United States District Court, W.D. North Carolina, Charlotte Division
IN RE GARLOCK SEALING TECHNOLOGIES LLC, et al., Debtors.
ORDER APPROVING SETTLEMENT AGREEMENT AND RELEASE BY
AND BETWEEN THE GARLOCK PARTIES AND FIREMAN'S FUND
considered the "Debtors' Motion for Order Approving
Settlement Agreement With Fireman's Fund Insurance
Company" (the "Motion"), including the
"Settlement Agreement and Release By and Between The
Garlock Parties and Fireman's Fund" (the
"Settlement Agreement"), which is attached as an
exhibit to the Motion, and any objection to the Motion, it is
AND DETERMINED THAT:
Court has jurisdiction over the Motion under 28 U.S.C.
§§ 157 and 1334. This matter is a "core
proceeding" under 28 U.S.C. § 157(b)(2). Venue of
this bankruptcy case and the Motion in this district is
proper under 28 U.S.C. §§ 1408 and 1409.
and adequate notice of the Motion was provided to necessary
parties in interest, including designated representatives of
GST Asbestos Claimants and Coltec Asbestos Claimants, and a
reasonable opportunity to object or be heard with respect to
the Motion and relief requested in the Motion and in this
Order has been provided to all parties in interest.
Settlement Agreement is the product of arm's length, good
faith negotiations by and between (i) the Garlock
Parties and (ii) Fireman's Fund.
Garlock Parties' interests in the Fireman's Fund
Policies are being sold to and transferred to Fireman's
Fund free and clear of all Claims and interests in the
Fireman's Fund Policies held by the Garlock Parties and
free and clear of all Claims by the Garlock Parties that
could give rise to a claim for defense, indemnity, or
insurance coverage under the Fireman's Fund Policies.
Fireman's Fund is a good-faith purchaser of the
Fireman's Fund Policies under Section 363(m) of the
Subject to entry of this order approving Motion, the Garlock
Parties have agreed to identify Fireman's Fund as an
Asbestos Protected Party pursuant to Sections 7.3.10 and
1.1.21(f) of the Plan.
relief sought in the Motion is in the best interests of the
Debtors, their respective estates, and their creditors.
legal and factual bases set forth in the Motion establish
just cause for granting the relief sought in the Motion.
Accordingly, it is hereby
ADJUDGED AND DECREED THAT:
Motion is GRANTED in its entirety, and all objections to the
Motion are overruled.
findings of fact set forth above and the conclusions of law
stated herein shall constitute the Court's findings of
fact and conclusions of law pursuant to Bankruptcy Rule 7052,
made applicable pursuant to Bankruptcy Rule 9014. To the
extent any finding of fact later shall be determined to be a
conclusion of law, it shall be so deemed, and to the extent
any conclusion of law shall later be determined to be a
finding of fact, it shall be so deemed.
Settlement Agreement and any agreements, documents and
instruments executed by agreement of the Parties in
connection with or pursuant to the ...