Case No. 02-B02474 (Jointly Administered)United States Bankruptcy Court, N.D. Illinois, Eastern Division.
January 27, 2003
John William Butler, Jr., J. Eric Ivester, Mark A. McDermott, SKADEEN, ARPS, SLATE, MEAGHER FLOM (ILLINOIS), Chicago, IL, Attorneys for Debtors and Debtors-in-Possession.
Daniel A. Hubbell, HUBBELL HUBBELL, P.C., Traverse City, MI, and Chicago, IL, Attorneys for Douglas and Denise Price.
AGREED ORDER BETWEEN DEBTORS AND DOUGLAS AND DENISE PRICE TO MODIFY AUTOMATIC STAY
SUSAN PIERSON SONDERBY, United States Bankruptcy Judge.
This Agreed Order is entered into and submitted to the Court in accordance with the agreement of Kmart Corporation (“Kmart”) and certain of its subsidiaries (the “Affiliate Debtors”), debtors and debtors-in-possession in the above-captioned cases (Kmart and the Affiliate Debtors collectively, the “Debtors”) and Douglas and Denise Price (collectively “Price”), in resolution of Price’s Motion for Relief from the Automatic Stay (Docket No. 7825) (the “Motion”), as signified by the signatures of counsel below, to a modification of the automatic stay, as set forth herein; it appearing to the Court that the relief should be granted,
IT IS HEREBY ORDERED, ADJUDGED AND DECREED THAT:
1. Price has exhausted that certain personal injury settlement procedure approved by this Court on July 17, 2002 (Docket No. 4944), as modified on August 29, 2002 (Docket No. 6190).
2. The automatic stay provisions of 11 U.S.C. § 362(a), with respect to certain litigation styled: DENISE C. PRICE and DOUGLAS PRICEv. KMART CORPORATION, Case No. 233216, pending in the Court of Appeals for the State of Michigan, on appeal from the Thirteenth Circuit Court, County of Grand Traverse (the “Litigation”), in which Price seeks to establish and liquidate a personal injury claim (the “Claim”), is hereby modified in accordance with the terms set forth in this Agreed Order.
3. The automatic stay is partially lifted (i) to permit the Litigation to proceed and continue to a final judgment or settlement; and (ii) to permit Price to attempt to perfect, finalize and enforce any liquidated, final judgment or settlement from any supersedeas bond or from any insurance coverage that is available to satisfy the Claim.
4. Notwithstanding anything in this Agreed Order to the contrary, the automatic stay remains in effect with respect to any and all actions by Price to execute on any final judgment or settlement against the Debtors’ estates.
5. Nothing in this Order shall be deemed an admission of fact on the part of the Debtors with respect to the Claim or any facts alleged in the Motion or in the Litigation.
6. This Court shall retain jurisdiction to hear any matters or disputes arising from or relating to this Agreed Order.