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    O " M, 2oro: LLC, Et

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    Chapter 11 Dockets
    RLFI 3534936v.1 This document is an order approving a stipulation between Liquidity Solutions, Inc., as transferee of Adesso Madden, Inc., and Mervyn's Holdings LLC and its affiliates, the debtors. The stipulation resolves Adesso's claim for $96,485 for goods provided after Mervyn's filed for bankruptcy. It allows Liquidity's claim as an administrative expense entitled to priority payment under the bankruptcy plan or earlier if other similar claims are paid. The court retains jurisdiction to enforce the stipulation and order.

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    O " M, 2oro: LLC, Et

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    Chapter 11 Dockets
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    RLFI 3534936v.1 This document is an order approving a stipulation between Liquidity Solutions, Inc., as transferee of Adesso Madden, Inc., and Mervyn's Holdings LLC and its affiliates, the debtors. The stipulation resolves Adesso's claim for $96,485 for goods provided after Mervyn's filed for bankruptcy. It allows Liquidity's claim as an administrative expense entitled to priority payment under the bankruptcy plan or earlier if other similar claims are paid. The court retains jurisdiction to enforce the stipulation and order.

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    RLFI 3534936v.1 This document is an order approving a stipulation between Liquidity Solutions, Inc., as transferee of Adesso Madden, Inc., and Mervyn's Holdings LLC and its affiliates, the debtors. The stipulation resolves Adesso's claim for $96,485 for goods provided after Mervyn's filed for bankruptcy. It allows Liquidity's claim as an administrative expense entitled to priority payment under the bankruptcy plan or earlier if other similar claims are paid. The court retains jurisdiction to enforce the stipulation and order.

    Copyright:

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    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    25 views5 pages

    O " M, 2oro: LLC, Et

    Uploaded by

    Chapter 11 Dockets
    RLFI 3534936v.1 This document is an order approving a stipulation between Liquidity Solutions, Inc., as transferee of Adesso Madden, Inc., and Mervyn's Holdings LLC and its affiliates, the debtors. The stipulation resolves Adesso's claim for $96,485 for goods provided after Mervyn's filed for bankruptcy. It allows Liquidity's claim as an administrative expense entitled to priority payment under the bankruptcy plan or earlier if other similar claims are paid. The court retains jurisdiction to enforce the stipulation and order.

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    of 5

    Docket #4567 Date Filed: 2/4/2010

    IN THE UNITED STATES BANKRUPTCY COIJRT FOR THE DISTRICT OF DELAWARE In re: MERVYN'S HOLDINGS, LLC,et al.,r
    Debtors.

    )
    )
    )

    Chapter

    11

    ) )

    Case No. 08-11586 (KG)

    Jointly Administered
    Related to Docket No. 2264

    ORDER APPROVING STIPULATION FOR ALLOWAIICE AI\D PAYMENT OF ADMINISTRATIYE EXPENSE CLAIM OF LIQUIDITY SOLUTIONS, INC. ORANSFEREE OF ADESSO MADDEN.INC.)

    AND NOW, upon consideration of the Stipulation attached hereto


    cause appearing for the approval thereof,

    as

    Exhibit A, and good

    it is hereby:

    ORDERED, that the Stipulation is APPROVED; and it is turther ORDERED, the Court shall retain jurisdiction over the implementation and enforcement of the Stipulation and this Order.

    o*"*M,2oro
    Wilmington, Delaware
    t

    THE

    t The Debtors in these cases, along with the last four digits of their federal tax identification numbers, are Mervlm's Holdings, LLC (3405), Mervyn's LLC (4456) and Mervyn's Brands, LLC (8850).
    DBt/&359943.1

    RLFI 3534936v.1

    0q/v*"$ &$ 0811586100204000000000006

    EXHIBIT A

    DBl/64359943.1

    RLFI 3534936v.1

    IN THE TJII-ITED STATES BAIIKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

    In

    re:
    Debtors.

