Monroe News-Star
October 22, 2024
NOTICE OF HEARING ON "TRUSTEE'S AMENDED MOTION FOR AN ORDER
(A) APPROVING SETTLEMENT AGREEMENT AND POLICY RELEASE BETWEEN THE CHAPTER 7 TRUSTEE FOR REILLY-BENTON COMPANY, INC. AND LIBERTY MUTUAL, (B) APPROVING SALE OF INSURANCE POLICIES TO LIBERTY MUTUAL FREE AND CLEAR OF ALL INTERESTS, AND (C) GRANTING RELIEF FROM STAY TO EFFECTUATE THE R&C CLAIMANTS' SETTLEMENTS AND (D) ENTERING INJUNCTION TO ENFORCE THE FREE AND CLEAR ASPECT OF THE SALE OF THE ALLEGED LIBERTY POLICIES"
PLEASE TAKE NOTICE THAT a hearing on the Trustee's Amended Motion For an Order (A) Approving Settlement Agreement and Policy Release Between the Chapter 7 Trustee for Reilly-Benton Company, Inc., and Liberty Mutual, (B) Approving Sale of Insurance Policies to Liberty Mutual Free and Clear of all Interests, (C) Granting Relief From Stay To Effectuate the R&C Claimants' Settlements and (D) Entering Injunction To Enforce the Free and Clear Aspect of the Sale of the Alleged Liberty Policies (the "Amended Motion"), [ECF Doc. 946], filed by David V. Adler, as Chapter 7 trustee (the "Trustee") of the bankruptcy estate of debtor Reilly- Benton Co., Inc. ("RBC"), will be held on Monday, November 25, 2024, at 9:30 a.m. IN PERSON at the United States Bankruptcy Court, Eastern District of Louisiana, 500 Poydras Street, Courtroom B-709, New Orleans, Louisiana, 70130. The hearing is estimated to last 2 days and will conclude on Tuesday, November 26, 2024. Per the rules set forth in this Court's Amended General Order 2021, available at https://www.laeb.uscourts.gov/, some parties in interest may participate in the hearing (i) by telephone only (Dial-in 504.517.1385, Access Code 129611) or (ii) by telephone using the dial-in number and video using https://gotomeet.me/JudgeGrabill.
Through the Amended Motion, the Trustee seeks approval of a Settlement Agreement[1] between (i) the Trustee and (ii) Liberty Mutual Insurance Company (the "Insurer") resolving disputes regarding certain alleged historical liability insurance policies (the "Policies") issued by the Insurer to RBC, or under which RBC is insured or may claim to be insured or entitled to benefits (as more particularly defined in the Settlement Agreement). Under the terms of the Settlement Agreement, (i) the Insurer agrees to pay the settlement amount ($1.35 million) to the Trustee on behalf of the Estate (as defined in the Settlement Agreement), (ii) the Insurer and its affiliates will receive a release of all past, present, and future Claims, known and unknown, based upon, arising from, or attributable to the Policies, and (iii) any and all rights and Interests in the Policies will be deemed to have been sold back to the Insurer free and clear of any Interests, thus permanently and irrevocably extinguishing all rights, duties, and coverage under the Policies. In addition to asking the court to approve the Settlement Agreement, the Trustee is also asking the court to enter an injunction that permanently enjoins the prosecution, continuation, or commencement of any Claim or Interest that any Person holds or asserts or may in the future hold or assert against any of the Insurer, based upon, arising from, or attributable to any of the Policies (the "Injunction").
Copies of the Amended Motion and the Settlement Agreement can be obtained on the Bankruptcy Court's website (http://www.laeb.uscourts.gov/), or by contacting counsel for the Trustee or the Insurer at the addresses set forth below.
YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT AGREEMENT AND THE ORDER APPROVING THE SETTLEMENT AGREEMENT AND ENTERING THE
INJUNCTION. If you wish to object to approval of the Motion, Settlement Agreement, or entry of the Injunction, you must file an objection on or by Monday, November 18, 2024. Any such objection should be filed with the Bankruptcy Court at the U.S. Bankruptcy Court for the Eastern District of Louisiana, 500 Poydras Street, New Orleans, Louisiana 70130, and served on the following: (i) counsel for the Trustee, The Derbes Law Firm, L.L.C., 3027 Ridgelake Drive, Metairie, Louisiana 70002 (Attn: Albert J. Derbes, IV, ajdiv@derbeslaw.com), and K&L Gates LLP, 1601 K Street, NW, Washington, DC 20006 (Attn: John M. Sylvester, john.sylvester@klgates.com); (ii) the Office of the United States Trustee, 400 Poydras Street # 2110, New Orleans, Louisiana 70130 (Attn: Mary S. Langston, mary.langston@usdoj.gov); (iii) counsel for the Insurer, Pipes, Miles, Beckman, LLC, 1100 Poydras Street, Suite 1800 New Orleans, LA 70163 (Attn: H. Minor Pipes, mpipes@pipesmiles.com) and Choate, Hall & Stewart, LLP, 2 International Place, Boston, MA 02110 (Attn: Douglas R. Gooding, dgooding@choate.com) and (iv) all other parties entitled to notice pursuant to the Fed. R. Bankr. P. 2002 service list in the Debtor's case.
PLEASE ALSO TAKE NOTICE THAT the November 25, 2024, hearing may be continued to a later date or cancelled if the Trustee so requests, without further notice except as provided on the Bankruptcy Court's website.
[1] The description of the terms of the settlement contained herein is subject to the provisions of the Settlement Agreement. To the extent there is any inconsistency between the description of the terms of the settlement contained herein and the provisions of the Settlement Agreement, the provisions of the Settlement Agreement shall control.
Publication Dates
LLOU0178648
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