Free Notice of Settlement - District Court of Delaware - Delaware

Case 1 :O4—cv-00460-JJF Document 14 Filed O3/O9/2005 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. 04-460 (IJF)
)
V )
) U.
Ameritech Corporation )
) Adversary Case No. 04-51 118 "
Defendant ) Bankruptcy Case No. 02-10109 (IJF) _
Objection Deadline: March 16, 2005 at 4:00 p.m. Eastern Time
Hearing Date: TBD, if necessary
NOTICE OF SETTLEMENT OF AVOIDANCE ACTION
Plaintiff, Fansteel, 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
Ameritech Corporation, (hereinafter referred to as "Defendant"), on December 31, 2004, a copy
of which is attached hereto, which Settlement Agreement provides, inter alia, the following:
I The Reorganized Debtors are the following entities: Fansteel Inc. and Wellman Dynamics Corp.
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Case 1:O4—cv-00460-JJF Document 14 Filed O3/O9/2005 Page 2 of 3
Name of Defendant: Ameritech C0 oration
Adversar Proceedin No.: 04-511 18
Com ¤ laint Amount: $13,063.56
Settlement Amount: $ 1,000.00 Waiver of ll U.S.C. § 502(h)
Claim and waiver of any re-petition claim _
S ¤ ecial Circumstances: Ordin Course and substantial New Value defenses. " `P
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 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
is fair and reasonable, is in the best interest ofthe creditors, and is the result of the exercise of j
sound business judgment. s
If you obj ect to the terms of the settlement, you are required to file an objection to this i
Settlement Agreement on or before March 16, 2005 at 4:00 p.m.
THIS NOTICE IS SUBMITTED ON NEGATIVE NOTICE. ANY PARTY
OBJ ECTING TO TI-IE 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)
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-00460-JJF Document 14 Filed 03/09/2005 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: March 9, 2005 SCHULTE, Rom & ZABEL LLP
Jeffrey S. Sabin (J SS-7600)
David J. Ciminesi (DJC—8156)
919 Third Avenue
New York, New York 10022
Telephone: (212) 756-2000
Facsimile: (212) 593-5955 p
AND
PACHULSKI, STANG, ZIEHL, YOUNG, JONES
& WEINTRAUB P.C. ’
Davis Jones (DE Bar No. 2436)
J s E. O'Neil1 (DE Bar No. 4042)
Steven J. Kahn (CA Bar No. 76933)
Jason S. Pomerantz (CA Bar No. 157216) *
10100 Santa Monica Blvd.
11th Floor
Los Angeles, California 90067-4100
Telephone: 310/277-6910
Facsimile: 310/201-0760
Counsel for Debtors and Reorganized Debtors
FAN STEEL I
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