    )
    ) )

    Chapter

    11

    MERVYN'S HOLDINGS, LLC, et al,r

    )
    )
    )

    Case No. 08-11586 (KG)

    Jointly Administered
    Related to Docket No.2264

    STIPULATION FOR ALLOWAI\CE AIYD PAYMENT OF ADMINISTRATIYE EXPENSE CLAIM OF LIQUIDITY SOLUTIONS,INC. ORANSFEREE OF ADESSO MADDEN.INC.)
    Liquidity Solutions, Inc. ("Liquidity''),
    as transferee

    of Adesso Madden, Inc. ("Adesso"),

    and the above-captioned debtors and debtors in possession (the "Debtors") hereby stipulate as

    follows:

    RECITALS

    A. B.

    On or after July 29,2008 (the "Petition Date"), Adesso provided the Debtors with

    goods for which Adesso asserts it is due a commission in the amount of $96,485.00. On or about January 8,2009, Adesso filed a motion for payment of administrative

    expenses [Docket

    No. 1738], as amended by Adesso's

    amended motion

    for payment of of
    such

    administrative expenses [Docket No. 2264], seeking, ilmong other things, payment
    amount (the "Motion").

    C. D. E.
    ^

    On or about January 21,2009, Adesso timely filed a proof of claim (Claim No.

    6282) seeking, among other things, payment of such amount (the "Claim").

    On or about October 30, 2009, Adesso transferred the Claim in the amount of

    $96,485.00 to Liquidity [Docket No. 4203]. The Debtors and Liquidity IIEREBY STIPULATE AND AGREE as follows:

    The Debtors in these cases, along with the last four digits of their federal tax identification numbers, are Mervyn's Holdings, LLC (3405), Mervyn's LLC (4456) and Mervyn's Brands, LLC (8850).

    DBl/il359943.1

    RLFI 3534936v.1

    AGREEMENT

    l. 2. 3.

    The Recitals are true and correct and are incorporated herein by reference.

    This Stipulation is subject to Bankruptcy Court approval and shall be of no force

    and effect unless and

    until approved by the Bankruptcy Court.

    In full resolution of the Claim and the Motion, Liquidity (as transferee of Adesso)

    shall be allowed an administrative expense claim against Mervyn's LLC pursuant to I $$ 503(bX1) and 507(a)(2) in the amount of $96,485.00 (the "Allowed Adrninistrati

    U.S.C.

    Claim"), which Allowed Administrative Expense Claim shall not be subject to further reduction,
    offset, setoff, reclassification or disallowance pursuant to 1l U.S.C. $ 502(d) or otherwise.

    4.

    Payment of the Allowed Administrative Expense Claim shall be paid as follows:


    11 plan, the Debtors make payments to

    (i) in the event that, prior to confirmation of any chapter

    any creditors on account of any administrative expenses pursuant

    to

    11 U.S.C. $ 503(bX1)

    arising from goods delivered on or after the Petition Date, Liquidity shall be entitled to receive

    payment on similar terms on account

    of the Allowed

    Administrative Expense Claim at

    Liquidity's option or (ii) in the event that, prior to confirmation of any chapter 11 plan, the
    Debtors do not make payments to any creditors on account of administrative expenses pursuant

    to 11 U.S.C. $ 503(b)(1) arising from


    accordance

    goods delivered to the Debtors, or in the event that in


    payment,

    with clause (i) of this paragraph Liquidity declines to receive earlier

    Liquidity shall be entitled to payment on account of the Allowed Administrative Expense Claim

    in

    accordance with the terms of the chapter

    1l plan ultimately

    confirmed in these chapter I I

    cases and on the effective date of such plan.

    5.

    This Stipulation shall be binding upon

    (i)

    any liquidating trustee; plan

    administrator; distribution agent and/or any other responsible person appointed pursuant to any

    DBv&359943.1 RLFI 3534936v.1

    chapter I I plan confirmed in these cases;

    (ii) any chapter 11 trustee appointed in

    these cases

    and/or (iii) any chapter 7 trustee appointed or elected in these cases.

    (No.2732) Christopher M. Samis (No. 4909) L. Katherine Good (No. 5l0l) RICHARDS, LAYTON & FINGE& P.A.
    One Rodney Square 920 North King Street

    Wilmington, Delaware 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: [email protected] [email protected] [email protected] [email protected]
    and

    Liquidity Solutions, Inc., as tansferee Adesso Madden,Inc. One University Plaza, Suite 312 Hackensack, NJ 07601 Telephone: (201) 968-0001 xl26 Facsimile: (201 ) 968-001 0 Email: nschoenfeld@liquiditysolutions. com
    Counsel to Liquidity Solutions, Inc.

    of

    Howard S. Beltzer Wendy S. Walker MORGAN, LEWIS & BOCKIUS LLP 101 Park Avenue New York, New York 10178-0060 Telephone: (212) 309-6000 Facsimile: (212) 309-6001 Email : [email protected] wwalker@morganlewis. com

    Attorneysfor the Debtors and Debtors in Possession

    DBr/64359943.1

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