Free Bankruptcy Appeal - District Court of Delaware - Delaware

Case 1:07-cv-00764-JJF

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Case 1:07-cv-00764-JJF

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Case 1:07-cv-00764-JJF

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IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ) ) Plassein International Corporation, et. al., ) (n/k/a PL Liquidation Corp.), ) ) Debtors. ) _______________________________________) In re: Chapter 7 Case No. 03-11489 (KG) Jointly Administered Re Dkt Nos. 1574, 1629 & 1632

ORDER The Court having carefully considered the Motion of Fleet Capital Corporation, Agent, to Compel Trustee to Perform Under Settlement Agreement (D.I. 1574), Motion of Fleet Capital Corporation for Summary Judgment Granting Motion to Compel Trustee to Perform Under Settlement Agreement (D.I. 1629), ("the Motions"), the Trustee's Memorandum in Opposition to the Motions (D.I. 1632), the related pleadings and documents, and having heard oral argument, for the reasons stated in the accompanying written opinion ("the Opinion"), IT IS ORDERED that the Motions are granted in part and denied in part, and more specifically as follows: 1. Fleet Capital Corporation's (for itself and as agent) ("Fleet") share of

preference recoveries, after the Estate retains the first $1.1 million of preference recoveries, is net of the Estate's fees and expenses incurred in recovering the preference payments. 2. The Trustee is not required to reserve the $270,000 escrow held to indemnify

Fleet for claims of Exopack-Ontario, Inc.

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3.

Fleet is entitled to receive "Cash on Hand" only to the extent it is distributed

to general unsecured creditors and on a pari passu basis with other unsecured creditors. 4. authority. 5. The Trustee shall pay to Fleet the recovery from Exopackaging, less fees and The Trustee shall pay to Fleet $81,005.69 released by the San Bernadino taxing

expenses incurred, and shall provide an accounting of such fees and expenses. 6. The Trustee shall account to Fleet for the fees and expenses incurred in the

recovery of preference payments on a schedule the parties will negotiate. 7. The Trustee shall make the foregoing payments when he makes the next

distribution to other unsecured creditors.

Dated: October 17, 2007 KEVIN GROSS, U.S.B.J.

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