02/25/2008 388 Agreed Order Authorizing Chapter 11 Trustee Thirty (30) Additional Days to Retrieve Property. (baa) (Entered: 02/25/2008)
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Doc 388
IN RE:
Case No. 07-50934
Plasticon International, Inc.
DEBTOR (Chapter 11)
AGREED ORDER AUTHORIZING CHAPTER 11 TRUSTEE THIRTY (30) ADDITIONAL DAYS TO RETRIEVE PROPERTY
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This matter came before the Court on agreement of the following Parties: (a) Trustee James D. Lyon (the “Chapter 11 Trustee”), solely in his capacity as the Trustee for the Chapter 11 Bankruptcy Estate (the “Estate”) of Plasticon International, Inc. (the “Debtor”); (b) John P. Murphy III Revocable Trust No. 1 (the “Murphy Trust”); (c) Pro Plas LLC, a Missouri limited liability company; (d) 10135 LLC, a Missouri limited liability company (“10135”); (e) John P. Murphy, III (“Murphy”) (the Murphy Trust, Pro Plas LLC, 10135, and Murphy shall hereafter be referred to as the “Murphy Entities”); (f) the Official Committee of Unsecured Creditors (the “Committee”); (g) the Debtor; and (h) the United States Trustee (“US Trustee”) (the Chapter 11 Trustee, the Murphy Entities, the Committee, the Debtor, and the US Trustee shall hereafter be referred to as the “Parties”) regarding a modification of the timing of two of the provisions of the Compromise and Settlement Agreement (the “Agreement”) approved by this Court by Order dated January 14, 2008 (Docket No. 349) (the “Order”) and attached as Exhibit A to the Order.
The Parties have agreed that the Chapter 11 Trustee may, without penalty, have an additional thirty (30) days to retrieve the items of property located on the Debtor’s former premises in St. Louis, Missouri, and the Murphy Entities may, without penalty, have an additional thirty (30) days to deliver to the Chapter 11 Trustee the sums set forth in the Agreement. The Parties being in Agreement and the Court having reviewed the record and being otherwise adequately informed, the Court hereby FINDS AND CONCLUDES as follows:
1. Numbered Paragraph 3 of the Agreement (see p. 8), entitled “Plasticon- Proprietary Product, Molds, and Accounts Receivable resulting therefrom” provided that within forty-five (45) days of the date of delivery of the releases related to the Agreement, Trustee Kenneth Henry (Chapter 11 Trustee for the Bankruptcy Estate of Pro Mold, Inc. (E.D.Ky. Case No. 07-50935)) would transfer and assign to Chapter 11 Trustee Stephen Palmer [1] certain Plasticon proprietary product, molds, and accounts receivable (the “Property”).
[1] Stephen Palmer was appointed as Chapter 11 Trustee by Order dated October 10, 2007 (Docket No. 271). Trustee Palmer resigned as Chapter 11 Trustee on January 31, 2008 (Docket No. 366) and on February 8, 2008, the Court entered an Order (Docket No. 371) appointing James D. Lyon as successor Chapter 11 Trustee.
2. Numbered Paragraph 3 of the Agreement further provided that if Chapter 11 Trustee Palmer failed to retrieve the Property within forty-five (45) days after the date of delivery of the releases, the transfer of the Property to Trustee Palmer and the Plasticon Bankruptcy Estate would be void, and all rights in the Property would revert to the Murphy Entities or their designee at the option of the Murphy Entities or their designee.
3. Numbered Paragraph 3 further provides that within forty-five (45) days from the date of delivery of the releases, the Murphy Entities must deliver to Chapter 11 Trustee $27,504.25 (the “Funds”) “minus any and all costs and expenses that have been paid in regard to the Plasticon proprietary product or molds since October 10, 2007 including the moving and storage of the Plasticon proprietary product or molds by Flexway Trucking, Inc.”
4. The releases were delivered on Monday, January 14, 2008, so the forty-five (45) day Page 3 of 6 period established in Numbered Paragraph 3 of the Agreement expires on Thursday, February 28, 2008.
