united states bankruptcy court southern district of ... - Trustee Services
united states bankruptcy court southern district of ... - Trustee Services
united states bankruptcy court southern district of ... - Trustee Services
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Case 09-34791-RBR Doc 2172 Filed 10/28/11 Page 3 <strong>of</strong> 34<br />
make the payment set forth above, the <strong>Trustee</strong> shall have the right, upon the filing <strong>of</strong> an affidavit<br />
<strong>of</strong> nonpayment, to entry <strong>of</strong> a to final, nonappealable judgment against the PMB Firm in the<br />
amount <strong>of</strong> $379,343.73.<br />
10. As further set forth in the Settlement Agreement, upon the receipt and<br />
clearance <strong>of</strong> the amount set forth in paragraph 8 above, and upon an order <strong>of</strong> the Bankruptcy<br />
Court approving the Settlement becoming a Final Non-Appealable Order, 1 the PMB Firm will be<br />
released from any and all liability to the <strong>Trustee</strong>, RRA or the Debtor’s estate on account <strong>of</strong> or<br />
related to the Transfers, and the <strong>Trustee</strong> and the Debtor’s estate will be released from any and all<br />
liability to the PMB Firm; however, the parties defined in the Settlement Agreement as the PMB<br />
Firm Releasors will retain any rights they may have in the claim 124, asserted in the Bankruptcy<br />
Case by MMRH, LLC.<br />
Authority to Support Authorization <strong>of</strong> the Settlement<br />
11. The <strong>Trustee</strong> seeks approval <strong>of</strong> the Settlement Agreement pursuant to Rule 9019 <strong>of</strong><br />
the Federal Rules <strong>of</strong> Bankruptcy Procedure.<br />
12. Rule 9019(a) provides that, after notice and a hearing, a <strong>court</strong> may<br />
approve a proposed settlement <strong>of</strong> a claim. The decision <strong>of</strong> whether or not to approve a<br />
compromise is within the sound discretion <strong>of</strong> the <strong>court</strong>. In re Chira, 367 B.R. 888, 896 (S.D.<br />
Fla. 2007), aff’d, 567 F.3d 1307 (11th Cir. 2010) citing In re Air Safety Intern., L. C., 336 B.R.<br />
843, 852 (S.D. Fla. 2005); In re Arrow Air, Inc., 85 B.R. 886 (Bankr. S.D. Fla. 1988).<br />
13. In passing on proposed settlements, the Court must determine whether<br />
a proposed settlement is fair and equitable. In re Chira, 367 B.R. at 896 (S.D. Fla. 2007).<br />
The Court must evaluate whether the compromise falls below the “lowest point in the range <strong>of</strong><br />
1 A “Final Non-Appealable Order” shall mean an order <strong>of</strong> the Bankruptcy Court that is not subject to (i) appeal<br />
pursuant to Fed. R. Bankr. P. 8001 and 8002, (ii) a motion under Fed. R. Bankr. P. 9023 or 9024, or (iii) any other<br />
motion or procedure that permits a <strong>court</strong> to reverse the relief granted by the order.<br />
3
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