Free Notice of Settlement - District Court of Delaware - Delaware

Case 1 :04-cv-00520-JJF Document 21 Filed O3/O2/2005 Page 1 of 3 I Qi
IN THE UNITED STATES DISTRICT COURT I
FOR THE DISTRICT OF DELAWARE
IN RE: FANSTEEL INC., ET AL., 1 ) _
)
Fansteel Inc. ) .
)
_ Plaintiff ) Civil Action No. 04-520 (HF)
)
V )
J .
Quality Stafiing, Inc. )
) Adversary Case N0. 04-51066 . `
Defendant ) Banlcruptcy Case No. 02-10109 (JJF)
Objection Deadline: March 9, 2005 at 4:00 p.m. Eastern Time I
Hearing Date: TBD, if necessary
NOTICE OF SETTLEMENT OF AVOIDAN CE ACTIONS p
Plaintiffs, Fansteel, Inc., Reorganized Debtor (hereinafter referred to as "P1aintift"), 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 Quality
Staffing, Inc. ("Defendant"), on February 24, 2005, a copy of which is attached hereto, which
Settlement Agreement provides, inter alia, the following:
1 The Reorganized Dcbtors are the following entities: Fansteel Inc. and Wellman Dynamics Corp.
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Case 1 :04-cv-00520-JJF Document 21 Filed O3/O2/2005 Page 2 of 3 i
Name of Defendant: ualit Staffin , Inc.
Adversar Proceedin No.: 04-51066 .
Com • laint Amount: $42,508.91
Settlement Amount: $4,000.00 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—1ength
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 I
. the best interest of the creditors, and is the result ofthe exercise of sound business judgment.
If you obj ect to the terms of the settlement, you are required to iile an objection to this
Settlement Agreement on or before March 9, 2005 at 4:00 p.m.
THIS NOTICE IS SUBMITTED ON NEGATIVE NOTICE. ANY PARTY E
OBJECTING TO THE RELIEF REQUESTED HEREIN SHALL MAKE ITS OBJ ECTION
KNOWN BY FILING AN OBJECTION TO THE PROPOSED SETTLEMENT, SERVED
UPON THE UNDERSIGNED AND FILED WITH THE COURT NO LATER THAN FIVE (5) E
BUSINESS DAYS AFTER DELIVERY HEREOF. A HEARING ON THE NOTICE WILL BE f
HELD AT A TIME TO BE DETERMINED BY TI·IE COURT ONLY IF A TIMELY I
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Case 1 :04-cv-00520-JJF Document 21 Filed O3/O2/2005 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.
Daiédi Maffih 2, 2005 SCHULTE, ROTH & ZABEL LLP
Jeffrey S. Sabin (J SS-7600)
David J. Ciminesi (DJ C-8156)
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. I
@471 < ‘ 2 I
La .| avis Jones (DE Bar N0, 2436)
J - .· -; E. O'Nei11 (DE Bar No. 4042) l
Steven J. Kahn (CA Bar No. 76933)
Jason S. Pomerantz (CA Bar No. 157216) ·
10100 Santa Monica Blvd. ‘
1 1th Floor
Los Angeles, California 90067-4100
Telephone: 310/277-6910
F acsimilez 3 10/201 -0760
Counsel for Debtors and Reorganized Debtors A
FANSTEEL
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