5. Chapter 11 Trustee Lyon is the successor in interest to Chapter 11 Trustee Palmer, and has reached a compromise with the Murphy Entities whereby the Chapter 11 Trustee shall have
an additional thirty (30) days (i.e. no later than 11:59 pm on Saturday, March 29, 2008) to retrieve the Property, and in exchange the Murphy Entities shall have until the same date to deliver the Funds “minus any and all costs and expenses that have been paid in regard to the Plasticon proprietary product or molds since October 10, 2007 including the moving and storage of the Plasticon proprietary product or molds by Flexway Trucking, Inc.” to the Chapter 11 Trustee.
6. The thirty (30) day extension of time is fair and reasonable and is in the best interest of the Estate and its creditors. Other than the Parties executing this Agreed Order, no other interested party will be affected by the terms of this Order, and no additional notice or opportunity to object to the terms of this Agreed Order is necessary or appropriate.
The Parties being in agreement, and the Court having found and concluded as is set forth above, it is hereby AGREED, ORDERED AND ADJUDICATED as follows:
1. The Chapter 11 Trustee’s proposed extension of time is APPROVED.
2. The Chapter 11 Trustee shall have until 11:59 pm on Saturday, March 29, 2008 to retrieve the Property. If the Chapter 11 Trustee or his designee fails to retrieve the Property before 11:59 pm on Saturday, March 29, 2008, the transfer of the Property to Trustee Lyon and the Plasticon Bankruptcy Estate shall be void, and all rights in the Property will revert to the Murphy Entities or their designee at the option of the Murphy Entities or their designee.
3. The Murphy Entities shall have until 11:59 pm on Saturday, March 29, 2008 to deliver the Funds “minus any and all costs and expenses that have been paid in regard to the Plasticon proprietary product or molds since October 10, 2007 including the moving and storage of the Plasticon proprietary product or molds by Flexway Trucking, Inc.” to the Chapter 11 Trustee.
4. In all other respects, the Agreement shall remain unchanged.
5. This is a final and appealable order, and there is no just cause for delay.
Have seen and agree:
/s/ James D. Lyon
James D. Lyon, Attorney
209 E. High Street
Lexington, KY 40507
(859) 252-4148 (tel)
Jdlyonlaw@aol.com
CHAPTER 11 TRUSTEE
/s/ Stephen Barnes
Stephen Barnes
Walther, Roark & Gay, PLC
P.O. Box 1598
Lexington, KY 40588-1598
(859)-225-4714 (tel)
(859) 225-1493 (fax)
sbarnes@wrgfirm.com
www.wrgfirm.com
ATTORNEY FOR THE TRUSTEE
/s/ John Daugherty
John Daugherty, Asst. US Trustee
Office of the US Trustee
100 E. Vine, Suite 500
Lexington, KY 40507
(859) 233-2822 (tel)
john.daugherty@usdoj.gov
OFFICE OF THE US TRUSTEE
/s/ Rebecca Case
Rebecca Case, Attorney
Stone, Leyton & Gershman, P.C.
7733 Forsyth Boulevard, Suite 500
St. Louis, MO 63105
ATTORNEY FOR THE MURPHY
INTERESTS
/s/ Ellen Arvin Kennedy
Ellen Arvin Kennedy, Attorney
Fowler, Measle, & Bell, LLP
300 W. Vine Street, Suite 600
Lexington, KY 40507-1660
(859) 252-6700 (tel)
EKennedy@FowlerLaw.com
ATTORNEY FOR THE DEBTOR
AND ON BEHALF OF FMB
/s/ Dean Langdon
Dean Langdon, Attorney
Wise DelCotto PLLC
200 North Upper Street
Lexington, KY 40507
Tel. No.: (859) 231-5800
Fax No.: (859) 281-1179
dlangdon@wisedel.com
COUNSEL FOR COMMITTEE
Pursuant to Local Rule 9022-1(c), Stephen Barnes shall cause a copy of this Order to be served on each of the parties designated to receive this Order pursuant Local Rule 9022-1(a) and shall file with the Court a Certificate of Service of the Order upon such parties within ten (10) days hereof.
Copies to:
* All parties designated to receive electronic notice
** All parties on the attached service list
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The affixing of this Court's electronic seal below is proof this document has been signed by the Judge and electronically entered by the Clerk in the official record of this case.
Signed By:
William S. Howard
Bankruptcy Judge
Dated: Monday, February 25, 2008
(wsh) |
