Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting— November 16, 2001 <br />6. NEW BUSINESS CONT. <br />D. Sample -Ewing Development Area <br />(2) Continued... <br />5. Allied would agree and the Court would <br />order in the settlement order that the <br />automatic stay would lift 12 months after <br />entry of the settlement order (without <br />further order or application) to allow <br />South Bend to pursue environmental <br />claims, with recovery limited to <br />proceeds from Allied's insurance <br />Policies. However, the stay would not <br />lift in the event that a motion has been <br />filed and an order entered approving a <br />settlement with applicable insurance <br />companies within 12 months. In the <br />event all insurance companies have not <br />settled, the stay will lift as to the non- <br />settling insurance companies. <br />That is a summary of the proposed <br />settlement agreement. If the Commission <br />approves this agreement, the next step, <br />would be for our bankruptcy council to work <br />with theirs to file a proposed settlement <br />agreement and an order for the court that <br />would put the proper language together for <br />the court to consider. <br />Ms. Greene noted that this is just the first <br />step in this process. These are general terms <br />and conditions that will be incorporated into <br />a settlement agreement. The next step will <br />be to formalize this agreement between the <br />parties. All of this will be subject to <br />approval by the bankruptcy court. The staff <br />recommended the Commission take the first <br />step in approving the terms and conditions <br />that would constitute the final settlement <br />11 <br />