HTML Document View

Full title: Stipulation (re:2716 Motion objecting to claim) filed by META Advisors LLC Gander Mountain Liquidating Trustee and BBRG Inc.. Proposed order. Nature of stipulation: to Resolve Claim No. 15718-1 filed by BBRG Inc. (Sigler, Molly) (Entered: 06/01/2021)

Document posted on May 31, 2021 in the bankruptcy, 7 pages and 0 tables.

Bankrupt11 Summary (Automatically Generated)

The Plan grants the Liquidating Trust the authority to address and resolve issues involving objections, reconciliation, and allowance of claims and equity interests in accordance with the Plan.On July 12, 2017, BBRG filed a proof of claim, identified as claim number 15718-1 (“BBRG Claim”).The Liquidating Trustee and BBRG have exchanged information regarding the BBRG Claim and the Objection, and after discussing and considering such information, the parties have agreed to settle the Objection in accordance with the terms and conditions of this Stipulation. The Liquidating Trustee and BBRG intend that this Stipulation will apply to any future claims, or amendments to existing claims, arising out of obligations owed to BBRG, but excluding any claims by BBRG INC and Islip U-Slip LLC for claim # 15715.1.This Order applies to any future claims, or amendments to existing claims, arising out of obligations owed to BBRG, only with respect to claim number 15718-1 and excludes any claims by BBRG INC and Islip U-Slip LLC for claim #15715.1.

List of Tables

Document Contents

UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MINNESOTA Jointly Administered Under In re: Case No. 17-30673 (MER) Gander Mountain Company, Case No. 17-30673 Overton’s, Inc., Case No. 17-30675 Debtors. Chapter 11 Cases ______________________________________________________________________________________________ STIPULATION BETWEEN THE LIQUIDATING TRUSTEE AND BBRG INC. TO RESOLVE CLAIM NO. 15718-1 FILED BY BBRG INC. ______________________________________________________________________________________________ The Gander Mountain Liquidating Trustee (the “Liquidating Trustee”), and BBRG Inc. (“BBRG”), by and through their respective undersigned counsel, agree and stipulate as follows: RECITALS A. On March 10, 2017 (“Petition Date”), Gander Mountain Company and Overton’s, Inc. (collectively, the “Debtors”), each filed a voluntary petition under Chapter 11 of title 11 of the United States Code, initiating their Chapter 11 proceedings in the United States Bankruptcy Court for the District of Minnesota (“Bankruptcy Court”). B. On January 26, 2018, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the Debtors’ and Official Committee of Unsecured Creditors’ Joint Plan of Liquidation dated October 31, 2017 (the “Plan”). The effective date of the Plan occurred on February 8, 2018. C. Pursuant to the Plan and the Confirmation Order, the estates of the Debtors were substantively consolidated for the purposes of confirming and consummating the Plan, including, but not limited to, making distributions in accordance with the terms of the Plan. The Plan

1

established the Liquidating Trust for the purpose of, among other things, collecting and administering all of the Debtors’ assets. The Plan appointed META Advisors LLC as the Liquidating Trustee to administer the Liquidating Trust and to act as the representative of the estate within the meaning of 11 U.S.C. § 1123(b)(3)(B). The Plan grants the Liquidating Trust the authority to address and resolve issues involving objections, reconciliation, and allowance of claims and equity interests in accordance with the Plan. D. On July 12, 2017, BBRG filed a proof of claim, identified as claim number 15718-1 (“BBRG Claim”). The BBRG Claim asserts a total of $2,227,709.60, all of which is asserted as a general unsecured claim, with nothing asserted as an administrative priority claim under 11 U.S.C. § 507(a)(2). E. On April 29, 2021, the Liquidating Trustee filed an omnibus objection (“Objection”) to various claims, including the BBRG Claim. [Docket No. 2716]. F. The Liquidating Trustee and BBRG have exchanged information regarding the BBRG Claim and the Objection, and after discussing and considering such information, the parties have agreed to settle the Objection in accordance with the terms and conditions of this Stipulation. G. Islip U-Slip LLC, and BBRG INC have a separate claim, #15715.1, which is not part of this Settlement Agreement. AGREEMENT NOW THEREFORE, in consideration of the premises and mutual covenants contained herein and other valuable consideration, the receipt of which is hereby acknowledged, it is stipulated and agreed by and between the Parties, as follows: 1. The Liquidating Trustee and BBRG agree that the BBRG Claim is hereby allowed in the total amount of $758,650.68, all of which is allowed as a general unsecured claim.

2

2. The Liquidating Trustee and BBRG intend that this Stipulation will apply to any future claims, or amendments to existing claims, arising out of obligations owed to BBRG, but excluding any claims by BBRG INC and Islip U-Slip LLC for claim # 15715.1. 3. The Liquidating Trustee and BBRG consent to the entry of the order in the form attached as Exhibit A, which the parties agree will resolve the Objection. 4. Pursuant to Local Rule 9011-4(f), either party is authorized to electronically file this Stipulation. Dated: June 1, 2021 COZEN O’CONNOR /e/ Jefry Rosmarin Jefry Rosmarin 10 Mt Misery Road Huntington, New York 11743 Telephone: (631) 629-4375 E-mail: jefryr@aik.com Representative for BBRG Inc. Dated: June 1, 2021 BARNES & THORNBURG LLP /e/ Molly N. Sigler Molly N. Sigler, (#0399122) 2800 Capella Tower 225 South Sixth Street Minneapolis, MN 55402-4662 Telephone: (612) 333-2111 Facsimile: (612) 333-6798 Molly.Sigler@btlaw.com --and—

3

LOWENSTEIN SANDLER LLP Jeffrey Cohen Scott Cargill Keara M. Waldron 1251 Avenue of the Americas New York, NY 10020 Telephone: (212) 262-6700 Facsimile: (212) 262-7402 jcohen@lowenstein.com scargill@lowenstein.com kwaldron@lowenstein.com Counsel for the Gander Mountain Liquidating Trustee

4

EXHIBIT A PROPOSED ORDER

5

UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MINNESOTA Jointly Administered Under In re: Case No. 17-30673 (MER) Gander Mountain Company, Case No. 17-30673 Overton’s, Inc., Case No. 17-30675 Debtors. Chapter 11 Cases ______________________________________________________________________________________________ ORDER APPROVING STIPULATION BETWEEN THE LIQUIDATING TRUSTEE AND BBRG INC. TO RESOLVE CLAIM NO. 15718-1 FILED BY BBRG INC. ______________________________________________________________________________________________ This matter is before the court on the Liquidating Trustee’s Motion Objecting to the claims of BBRG Inc. (“Objection”). Based on the Stipulation between the parties, and the documents of record herein, IT IS ORDERED, 1. The Stipulation between the Liquidating Trustee and BBRG Inc. (“BBRG”) is approved. 2. BBRG’s claim, identified as claim number 15718-1, and any subsequent amendments to the claim, is hereby allowed in the total amount of $758,650.68, with the total amount allowed as a general unsecured claim. 3. This Order applies to any future claims, or amendments to existing claims, arising out of obligations owed to BBRG, only with respect to claim number 15718-1 and excludes any claims by BBRG INC and Islip U-Slip LLC for claim #15715.1. 4. The Liquidating Trust and the Liquidating Trustee are authorized to take any and all actions that are necessary and appropriate to give effect to this Order.

6

5. This Court shall retain jurisdiction over all matters arising from or related to the interpretation and implementation of this Order. Dated: _________________________________________ Judge Michael E. Ridgway United States Bankruptcy Judge

7