HomeMy WebLinkAboutKMART CORPORATION
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~. a6/IY~, 7.2005;4 3:50PM4724S P H & B
<, 04/2.812005 OS';,9 fAX 2Q1 659 U01
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NO. 053 ~ OP . 4/53
~UMMIT TAX BRDUP L~P
~
This Agremem. enurea into as of the date indicated below, by..B!ld betwaen 1Uchmond. COuntY,
aeorgiaT~ Commissioner C-Claimmt'l) md. Kmmt Corporation, (11(mart") is as fallows:
WHEREAS, Oft Jmwary 22, 2001 (''Pe1ition Date"), Xmmt and. QCrta1n of its subsidiaries and d11iatcs
(co11=tivelY "Debtorsl') filad. t. volW1WY petition in 11\1 Um~ Statea BUlkrupmy Court (or the
Northern District of nlinois (Eastern Divisian) (the '']3813buptcy Court") EorreD%@aNzation reli.~f ~~er
Chapter 11 Df'Title 11 cif the 'United StateS Cgde, 11 V.S.C. SectiOml 101. m u;... II!I amend.c:ct (1he
"B=Iuupt~)" Code I? Sin;~ that _ Kmstt has .rem.ainc4 in po!session of ita prcpa'ty d bu
=ontinuid to operate its buahtess pWBWU1t to Sec:tiODS 1101 and n08 of the BaolctUptay Code,
ev=.1UI1ly emerging !tom. bankruptoy pursuant to a canfim1ed Pls.!l of :ReClrsanizati,o~ wJUch beQatnS
effeative May G, 2003;
w1JER.EAS~Claimant filed .Proof of Claim. ~'s 56731 ancl 57052 C.Claiml1) iD. the Debtoz'a chapter 11
cases (Case No~ 02-B02474) for certain property uxes in. thI amounts ot'~,,!6G.27:anQ S4?,s66.27l
respectively; aM . .
WHBREAS, DebtoJs and Claim&D14saife tD liq,uidate ed. resolve D=btoI's' liabili\)" to Cle,1mant:
NOW, TJl5'iBFO~ in r:a.osidmtkm of the mutuallgl:elDlSDts set forth herein. the parties hereto
~y follows:
. ],)ebtcJrs and Cl~t agree to allDwmee 'by Delnol's of a non-ooll~ ~sputlci,
liquidated amount! of S30~l]) (the \IClaim Amount"), to be paid in f1nal satisfsgtion of the Claim and
Debtar&' pte-petition liability of lIlY kind to ClaiJDmt aenerall)'. Kmart and Claimart further agr:ee
that this amount sball be m:rlUed by Kmart m full settlement ofDebtotS' pre-pltitlcn indebtedness 10
CJIl,mllftl by not later than the GO'" ~ &fter Claimmt deUverB tc Kmart a iUlly cxKmed. mcl notuiaec1
copy of this qreemeDt, whieh deliWrY sba1l canstitu,te conc1usive mcietsce of authority to enter mto
'this settJ.em,e11.t em 1::Iehalf' of Cls.imam.
Ifl Qchange for paym@.t ot the Claim Aft\ClUllt pLIl'$urmtto thi3 Agreement, Claimant wiU promptly
\Vitb.dn.w my proofs of c\aim with respcQt ta the Debtors filed Witb. the Bankruptcy Court, includ.ins,
but I),ct ~d to, tht Claim. Claimaut a=d Oebtom agree tl1at payment of the ClaUn Amount
ccditutes fUll !Wi iiDa1 ~ of all pta1'lti.tion liabilitias at Debtors to Claimant, whether
previously eleimAd. or Mt.
Claimant M'the: a;rees that its sole :emsdy for such liabilities is payment of the Ollim Am01.UU
pmsumt to this Ap'eement. Claimant agrees to pron1l'l1Y upd.ate its Rooms follClWms receipt of
payment of the Cliim Amount to ;oniirm Sl'Plicatian oft:b.e Claim Amount, in full, to psbtars' PJ:e-
petition obligatio1iS~ llDI1 that pursuant 1'0 this Agr~ tho. obU,gatlollS are. by this l:IoJnPl'Omise
UlG !icttlem=.l, deemed pliei in full, .,.,heth. or not f'ormaIly QIB.imed..
Notbini in this A;reement is intended, 1101 s1W1 be constrUed. as 4uperc:cding'the ;laima recaMwatlon
prQ~Sll except to the e~tent of the Claim. ~;re, 11Qt:hiq 1ft this ~ent ia mteDded., DOl
shall be cO'QStIU~ as ACkncwledgiDl tbat Claww baA satisf'actcm)' tiled the Claim Qr any othli:t
claims,
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.' a5/1~N. 7.2005141 3:50PMq{~~S P H & B
, '04/28/2005 09': 1$ FAY. 281 559 ~~U'I
SU~MrT TAX SROUP L~P
NO.053 \l6lP.5/5''''
It is specificallY undt1'Stood sod agreed. that 1his Agreement does not conaU1;lJ.te. ancl shall not be
conswe!i lIS. any admissiarJ. orUabUity or fault whatsoever.
Claimant represents that it is ACrt 1ft lIwldet' ofKmart., as thatteml isdetined in 11 U.S.C. f 101(31).
The Bankruptcy COUtt shall tetain exclusive jurisdiction 14 hear any matterl Of disput=a mains from OX'
relating to 1bis Agreement..
Fol1o~i 5.nal apprfJ"al md submissiaD of aU ne=essmy E1ettl=ent ctm:umSl1tation' tc tM Court,
Debtors, to the e:ctent that the subject of the Clai~ Amount 'WU also in;luc1ec1as if, part or 8DY ,et1ding
Arh'erssq Proceeding as filed against variO\l$ state or local tax We5WS and Qollegtgra seekina relief
from ex;essive ;vab:&i8 md related assessments purs~an.t to the COuxfs .uthorlty under Banlaup1af
Cac1e Sedioa. SOS~ will take 'the necessary *pa~ in Que cOW'se and in !be mtUm,er most efficient for the
simulttmSOus dimdasal of a number of settled c1a.lms. tlvougb. . single motiOD., to dismiss 1he ssuled
claims from. any such AdvezBtU)' Pro=eding.
Bach part)' rapfesent= tha1 they unr1erstar1d ami fUlly &pee 'to each and ev=ry provision hr:l8Of.
7 _day of....g: ,~ ,2005,
)7Jt: AGllEllD Ihi&
bQ amm~
(~) ~'({
(Name)
Addroas (For Payment)
City, State . Zip
Kmmt:
By:
Name:
Title:
NDtiry Public;
Notary Public. Columbia County, Georgia
My Commission Expires Aug. 1. 2006.
NDW.'Y Public:
Subscribed and. swcm to befote me this
-
day ot , 2005
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