United States District Court, S.D. Illinois
October 6, 2005.
M.I.R.A.-G.M.P. and ALLIED WORKERS PENSION TRUST, and M.I.R.A.-G.M.P. and ALLIED WORKERS INSURANCE TRUST, Plaintiffs,
EXCELSIOR FOUNDRY COMPANY a/k/a EXCELSIOR FOUNDRY COMPANY BELLEVILLE ILLS. Defendant.
The opinion of the court was delivered by: DONALD WILKERSON, Magistrate Judge
Plaintiffs, M.I.R.A.-G.M.P. and Allied Workers Pension Trust
("Plaintiffs Pension Trust") and M.I.R.A.-G.M.P. and Allied
Workers Insurance Trust ("Plaintiffs Insurance Trust"),
(collectively referred to herein as "Plaintiffs"), and Defendant,
Excelsior Foundry Company a/k/a Excelsior Foundry Company
Belleville Ills., and all trades and business under common
control with it, (collectively "Excelsior"), by and through the
parties' undersigned attorneys, hereby agree as follows:
1. The Court has jurisdiction of the subject matter and of all
persons and parties pursuant to 29 U.S.C. § 1451(c) and
28 U.S.C. § 1331.
2. The Plaintiffs filed a complaint against Excelsior for
delinquent payments of its pension contributions to Plaintiffs;
for delinquent payments of its insurance premiums to Plaintiffs;
for delinquent withdrawal liability; accrued interest; liquidated
damages, costs, and attorneys' fees. 3. Excelsior agrees to a Consent Judgment for the full amount
of the withdrawal liability ($2,657,388.80), plus the full amount
of the delinquent pension contributions ($11,414.17), plus the
full amount of the delinquent insurance premiums ($66,675.56),
plus attorneys' fees and costs ($9,460.05), totaling
$2,744,938.52 (the "Judgment Damages").
4. This Consent Judgment shall constitute a judgment lien in
first position in the amount of the Judgment Damages on the real
estate owned by Excelsior commonly known as 1123 East "B" Street
in Belleville, Illinois (the ""1123 East `B' Street Property").
The legal description more particularly describing the 1123 East
`B' Street Property is found in Exhibit "A," which is
incorporated herein by reference. Excelsior represents that it
owns no real estate other than what is described in this
paragraph. Excelsior herewith provides Plaintiffs with a
description of each asset that Excelsior otherwise owns ("other
assets"). (See attached Exhibit "B"). Excelsior shall have the
right to spend up to a maximum of $10,000.00 of its other assets
for the continued reasonable and necessary costs of liquidation
and winding-up of its business. Excelsior shall, on a quarterly
basis, provide the Plaintiffs with an accounting of the status of
said other assets, as well as an accounting of the expenses
incurred in the liquidation and winding up of its business.
Except as provided above, Excelsior shall pay over to Plaintiffs
the full amount of any sum otherwise collected. Accordingly,
except for the $10,000.00 for the continued liquidation and
winding-up of Excelsior's business, those other assets identified
by reference to Exhibit "B" shall be used for the partial
satisfaction of this Consent Judgment. 5. Excelsior represents that, except for the assets referred to
in paragraph 4, it has no other assets, including, but not
limited to, account receivables, property held by a third party,
or potential court awards. However, if any assets are discovered
in addition to the assets described elsewhere in this document,
said assets shall be transferred to Plaintiffs towards payment of
its priority claim.
6. Except for a breach of the representations in Paragraph 5,
Plaintiffs on the one hand, and Excelsior on the other hand, in
respect of the mutual promises and other consideration recited
herein, hereby release each other and their respective
predecessors in interest, successors, shareholders, directors,
officers, employees, agents, and assigns of any and all
obligations, claims, and demands of any kind whatsoever, at law
or in equity, direct or indirect, known or unknown, discovered or
undiscovered, arising out of, by reason of, or relating in any
way whatsoever to the claims that were or could have been
asserted in the Complaint.
7. Therefore, it is ordered that the Plaintiffs shall have a
consent judgment against Excelsior for the full amount of the
withdrawal liability ($2,657,388.80), plus the full amount of the
delinquent pension contributions ($11,414.17), plus the full
amount of the delinquent insurance premiums ($66,675.56), plus
attorneys' fees and costs ($9,460.05), totaling $2,744,938.52.
8. The parties, through their respective counsel, have read
this document and understand its contents. The parties state that
they are authorized to execute this Consent Judgment and that
they have signed the same voluntarily, understanding that their
signatures mean that they have agreed to everything in this
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