Free Notice of Settlement - District Court of Delaware - Delaware

Case 1 :04-cv-00517-JJF Document 16 Filed O3/22/2005 Page 1 of 3 I
IN THE UNITED STATES DISTRICT COURT "
- FOR THE DISTRICT OF DELAWARE
In re: FANSTEEL INC., et ul., I )
)
Fansteel Ir1c., )
)
Plaintiff; ) Civil Action No. 04-517 (JIF) ·
)
v )
— . )
Service Steel Aerospace Corp., ) _.
) Adversary Case No. 04-51062
Defendant. ) Bankruptcy Case No. 02-10109 (JJF)
Objection Deadline: March 30, 2005 by 4:00 p.m. Eastern Time
Hearing Date: TBD, if necessary
NOTICE OF SETTLEMENT OF AVOIDANCE ACTION Q
Plaintiff] Fansteel, Inc., Reorganized Debtor (hereinafter referred to as
"Plaintift”’), files this Notice of Settlement of Avoidance Action (the ‘°Notice"). A proposed A
Mutual Settlement Agreement and Release (the "Settlement Agreement") was entered into by
Plaintiff and Service Steel Aerospace Corp. (hereinafter referred to as "Defendant"), on March
21, 2005, a copy of which is attached hereto, which Settlement Agreement provides, inter alia,
the following:
U I The Rcorganized Debtors are the following entities: Fanstcel Inc. and Wellman Dynamics Corp.
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Case 1:04-cv-00517-JJF Document 16 Filed 03/22/2005 Page 2 of 3 I _ ll
Name of Defendant: Service Steel Aeros ace Co . :
Adversa Proceedin No.: 04-51062 JJF
Com • laint Amount: $17,436.77
Settlement Amount: $4,220.77 cash ayment
S ecial Circumstances: Ordin Course and New Value defenses
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 Plaintiffs claims a.nd results in a cash payment to Plaintiff for the benefit
of creditors. Accordingly, Plaintiff further submits that the Settlement Agreement is fair and .
reasonable, is in the best interest of its creditors, and is the result of the exercise of sound
business judgment.
If you obj ect to the terms of the settlement, you are required to file an objection to
this Settlement Agreement on or before March 30, 2005 by 4:00 p.m. l
THIS NOTICE IS SUBMITTED ON NEGATIVE NOTICE. ANY PARTY
OBJECTING TO THE RELIEF REQUESTED HEREIN SHALL MAKE ITS OBIECTION p
KNOWN BY FILING AN OBJECTION TO THE PROPOSED SETTLEMENT, SERVED I
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-00517-JJF Document 16 Filed O3/22/2005 Page 3 of 3 I
OBJECTION IS FILED. IF NO SUCH OBJ ECTIONS ARE FILED, THE SETTLEMENT '
WILL BE DEEMED APPROVED WITHOUT FURTHER ORDER OF THE COURT.
Dated: March 22, 2005 SCHULTE, ROTH & ZABEL LLP
Jef’d·ey 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 — I
PACHULSKI, STANG, ZIEHL, YOUNG, JONES
& WEINTRAUB P.C.
O lwuoc
L a Davis Jones (Bar No. 2436)
James E. O'Neill (Bar No. 4042)
Michael P. Migliore (Bar No. 4331)
919 N. Market Street, 16°h Floor “
P.O. Box 8705
Wilmington, Delaware 19899-8705 (Courier 19801)
Telephone: 302-652-4100
Facsimile: 302-652-4400
Counsel for Debtors and Reorganized Debtors
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