Case No. 399-02649, Jointly Administered, Adv.Proc. No. 301-0180A.United States Bankruptcy Court, M.D. Tennessee, Nashville Division.
June 30, 2004
Wally W. Dietz, Esq., Paul G. Jennings, Esq., Phillip G. Young, Jr., Esq., Bass, Berry Sims PLC, Nashville, TN, and Charles F. Smith, Esq., Van C. Durrer, II, Esq., Skadden, Arps, Slate, Meagher Flom (Illinois) Chicago, IL, Attorneys for Debtors and Debtors in Possession.
Charles P. Summerall, IV, Esq., Buist Moore Smythe McGee P.A., Charleston, South Carolina, Attorneys for the Defendant.
AGREED ORDER OF SETTLEMENT AND DISMISSAL
GEORGE PAINE, Chief Judge, Bankruptcy
Upon the agreement of the parties that this adversary proceeding has been resolved and should be dismissed, the Court FINDS, ADJUDGES AND DECREES:
A. Prior to March 14, 2001, the Plaintiffs, Service Merchandise Company, Inc. (“Service Merchandise”) and 31 of its affiliates (the “Affiliate Debtors”; collectively, with Service Merchandise, the “Plaintiffs”), initiated the above-captioned adversary proceeding by filing their Complaint to Avoid Preferential Transfers and to Recover Amount of Such Transfers (the “Complaint”) against the defendant, Evening Post Publishing Company d/b/a The Post Courier (the “Defendant”).
B. The Debtors and the Defendant have reached a settlement and agreed resolution (the “Settlement”) of the subject matter of the Complaint and any and all factual and legal issues raised therein.
C. Pursuant to the Settlement, the Defendant has paid the Debtors the principal amount of $1,575.00.
D. Pursuant to the Settlement and in partial consideration therefor, the Defendant has agreed, as evidenced by the signature of the Defendant below, and is hereby deemed to voluntarily waive any and all claims against the Debtors in these bankruptcy cases for the amount paid by the Defendant pursuant to this agreed order of dismissal (the “Agreed Order of Dismissal”). The Defendant has acknowledged, as evidenced by the signatures below, and is hereby found to have waived any such claim having adequate opportunity to consult with counsel concerning the Defendant’s legal rights and the effect of this waiver.
E. The Defendant agrees to reduce its existing claim to $23,667.64, and the Debtors agree to allow the claim in the reduced amount.
F. In consideration of the Defendant’s payment of the principal amount of $1,575.00, and of the Defendant’s knowing and voluntary waiver of any and all claims against the Debtors in these bankruptcy cases for the amount paid by the Defendant in partial consideration for the Agreed Order of Dismissal and the reduction of the pre-petition claim to $23,667.64, the Debtors have agreed to dismiss the Complaint with prejudice, each party to bear its own costs.
NOW, THEREFORE, IT IS HEREBY ORDERED:
1. The Defendant shall not have and is forever barred from asserting any claim against the Debtors for the amount paid by the Defendant hereunder.
2. The Defendant’s pre-petition claim is reduced to $23,667.64, and shall be and hereby is, allowed in that reduced amount.
3. The Complaint shall be and hereby is dismissed, with prejudice, each party bearing its own costs.
4. The Court shall retain jurisdiction to hear any matters or disputes arising from or relating to the Agreed Order of Dismissal.