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BECK v. KALAMAZOO PAPER CHEMICALS

May 7, 2003

JEFFERY H. BECK, LIQUIDATING TRUSTEE OF THE CROWN PAPER LIQUIDATING TRUST, PLAINTIFF, VS. KALAMAZOO PAPER CHEMICALS, DEFENDANT.


The opinion of the court was delivered by: Samuel Conti, United States District Judge

STIPULATION FOR SETTLEMENT

This Agreement (the "Agreement") is entered into by and between the Plaintiff, Jeffrey H. Beck, Liquidating Trustee of the Crown Paper Liquidating Trust and the Defendant in order to memorialize the terms and conditions of the settlement entered into by and between the parties in the above styled Adversary Proceeding.

RECITALS

WHEREAS, on March 15, 2002, Crown Paper, Inc. and Crown Vantage, Inc. each filed Voluntary Petitions under Chapter 11, Title 11 of the United States Code (the "Bankruptcy Code");

WHEREAS, the Bankruptcy cases were jointly administered under Case No. 00-41584-N;

WHEREAS, on November 19, 2001, the United States Bankruptcy Court, The Honorable Randall J. Newsome presiding, confirmed the Debtors' Second Amended Disclosure Statement and Joint Liquidating Plan of Reorganization (the "Plan");

WHEREAS, pursuant to the terms and conditions of the Plan, Jeffrey H. Beck was appointed and authorized to seive as Liquidating Trustee under the terms and conditions of the Crown Paper Liquidating Trust Agreement (the "Trust Agreement");

WHEREAS, pursuant to the Plan and the Trust Agreement, all remaining assets of the Debtors, including, without Limitation, claims and causes of actions pursuant to Chapter 5 of the Bankruptcy Code ("Avoidance Actions") were assigned to the Liquidating Trust, and the Liquidating Trustee was authorized and empowered to pursue Avoidance Actions;

WHEREAS, on or before March 15, 2002, the Liquidating Trustee commenced the above-styled Avoidance Action against the Defendant (the "Adversary Proceeding");

WHEREAS, on September 16, 2002, the United States Bankruptcy Court for the Northern District of California entered an Order of Certification certifying the Adverse Proceeding to the United States District Court, Northern District of California, for a jury trial.

WHEREAS, the parties subsequently entered into negotiations and have agreed to settle the Adversary Proceeding and, therefore, wish to memorialize the terms and conditions of their settlement agreement;

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties stipulate and agree as follows:

1. The Defendant shall pay $15,000.00 to the Liquidating Trustee in full and complete satisfaction of any and all claims asserted in the Adversary Proceeding (the "Settlement Amount").

2. The Settlement Amount shall be payable in full in a single lump-sum payment by cashier's check or money order made payable to "Crown Paper Liquidating Trust", or by wire transfer. Wire transfer instructions and an appropriate federal ...


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