01/04/2008 338 Motion to Compromise Controversy under Rule 9019 with John P. Murphy III Revocable Trust No. 1, Pro Plas, LLC, 10315 LLC, John P. Murphy III,Plasticon International, Inc., filed by Kenneth C Henry, Trustee. Hearing scheduled for 1/10/2008 at 03:00 PM at Lexington Courtroom, 3rd Floor. (Attachments: # 1 Continuation of Main Document Exhibit A# 2 Continuation of Main Document Exhibit A continued# 3 Continuation of Main Document Notice of Hearing# 4 Proposed Order) (Thompson, Elizabeth) (Entered: 01/04/2008)
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Doc 338
In Re:
Case No. 07-50934
PLASTICON INTERNATIONAL, INC.
Chapter 11
Debtor.
In Re:
Case No. 07-50935
PRO MOLD, INC. Chapter 11
Debtor.
JOINT MOTION TO APPROVE COMPROMISE AND SETTLEMENT AGREEMENT
John P. Murphy III Revocable Trust No. 1; Pro Plas, LLC, a Missouri limited liability company; 10315 LLC, a Missouri limited liability company; and John P. Murphy III (collectively the "Murphy Entities"); Chapter 11 Trustee Kenneth Henry, the duly appointed Trustee of the Bankruptcy Estate of Pro Mold, Inc.; and Chapter 11 Trustee Stephen Palmer, the duly appointed Trustee of the Bankruptcy Estate of Plastic on International, Inc.; file this their Joint Motion to Approve Compromise and Settlement ("Joint Motion") and in support thereof state the following:
Jurisdiction and Bankruptcy Filing
1. The Court has jurisdiction regarding this matter pursuant to 28 U.S.C. § 1334 and 28 U.S.C. § 157 and the Local Rules for the United States District Court for the Eastern District of Kentucky.
2. This matter is a core proceeding pursuant to 28 U.S.c. § 157(b )(2)(D).
a. Debtor Pro Mold. Inc.
3. On May 16, 2007 Debtor Pro Mold, Inc. ("Debtor Pro Mold") filed its Voluntary Chapter 11 Petition for Relief in the United States Bankruptcy Court for the Eastern District of Kentucky, Lexington Division ("Court").
4. Debtor Pro Mold continued to operate its business and manage its financial affairs pursuant to Sections 1107 and 1108 of the Bankruptcy Code from May 16, 2007 until October 3, 2007, under the control of James N. Turek, Sr., Debtor Pro Mold's President.
5. On October 3, 2007, this Court ordered the Appointment of a Chapter 11 Trustee.
6. The Office of the United States Trustee appointed Kenneth Henry to serve as the Chapter 11 Trustee ("Trustee Henry").
b. Debtor Plasticon International. Inc.
7. On May 16, 2007 Debtor Plasticon International, Inc. ("Debtor Plasticon") filed its Voluntary Chapter 11 Petition for Relief in the United States Bankruptcy Court for the Eastern District of Kentucky, Lexington Division ("Court").
8. Debtor Plasticon continued to operate its business and manage its financial affairs pursuant to Sections 1107 and 1108 of the Bankruptcy Code from May 16, 2007 until October 3, 2007, under the control of James N. Turek, Sr., Debtor Plasticon's President.
9. On October 3, 2007, this Court ordered the Appointment of a Chapter 11 Trustee.
10. The Office of the United States Trustee appointed Stephen Palmer to serve as the Chapter 11 Trustee ("Trustee Palmer).
Compromise and Settlement Agreement
11. The Murphy Entities, Trustee Henry and Trustee Palmer have entered into a Compromise and Settlement Agreement ("Agreement") in order to settle and resolve any and all claims or causes of action of any kind whatsoever, at common law, statutory or otherwise, known or unknown, that the Debtors and/or their bankruptcy estates have or may have against the Murphy Entities and that the Murphy entities have or may have against the Debtors and/or their bankruptcy estates.
12. Trustee Henry and Trustee Palmer believe that it is in the best interest of the Pro Mold and Plasticon bankruptcy estates and all parties concerned for the Court to authorize and approve the Murphy Entities' Agreement with Trustee Henry and Trustee Palmer.
13. The Agreement represents a fully negotiated settlement and will avoid the necessity of further costly and time consuming litigation.
WHEREFORE, the Murphy Entities, Trustee Henry and Trustee Palmer request that the Court approve this Motion for Approval of Compromise and Settlement Agreement and the Compromise and Settlement Agreement attached hereto and incorporated herein as EXHIBIT A.
Respectfully submitted,
/s/ Elizabeth Lee Thompson
Elizabeth Lee Thompson
STITES & HARBISON, PLLC
250 West Main Street, Suite 2300
Lexington, KY 40507-1758
Telephone:(859) 226-2300
Counsel for Kenneth C. Henry,
Chapter 11 Trustee
CERTIFICATE OF SERVICE
This is to certify that the foregoing was served this the 4th day of January, 2008, electronically in accordance with the method established under this Court’s CM/ECF Administrative Procedures upon all parties in the electronic filing system in the case, by electronic mail and/or first class mail.
/s/ Elizabeth Lee Thompson
Elizabeth Lee Thompson |
