IN RE KMART CORPORATION (Bankr.N.D.Ill. 2004)

In re KMART CORPORATION, et al., Chapter 11, Debtors.

Case No. 02-B02474, (Jointly Administered).United States Bankruptcy Court, N.D. Illinois, Eastern Division.
October 25, 2005

BIMINI BAY OUTFITTERS, LIMITED Michael J. Rcynolds, Esq.

Drinker Biddle Reath, LLP Florham Park, NJ, Attorneys for Bimini Bay Outfitters, Limited

KMART CORPORATION, et al. William J. Barrctt, Esq.

Barack, Ferrazzano, Kirschbaum, Perlman Nagelberg LLC Chicago, IL, Attorneys for Kmart Corporation

STIPULATION AND ORDER REGARDING CLAIMS NUMBERED 22983 AND 31341
SUSAN SONDERBY, Bankruptcy Judge

This stipulation is among the above-captioned debtors (collectively, “Kmart”) and Bimini Bay Outfitters, Limited (“Bimini Bay” and, together, the “Parties”), in connection with the following:

A. On July 19, 2002, Bimini Bay filed a claim numbered 31341 in the amount of $283,215.15 (the “Claim”).

B. Kmart filed several omnibus objections in opposition to the Claim (collectively, the “Omnibus Objections”).

C. Bimini Bay filed responses to the Omnibus Objections or otherwise contested the Omnibus Objections.

D. The Parties agree that Kmart shall allow the Claim as a Class 6 unsecured nonpriority pre-petition claim in the amount of $100,000 (the “Allowed Claim”). The amount of the Allowed Claim shall constitute full and final satisfaction of the Claim and of all claims against Kmart by Bimini Bay.

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Upon consideration of the foregoing and after due deliberation and sufficient cause appearing therefore, the parties having stipulated and agreed herein, it is hereby

ORDERED that the Claim is allowed as a Class 6 unsecured nonpriority pre-petition claim in the amount of $100,000. This amount shall constitute full and final satisfaction of the Claim and of all current and future claims against Kmart by Bimini Bay; and it is further

ORDERED that the Omnibus Objections are withdrawn as to the Claim; and it is further

ORDERED that Bimini Bay and each of its affiliates, successors, assigns and designees, hereby release Kmart from all claims and causes of action arising under or in connection with the Claim either on or before the entry of this order; and it is further

ORDERED that this Stipulation and Order shall not be effective unless and until approved by a final order of the Bankruptcy Court. Upon such approval, this Stipulation and Order shall inure to the benefit of, and be binding upon, the parties hereto, as well as all creditors, administrative claimants and parties in interest and their successors and assigns; and it is further

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ORDERED that this Stipulation and Order may be executed in counterparts and such counterparts may be exchanged by facsimile; and it is further

ORDERED that the Bankruptcy Court shall retain jurisdiction to hear any dispute arising out of the terms and enforcement of this Order.

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