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South Bend Redevelopment Commission <br />Regular Meeting –February 5, 2010 <br /> <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. Airport Economic Development Area <br /> <br />(3) Confidential Settlement Agreement and <br />Release with Chartis Insurers <br /> <br />Ms. Kolata noted that the Confidential <br />Settlement Agreement and Release with <br />Chartis Insurers related to environmental <br />claims made by the Commission and the City <br />of South Bend concerning the former Oliver <br />Plow property. The insurance companies <br />have agreed to pay the Commission and the <br />City an amount that has been approved by <br />our legal department. There are remaining <br />claims against other insurers. This one only <br />covers the Chartis Insurers. <br /> <br />Mr. Varner expressed his view that there is <br />something incongruous about asking the <br />Commission to approve and sign off on some <br />arrangement it knows nothing about. Mrs. <br />Kolata agreed, but could not say more. Mr. <br />Leone agreed that they could not say more. <br /> <br />Mrs. Kolata noted that our attorneys filed suit <br />against the successor companies to Oliver <br />Plow. The successor was traced to White <br />Farm and then to TIC United. TIC filed <br />bankruptcy in Texas. We filed a request for <br />judgment against TIC, not to coming out of <br />the bankruptcy, but only to come from their <br />insurers. That judgment has been finalized. <br />The last two insurance companies have been <br />some of the objectors to our filing. By <br />settling with these two agreements, the <br />objectors are taken out of the law suit. Then <br />that judgment goes into our case which is <br />being heard in Indianapolis, which is the <br />bigger insurance recovery case. There are <br />more major coverage partners which will be <br /> 22 <br /> <br />