Case No. 01-41593-293 through Case No. 01-41614-293United States Bankruptcy Court, E.D. Missouri, Eastern Division.
May 27, 2003
Dennis F. Dunne and James C. Tecce, MILBANK, TWEED, HADLEY
McCLOY LLP, New York, New York and Peter D. Kerth, GALLOP, JOHNSON NEUMAN, L.C., St. Louis, Missouri, Attorneys for Market Data Corporation.
Maurice J. McSweeney, FOLEY LARDNER, Milwaukee, Wisconsin and David B. Goroff, Chicago, Illinois, Attorneys for the Plan Administrator.
STIPULATION AND CONSENT ORDER DISMISSING ADMINISTRATIVE EXPENSE CLAIM OF MARKET DATA CORPORATION AND EXTENDING TIME FOR MARKET DATA CORPORATION TO RESPOND TO COUNTERCLAIMS
DAVID MACDONALD, Chief Bankruptcy Judge
Market Data Corporation (“MDC”) and Bridge Information Systems, Inc. (n/k/a BIS Administration, Inc.) and its affiliated debtors and debtors-in-possession in the above-captioned cases, through Scott P. Peltz, in his capacity as Plan Administrator appointed in the above-captioned cases (collectively, the “Debtors”), in connection with the Emergency Motion Of Plan Administrator For Dismissal of Market Data Corporation’s Administrative Claim For Failure To Comply With Discovery Orders, dated April 25, 2003 (the “Emergency Motion”) and the Plan Administrator’s Counterclaims Against Market Data Corporation, dated April 28, 2003 (the “Counterclaims”), hereby stipulate and agree as follows:
WHEREAS, on May 24, 2002, MDC filed the Application of Market Data Corporation For Allowance of Administrative Expense Claim (the “MDCApplication”); and
WHEREAS, MDC has filed other claims in the above-captioned cases, including, but not limited to, various pre-petition claims; claims relating to rejection of certain of its contracts with the Debtors; and the Application of Market Data Corporation For Allowance of Administrative Expense Claim dated March 22, 2002 (collectively, the “Additional Claims”) and
WHEREAS, on July 11, 2002, the Plan Administrator filed its Objection To Market Data Corporation’s Application For Allowance of Administrative Expense Claim (the “Objection “), in which the Plan Administrator sought the denial of the MDC Application; and
WHEREAS, on September 11, 2002, the Plan Administrator filed its (i) First Request For Production of Documents To Market Data Corporation (the “Document Request”) and (ii) First Set of Interrogatories To Market Data Corporation (the “Interrogatories”) relating to the MDC Application and the Objection; and
WHEREAS, the deadline for MDC to respond to the Document Request and the Interrogatories was extended both by stipulations among the parties and by an Order of the Court until March 30, 2003; and
WHEREAS the Plan Administrator filed the Emergency Motion seeking, inter alia the dismissal of the MDC Application alleging, among other things, that MDC has failed to comply with the Document Request and the Interrogatories; and
WHEREAS, on April 28, 2003, the Plan Administrator filed the Counterclaims (a) in the above-captioned chapter 11 cases and (b) by commencing the above-captioned adversary proceeding and issuing the Summons And Notice of Pretrial Status Conference in Adversary Proceeding, dated May 1, 2003 (the “Summons”) and
WHEREAS, the terms and provisions of this Stipulation and Consent Order have been negotiated at arms’ length and have been agreed to by the parties (each a “Party,” and collectively, the “Parties”) in good faith.
NOW, THEREFORE in consideration of the mutual covenants and agreements set forth herein in an effort to avoid unnecessary expenses and litigation and with the intent to be legally bound, it is agreed between the undersigned as follows:
1. MDC hereby agrees that the MDC Application will be dismissed with prejudice, without the need for any further document to be filed.
2. The Debtors shall return any and all documents produced by MDC in response to the Document Requests; provided, however, that MDC shall not destroy any such returned documents.
3. The Additional Claims shall not be withdrawn in the above-captioned chapter 11 cases and are not affected or impacted by this Stipulation and Consent Order. MDC reserves any and all rights, claims and defenses with respect to the Additional Claims.
4. The Debtors’ request in the above-captioned chapter 11 cases to enjoin, or for an extension of time to respond to the New York Subpoenas (as such request is set forth in the Emergency Motion) is hereby withdrawn without the need for any further document to be filed.
5. Notwithstanding anything to the contrary in the Summons, the deadline for MDC to respond to the Counterclaims is hereby extended for an additional thirty (30) days following June 2, 2003, and such extension shall automatically renew for consecutive thirty (30) day periods, without further action or order (the “Automatic Extension”). The Debtors may terminate the Automatic Extension at any time upon thirty (30) days written notice to counsel for MDC.
6. No provision of this Stipulation and Consent Order may be changed except by a written instrument executed by MDC and the Debtors.
7. This Stipulation and Consent Order constitutes the entire agreement between the Parties hereto with respect to the MDC Application and the Counterclaims and supersedes all prior agreements and understandings, written and oral, between the Parties with respect to the MDC Application and the Counterclaims. All representations, warranties, promises, inducements, or statements of intention made by MDC or Debtors with respect to the MDC Application and the Counterclaims are embodied in this Stipulation and Consent Order, and neither Party shall be bound by, or liable for, any alleged representation, warranty, inducement, or statement of intention that is not expressly embodied herein.
8. This Stipulation and Consent Order (i) shall inure to the benefit of and be enforceable by the Parties hereto and their respective successors and permitted assigns and (ii) shall be binding upon and enforceable against the Parties hereto and their respective successors and assigns.
9. This Stipulation and Consent Order is expressly subject to and contingent upon its approval by the Bankruptcy Court.
10. If this Stipulation and Consent Order is not approved by the Bankruptcy Court, this Stipulation and Consent Order shall be of no further force and effect, and neither this Stipulation and Consent Order nor any negotiations and writings in connection with this Stipulation and Consent Order, shall in any way be construed as or deemed to be evidence or an admission on behalf of the Parties regarding any matter dealt with herein.
11. This Stipulation and Consent Order may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other Party.
SO ORDERED: