Docket #4294 Date Filed: 11/24/2009

IN THE UNITED STATES BAIIKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

In

re:

)
g!,1 )
)
Debtors.

Chapter

11

MERVYN'S HOLDINGS, LLC,9!

Case No. 08-11536

(KG)

Jointly Administered

ORDER APPROVING STIPULATION FOR ALLOWANCE AND PAYMENT OF CLAIM OF GMAC COMMERCIAL FINANCE LLC CF

AND NOW, upon consideration of the foregoing Stipulationz attached,hereto as Exhibit A, and good cause appearing for the approval thereof, it is hereby:
ORDERED, that the Stipulation is APPROVED; and it is further ORDERED, the Court shall retain jurisdiction over the implementation and enforcement of the Stipulation and this Order.

Dated:

tJ0t/lyiee 94 ,2oos
Wilminglon, Delaware
LE KEVIN GROSS UMTED STATES BANKRUPTCY JUDGE

' The Debtors in these cases, along with the last four digits of their federal tax identification numbers, are Mervyn's Holdings, rJ.C (3405), Mervyn's LLC (4456) and Mervyn,s Brands, LLC (gg50). " Terms not defined herein shall have the meanings attributed to them in the Stipuiation.
DBI/63995700.1

RLFI-3507073-l

0q/v)+8 *g 0811586091124000000000010

EXHIBIT A

DBI/63995700.1 RLFI-3507073-l

IN THE TJNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re:

)
et

Chapter

11

MER\rn{'S HOLDINGS, LLC,

Debtors.

al.,r )

)
)

Case No. 08-11586

(KG)

)
)

Jointly Administered

STIPULATION FOR ALLOWANCE AI\D PAYMENT OF CLAIM OF'GMAC COMMERCIAL FINANCE LLC CF GMAC Commercial Finance LLC CF C'gMAe_eE") and the above-captioned debtors
and debtors in possession (the "Debtors") hereby stipulate as follows:

RECITALS

A. B.
pursuant to

Prior to July 9, 2008, the vendors listed on Exhibit 1, attached hereto, provided

the Debtors with goods exceeding $13,000,000 (the "Unge_qulgd_C!arm").

On or about September 24,2008, GMAC CF filed a motion (the "Reclamation

Motion") [Docket No. 507], seeking allowance and payment of an administrative expense claim

l1 U.S.C. $$ 503(b)(9) with respect to the portion of the Unsecured Claim that

was

provided to the Debtors within 20 days of July 28,2008.

C.
Claim").

On or about November 4,2008, GMAC CF timely filed a proof of claim (Claim

No. 540) seeking, among other things, payment on account of the Unsecured Claim (the "Filed

D.

On or about March 18,2009, the Court, in resolution of the Reclamation Motion,

entered an order which, inter alia, provided GMAC CF with an allowed administrative expense

' The Debtors in these cases, along with the last four digits of their federal tax identification numbers, are Mervyn's Holdings, LLC (3405), Mervyn's LLC (4456) and Mervyn's Brands, LLC (8850).

DB r/63995700.

claim against Mervyn's LLC pursuant to

(the "Allowed

U.S.C. $ 503(bX9) in the amount of $3,700,000.00

Administrd

");

E. 1' 2. 3. 4. 5. 6.
7

The Debtors and GMAC CF HEREBY STIPULATE AND AGREE as follows:

AGREEMENT
The Recitals are true and correct and are incorporated herein by reference.

This Stipulation is subject to Bankruptcy Court approval and shall be of no force

and effect unless and

until approved by the Bankruptcy Court.

On account of the Filed Claim, GMAC CF shall be allowed a general unsecured

claim against Mervyn's LLC in the amount of $9,526,3 44.05 (the "Allowed Claim',).

This stipulation shall not alter,

in any manner, the Allowed Administrative

Expense Claim. Payment of the Allowed Claim shall be made in accordance with the terms of the

chapter 11 plan ultimately confirmed in these chapter l1 cases. The Allowed Claim shall be allocated among the vendors pursuant to Exhibit

l.

'

This Stipulation may be executed in one or more counterparts, each of which will

be deemed an original, but all of which together

will constitute the same instrumenr.

8.

This Stipulation contains or expressly incorporates by reference the entire

agreement of the Parties with respect to the Filed Claim and supersedes all prior negotiations

with respect to the Filed Claim. This Stipulation shall not be modified except by written
instrument executed by all Parties.

9.

This Stipulation shall be binding upon

(i)

any liquidating trustee; plan

administrator; distribution agent and/or any other responsible person appointed pursuant to any

DBI/63995700.1

chapter

1l plan confirmed in these cases; (ii)

any chapter 11 trustee appointed in these cases

and/or (iii) any chapter 7 trustee appointed or elected in these cases.

Wilmington,

//rt.
Mark D. Daniel J. i (No.2732) Christopher M. Samis (No. 4909) L. Katherine Good (No. 5101) RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 1 980 I Telephone: (302) 651-7700 Facsimile: (302) 651-77 0l Email: collins@lf.com defranceschi@rlf.com samis@rlf.com good@rlf.com
and

Stuart M. Brown

(No.Z4i

EDWARDS ANGELL PALMER & DODGE LLP 919 N. Market Street, 15th Floor Wilmington, DE 19801 Telephone: (302) 425-7 105 Facsimile: (888) 325-9533
and

HAHN & HESSEN LLP

488 Madison Avenue New York, NY 10022

(212) 478-7200 - Telephone (212) 478-7400 - Facsimile Attn: Edward L. Schnitzer, Esq.
Co-Counsel to GMAC Commercial Finance

Howard S. Beltzer Wendy S. Walker MORGAN, LEWIS & BOCKIUS LLP 101 Park Avenue New York, New York 10178-0060 Telephone: (212) 309-6000 Facsimile: (212) 309-6001 Email : hb eltzer @morganlewi s. com wwalker@morganlewis. com
Attorneys for the Debtors and Debtors in Possession

LLC

DBI/63995700.1

EXHIBIT A

DBI/63995700.1

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