Free Notice of Settlement - District Court of Delaware - Delaware

Case 1 :04-cv—00528-JJF Document 22 Filed 04/12/2005 Page 1 of 3
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE
. IN RE: FANSTEEL INC., ET AL., I )
)
Fansteel Inc. )
· )
Plaintiff ) Civil Action No. 04-528 (JJF)
)
V )
)
Lester R. Sutton, Jr., et al. )
) Adversary Case No. 04-51076
Defendant ) Bankruptcy Case No. 02-10109 (JJF)
Objection Deadline: April 19, 2005 at 4:00 p.m. EST
Hearing Date: TBD, if necessary
NOTICE OF SETTLEMENT OF AVOIDANCE ACTION
Plaintiff, F ansteel, Inc., Reorganized Debtor (hereinafter referred to as "Plaintiff’), files
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 Lester R. .
Sutton, Jr. d/b/a Aggressive Grinding ("Sutton"), (hereinafter referred to as "Defendant"), on T
January 10, 2005, a copy of which is attached hereto, which Settlement Agreement provides,
inter alia, the following:
1 The Reorganized Debtors are the following entities: Fansteel Inc. and Wellman Dynamics Corp.
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Case 1 :04-cv—00528-JJF Document 22 Filed 04/12/2005 Page 2 of 3
Name of Defendant: Lester R. Sutton, Jr. d/b/a A ; ; essive Grinding
Adversar Proceedin No.: 04-51076
Com • laint Amount: $135,687.61
Settlement Amount: $17,500.00
S • ecial Circumstances:
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 cash payment [and claim waiver(s)] to Plaintiff
for the benefit of creditors. Accordingly, Plaintiff further submits that the Settlement Agreement l I
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 file an objection to this
Settlement Agreement on or before April 19, 2005 at 4:00 p.m.
THIS NOTICE IS SUBMITTED ON NEGATIVE NOTICE. ANY PARTY .
OBJECTING TO THE RELIEF REQUESTED HEREIN SHALL MAKE ITS OBJECTION
KNOWN BY FILING AN OBJECTION TO THE PROPOSED SETTLEMENT, SERVED F
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—00528-JJF Document 22 Filed 04/12/2005 Page 3 of 3
OBJECTION IS FILED. IF NO SUCH OBJECTIONS ARE FILED, THE SETTLEMENT
WILL BE DEEMED APPROVED WITHOUT FURTHER ORDER OF THE COURT.
Dated: April 12, 2005 SCHULTE, 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, STANG, ZIEHL, YOUNG, JONES
& WEINTRAUB P.C.
Laégé Davis Jones (DE Bar No. 2436)
Ja es E. O'Neill (DE Bar No. 4042)
Steven J. Kahn (CA Bar No. 76933)
Jason S. Pomerantz (CA Bar No. 157216)
10100 Santa Monica Blvd.
1 lth Floor
Los Angeles, California 90067-4100 .
Telephone: 310/277-6910
Facsimile: 310/201-0760 {
Counsel for Debtors and Reorganized Debtors I .
FANSTEEL
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