Free Notice of Settlement - District Court of Delaware - Delaware

Case 1 :04-cv-00539-JJF Document 22 Filed O3/O2/2005 Page 1 of 3 I
IN THE UNITED STATES DISTRICT COURT I
FOR THE DISTRICT OF DELAWARE
IN RE: FANSTEEL INC., ET AL., l )
.- )
Fansteel Inc. )
)
Plaintiff ) Civil Action No. O4-5539 (ITF)
)
v ) A
) .
_ Orbit Testing Incorporated ) ‘
) Adversary Case No. O4-51088
Defendant ) Bankruptcy Case No. 02—10109 (JJF)
Objection Deadline: March 9, 2005 at 4:00 p.m. Eastern Time _
Hearing Date: TBD, if necessary
NOTICE OF SETTLEMENT OF AVOIDANCE ACTIONS
Plaintiffs, Fansteel, Inc., Reorganized Debtor (hereinafter referred to as "Plaintift”), files A
this Notice of Settlement of Avoidance Action (the "Notice"). A proposed Mutual Settlement
Agreement and Release (the "Settlement Agreement") was entered into by Plaintiff and Orbit ;
Testing Incorporated ("Defendant"), on February 24, 2005, a copy of which is attached hereto,
which Settlement Agreement provides, inter alia, the following: `_
I The Reorganized Debtors are the following entities: Fansteel Inc. and Wellman Dynamics Corp.
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Case 1 :04-cv-00539-JJF Document 22 Filed O3/O2/2005 Page 2 of 3 *
Name of Defendant: Orbit Testin Inco orated
Adversar Proceedin No.: 04-51088
Com · laint Amount: $43,318.37
Settlement Amount: $15,000.00 lus waiver of 502(h) claim
S • ecial Circumstances: Ordin course of business and new value defenses asserted.
Plaintiff submits that the above Settlement Agreement is the product of arm’s-length _
negotiations between Plaintiff and Defendant. The Settlement Agreement represents a favorable
resolution of Plaintiff" s claims and results in a claim withdrawal for the benefit of creditors.
Accordingly, Plaintiff further submits that the Settlement Agreement is fair and reasonable, is in
the best interest of the creditors, and is the result of the exercise of sound business judgment.
If you object to the terms of the settlement, you are required to tile an objection to this 2
Settlement Agreement on or before March 9, 2005 at 4:00 p.m.
THIS NOTICE IS SUBMITTED ON NEGATIVE NOTICE. ANY PARTY p
OBJ ECTING TO THE RELIEF REQUESTED HEREIN SHALL MAKE ITS OBJECTION
KNOWN BY FILING AN OBJ ECTION TO THE PROPOSED SETTLEMENT, SERVED
UPON THE UNDERSIGNED AND FILED WITH THE COURT NO LATER THAN FIVE (5)
BUSINESS DAYS AFTER DELIVERY HEREOF. A HEARING ON THE NOTICE WILL BE
HELD AT A TIME TO BE DETERMINED BY THE COURT ONLY IF A TIMELY
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Case 1 :04-cv-00539-JJF Document 22 Filed O3/O2/2005 Page 3 of 3 1
OBJECTION IS FILED. IF NO SUCH OBJECTIONS ARE FILED, THE SETTLEMENT
WILL BE DEEMED APPROVED WITHOUT FURTHER ORDER OF THE COURT.
Dated: March 2, 2005 SCI-IULTE, ROTH & ZABEL LLP
Jeffrey S. Sabin (J SS-7600)
David J. Ciminesi (DJ C-8 1 56)
919 Third Avenue
New York, New York 10022
Telephone: (212) 756-2000
Facsimile: (212) 593-5955
AND _
PACHULSKI, STAN G, ZIEHL, YOUNG, JONES
& WEINTRAUB P.C. A
a Davis Jones (DE Bar No. 2436)
J es E. O'Neil1 (DE Bar No. 4042)
Steven J. Kahn (CA Bar No. 76933)
Jason S. Pomerantz (CA Bar N0. 157216)
10100 Santa Monica Blvd.
11th Floor
Los Angeles, California 90067-4100
Telephone: 310/277-6910
Facsimile: 310/201-0760
Counsel for Debtors and Reorganized Debtors
FANSTEEL
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