IN RE WORLDCOM, INC. (Bankr.S.D.N.Y. 2005)

In re WORLDCOM, INC., et al., Chapter 11, Debtors.

Case No. 02-13533 (AJG), (Jointly Administered).United States Bankruptcy Court, S.D. New York.
June 7, 2005

Colin Lancaster, STARO ASSET MANAGEMENT, St. Francis, WI, MCI, Inc. (successor to WorldCom, Inc.)

Mark A. Shaiken, Esq., W. Dennis Cross, Esq., Jodi M. Hoss, Esq., STINSON MORRISON HECKER LLP, Kansas City, MO, Attorneys for Debtors and Debtors in Possession.

JOINT STIPULATION RESOLVING THE DEBTORS’ OBJECTION TO CLAIM NUMBER 33326
ARTHUR GONZALEZ, Bankruptcy Judge

This Joint Stipulation is made and entered into by and among the following: MCI, Inc. (successor to WorldCom, Inc.) and certain of its direct and indirect subsidiaries, as debtors and debtors in possession (collectively, the “Reorganized Debtors”) and Staro Asset Management (transferor Schnader Harrison Segal
Lewis, LLP) (the “Claimant”) (the Claimant and the Reorganized Debtors are hereinafter collectively referred to as the “Parties”) with reference to the following:

WHEREAS, on July 21, 2002 (the “Commencement Date”) and November 8, 2002, WorldCom, Inc. and certain of its direct and indirect domestic subsidiaries commenced cases (the “Bankruptcy Cases”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). By Orders dated July 22, 2002 and November 12,

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2002, the Debtors’ Chapter 11 cases were consolidated for procedural purposes only and are being jointly administered; and

WHEREAS, on October 31, 2003, the Debtors’ Modified Second Amended Joint Plan of Reorganization (the “Plan”) was confirmed. The Plan became effective on April 20, 2004; and

WHEREAS, on October 29, 2002, this Court entered its Order (a) Pursuant to Bankruptcy Rule 3003 (c)(3) Establishing the Deadline for Filing Certain Proofs of Claim and Approving the Form and Manner of Notice Thereof (the “Bar Date Order”). The Bar Date Order established January 23, 2003 as the bar date (the “Bar Date”) for filing proofs of claim in these cases. Pursuant to the terms of the Bar Date Order, on or about November 22, 2002, the Debtors mailed notice of the bar date (the “Bar Date Notice”) to in excess of 1.2 million creditors and potential claimants; and

WHEREAS, on March 25, 2003, the Court entered its Order Pursuant to 11 U.S.C. § 105 Approving Notice Procedures Regarding Claim Objections and Deemed Schedule Amendment Motions (“Claim Objection Procedure Order”), approving certain procedures regarding noticing of claims objections and omnibus motions for deemed schedule amendments; and

WHEREAS, under the Plan, the Debtors were required to object to Proofs of Claim no later than October 18, 2004 (the “Objection Deadline”); and

WHEREAS, on February 3, 2003, the Claimant filed Proof of Claim No. 33326 (the “Claim”); and

WHEREAS, in or around April, 2003, Schnader Harrison Segal
Lewis, LLP transferred its claim to Staro Asset Management; and

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WHEREAS, on October 15, 2004, the Debtors filed objections to the Claim (the “Claim Objection”); and

WHEREAS, on March 16, 2005, the Claimant filed its response to Debtors’ objection; and

WHEREAS, the Parties wish to resolve the Claim and Claim Objections.

NOW THEREFORE, the Parties stipulate and agree, and the Court ORDERS, that Reorganized Debtors’ objection to Proof of Claim No. 33326, filed by Schnader Harrison Segal Lewis LLP and transferred to Staro Asset Management, is withdrawn and Proof of Claim No. 33326 should be allowed as a class 6 unsecured claim in the amount of $230,056.84, in full and final satisfaction of Proof of Claim No. 33326, to be paid in accordance with the Plan.

IT IS SO ORDERED.

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