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G.M.P. v. EXCELSIOR FOUNDRY COMPANY

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,
v.
EXCELSIOR FOUNDRY COMPANY a/k/a EXCELSIOR FOUNDRY COMPANY BELLEVILLE ILLS. Defendant.

The opinion of the court was delivered by: DONALD WILKERSON, Magistrate Judge

CONSENT JUDGMENT

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 document.

  EXHIBIT A

  EXHIBIT B

20051006

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