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.
April 2, 2004

AGREED ORDER RESOLVING LEASE REJECTION CLAIM FOR KMART STORE NUMBER 9588
SUSAN SONDERBY, Chief Judge, Bankruptcy

Upon consideration of the lease rejection claim (the “Lease Rejection Claim”) filed by Irongate Enterprises, Inc., (the “Claimant”); under the Leases of the property described as Kmart Store Number 9588, Hibbing, Minnesota; and Kmart Corporation (“Kmart”) having filed objections to the Lease Rejection Claim; and the Court being advised that Claimant and Kmart have resolved the Lease Rejection Claim; and after due deliberation and sufficient cause appearing therefore, it is hereby

ORDERED that Irongate Enterprises, Inc., shall have an Allowed Class 5 Lease Rejection Claim in the agreed amount of $168,000.00, which shall be satisfied in accordance with the terms of Kmart’s confirmed plan of reorganization; and it is further

ORDERED that the distributions to be made on account of the Allowed Class 5 Rejection Claim pursuant to the terms of Kmart’s plan of reorganization shall be made to:

a. Company Legal Name the stock will be registered in: IRONGATE ENTERPRISES, INC.

b. Company Tax ID #: #76 0350646

c. Company Contact: David Soufer

d. Company Address: Irongate Enterprises, Inc., 3251 W. 6th Street #109, Los Angeles, CA. 90020

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and it is further

ORDERED that upon entry of this Order, the Lease Rejection Claim of Irongate Enterprises, Inc., arising out of the lease of Store Number 9588, Hibbing, Minnesota, shall be deemed satisfied in its entirety; and it is further

ORDERED that Irongate Enterprises, Inc., and its successors, assigns or designees and all other persons are forever barred from asserting, collecting, or seeking to collect any further amounts arising out of the rejection of the lease of Kmart Store Number 9588 including but not limited to any items or claims that accrued on or prior to January 22, 2002; provided, however, that this Order shall be without prejudice to the claim of Irongate Enterprises, Inc., for administrative expenses that accrued after January 22, 2002, and prior to the date of rejection of the Lease for Kmart Store 9588, including those items sought in the Administrative Proof of Claim filed by Irongate Enterprises, Inc., claim number 42916.

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