testing, Inc., the parties agree and stipulate to the following:
1. Turf Seed Incorporated and Tee 2 Green agree to pay the ABT Creditor Trust S25,000.00 (the “Settlement Proceeds”);
2. Pure Seed agrees to withdraw its administrative claim in the amount of $10,000.00;
3. The Creditor Trustee agrees that Turf Seed shall have an allowed class 5 unsecured claim in the amount of $109,460.55;
4. Turf Seed Incorporated and Tee 2 Green Corporation agree to not seek a resulting proof of claim or amend any present proof of claim to recover the Settlement Proceeds;
5. The Creditor Trustee agrees to dismiss its claims against Turf Tech Incorporated in Adversary No. 01-2367 and against Tee 2 Green in Adversary No. 01-2355.
6. The parties agree to give mutual releases of any and all claims as that term is defined at 11 U.S.C. § 101(5).
WHEREFORE, the Creditor Trustee, Turf Seed Incorporated, Tee 2 Green and Pure Seed Testing, Inc. request that this Court approve this Stipulation and grant such other relief to which the parties are entitled.
IT IS SO ORDERED.