11
13, 1988. Robert Williams, Thomas Keane, and Christopher W.
Parker represented petitioner in the adversary proceeding.
3. The Settlement Agreement
On April 7, 1988, Norkevicius (as nominee), the bank, CNI,
Zayre, and petitioner reached a settlement. In the settlement,
the parties resolved all disputes and claims in the Northeast
litigation and the adversary proceeding. Petitioner agreed to
pay to the plaintiffs $750,000, consisting of $300,000 when he
executed the agreement and $450,000 by May 16, 1988. The parties
agreed that, if petitioner timely made the payments, the
plaintiffs would dismiss their claims and release all defendants
in the Massachusetts action (except McKee), and petitioner would
dismiss his counterclaims, cross-claims, and third-party claims.
The plaintiffs agreed that they would not object to any pleading,
action, or motion by petitioner to obtain a discharge in
bankruptcy or any other relief which he deemed appropriate in the
bankruptcy proceedings.
Petitioner paid $750,000 to the plaintiffs in the Northeast
litigation in 1988. On May 16, 1988, the Bankruptcy Court
approved the settlement agreement, dismissed the adversary
proceeding with prejudice, set aside the order for relief from
the voluntary petition, and dismissed the voluntary petition
without prejudice. The Bankruptcy Court filed its order on May
26, 1988. Petitioner did not obtain a discharge in bankruptcy.
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