Case No. 01-60386-DOT, Procedurally ConsolidatedUnited States Bankruptcy Court, E.D. Virginia.
January 7, 2004
Benjamin C. Ackerly, Tyler P. Brown, HUNTON WILLIAMS LLP, Richmond, Virginia, of Counsel for Keith L. Phillips, Trustee
James S. Carr, Keith H. Wofford, Denver G. Edwards, KELLEY DRYE
WARREN LLP, New York, NY, of Counsel for BP Products North America Inc.
Paul M. Nussbaum, Brent C. Strickland, WHITEFORD, TAYLOR
PRESTON, L.L.P., Baltimore, Maryland, of Counsel for the Official Committee of Unsecured Creditors
ORDER
DOUGLAS TICE, Chief Judge, Bankruptcy
This matter came before the Court on December 22, 2003 on the Motion of the Trustee, Keith L. Phillips (the “Trustee”), for Reconsideration of Part of the Debtors’ Post-Petition Financing with Fas Mart Petroleum (the “Motion for Reconsideration”). The Official Committee of Unsecured Creditors (the “Committee”) has joined in the Motion for Reconsideration, and BP Products North America Inc. (“BP”) has opposed the Motion for Reconsideration. Counsel for the Trustee having represented, and counsel for the Committee and BP having confirmed on the record, that the Motion for Reconsideration has been settled, and the Court having concluded that the settlement of the Motion for Reconsideration is in the best interests of the debtors’ estates, the Court hereby approves of the settlement of the Motion for Reconsideration on the terms set forth below. It is accordingly,
ORDERED, ADJUDGED and DECREED that the Motion for Reconsideration is settled on the following terms:
(1) The Trustee and BP will split the $789,224 being held in escrow by the Trustee that is the subject of the Motion for Reconsideration. Thus, the Trustee will keep one-half of the
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$789,224, i.e., $394,612. Within one business day following entry of this Order, the Trustee will wire to BP the remaining $394,612.
(2) The Trustee, the Committee and BP reserve all other rights in connection with these bankruptcy cases, including but not limited to the pending adversary proceeding filed by the Trustee against BP. In further clarification of this reservation of all parties’ other rights, BP filed a secured claim, and the Trustee and the Committee have the right to object to BP’s secured claim. Nothing in this settlement affects BP’s rights to pursue its secured claim (except that BP agrees that its purported secured claim shall be reduced by the $789,224 that is the subject of the Motion for Reconsideration) and nothing prevents the Trustee and the Committee from objecting to BP’s secured claim on any basis, including taking the position that BP does not have a secured claim in these cases.
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LOCAL RULE 9022-1(0(1) CERTIFICATION
I hereby certify that the foregoing order has been served on and endorsed by all necessary parties.
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