FILED: NEW YORK COUNTY CLERK 11/20/2015 06:13 PM
`Case 14-10610-LSS Doc 190 Filed 08/28/15 Page 1 of 3
`RECEIVED NYSCEF: 11/20/2015
`NYSCEF DOC. NO. 363
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`INDEX NO. 654301/2012
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`Case 14-10610-LSS Doc 190 Filed 08/28/15 Page 1 of 3
`RECEIVED NYSCEF: 11/20/2015
`NYSCEF DOC. NO. 363
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`INDEX NO. 654301/2012
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`Case 14-10610-LSS Doc 190 Filed 08/28/15 Page 2 of 3
`Case 14-10610-LSS Doc 190
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`from the bankruptcy court before commencing any such action in the Bankruptcy Court. The
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`standard for asserting such claims will be the "colorable claim" standard set forth in the Third
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`Circuit's Cybergenics case, 330 F.3d 548, provided, however, that only the Trustee shall have
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`standing to object. With respect to the UBS Claim, the Creditor Group may pursue such non-
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`scheduled claims without following the procedure described above, provided that the relief
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`requested in such action will not result in the Debtor and/or the Estate or the Trustee being re-
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`installed as a general partner of any of the Pursuit Funds, other than for the limited purpose of
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`collecting funds it is due, including without limitation any incentive fee or carried interest. If the
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`proposed action requests such relief, then the Creditor Group shall follow the procedure for non-
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`scheduled claims; and it is further
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`ORDERED, that notwithstanding anything to the contrary in the Agreement, all rights,
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`claims and defenses that may be raised or asserted by the Pursuit Parties with respect to the UBS
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`Litigation, the UBS Claim,
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`the Debtor’s Claims,
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`the Insider Avoidance Claims and/or the
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`Indemnification Claims,
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`including, without
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`limitation, any right
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`to challenge standing or
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`jurisdiction, are expressly reserved and preserved; and it is further
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`ORDERED,
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`that nothing in this Order finds that any party prosecuting any claims
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`assigned under the Agreement is exempt from filing employment and fee applications in these
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`cases, or required to file employment and fee applications in these cases, which issues are not yet
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`ripe; accordingly, all parties’ rights with respect to those issues and/or requirements (if any) are
`hereby reserved.
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`EAST\103915427,1
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`ORDERED, that this Court shall retain exclusive jurisdiction with respect to any matters,
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`claims, rights, or disputes arising from or relating to this Order and/or the Agreement.
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`Dated: 411427.106”
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`Q M‘‘EW'A
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`LAURIE SELBER SILVERSTEIN
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`United States Bankruptcy Judge
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`EAST\103915427.1
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`Case 14-10610-LSS Doc 190-1 Filed 08/28/15 Page 1 of 13
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`EXHIBIT ‘A’
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`LEGAL\22166099\1
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`UNITED STATES BANKRUPTCY COURT
`FOR THE DISTRICT OF DELAWARE
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`: Chapter 7
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`on the one hand, and (i) Harris, O’Brien, St. Laurent &
`Chaudhry LLP (the ‘mnm'? (ii) Reed Smith LLP (“M11”), (iii) Alpha Beta
`Capital Partners, LP. (“MD, and (iv) Clafidge ASSOCiates, LLC (“91%”),
`LLC (“W”), Leslie Schneider,
`'
`'
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`Jamiscott
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`representative of the executor
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`efishuejm are the “mm (the
`“Trustee ”theM” “M” and the “Mae1'3” are the “mo.
`-
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`WHEREAS, on April 7, 2014 (the “MD the Debtor commenced this case by
`filing avoluntarypetition under Chapter 7 ofthe Bankruptcy Code;
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`about the Petition Date, the Trustee was appointed to serve as the
`trustee for the Estate of the Debtor,
`'
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`WHEREAS, on the Petition Date, the Debtor filed its Chapter 7 Bankruptcy Schedules
`and the Statement ofFinancial Affairs;
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`WHEREAS, the only assets listed on the Debtor’s Banln'uptcy Schedule B are (i) claims
`asserted in PursuitInvestment Management, LLC, et al. v. Alpha Beta Capital Partners, L.P., et
`al.; Index No. 652457/2013 (Supreme Court of the State of New York) (the ‘thk
`Aging”); and (ii) potential indemnification claims against Pursuit Capital Management Fund I,
`LP. (the ‘W3. These two assets are listed as having an “imknown” value;
`
`, while no other assets are listed in the Bankruptcy Schedules, a footnote in
`the Statement of Financial Affairs reveals that gross income for calendar year 2011 in the
`amount of $645,571.22 was disbursed to the Debtor’s members purportedly “in the ordinary
`course ofbusiness on 1/16/13” (the “W3; '
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`interest), against the owners, managers, insiders, affiliates, members, successors, transferees and
`assignees of the Debtor (including, without limitation, Northeast Capital Management, LLC,
`Pursuit Farmers, LLC, Pursuit Investment Management, LLC, Anthony Schepis, Frank Canelas
`and Ruth Canelas), against the Pursuit Capital Management Fund I, LP or other partnership(s) of
`which the Debtor served as general partner or to which the Debtor rendered services, or against
`any other person or entity (such rights, claims and causes of action, together with the Insider
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`WIthout limitation, Northeast Capital Management, LLC) (such claims to
`be collectively called, (the “LABS glaim”)'
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`MEREAS, afier arms
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`Case l4-10610-LSS Doc 190-1
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`Trustee in the amount of one hundred eighty thousand and one dollars ($180,001) (the
`“W0, PALS
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`(b) a contribution to the Estate (the “Wmfi by the Creditors
`ofall net amounts recovered from
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`(i)
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`the Insider Avoidance Claim,
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`(ii) the Debtor Claims; and
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`(iii) the U38 Claim,
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`which Additional Consideration, in the aggregate, the Creditors value at no less than
`$500,000.00, after payment ofall fees and expenses, as set forth in Paragraph 3, infia (together,
`with the “Cash Payment”'the “W110,
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`No discovery shall be propounded upon, and no deposition shall be taken of,
`(a)
`Jeofliey L. Burtch, the Trustee;
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`Any and all net proceeds, if any, whether by verdict, judgment, settlement or
`(b)
`other compromise -— are the property ofthe Estate and shall be promptly remitted to the Trustee
`for Estate administration in accordance with the Bankruptcy Code; and
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`Any proposed settlement or compromise, whether in whole or in part, shall be
`(c)
`submitted to the Bankruptcy Court for prior approval in accordance with Federal Rule of
`Bankruptcy Procedure 9019.
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`5.
`where is” basis,
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`The assignments, sales, transfers and conveyances hereunder are on an “as is
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`and this Agreement may not be altered,
`amended, or modified in any respect or particular whatsoever, except by a writing duly executed
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`by the Parties.
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`reimbm'sement'of any such costs, expenses or
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`as set forth above, deduct the fees,
`costs and expenses ofpursuing any Insider Avoidance Claim, Debtor Claims or the UBS Claim
`fiom the proceeds ofsuch claims.)
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`I Case 14-10610-LSS Doc 190-1
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`Case 14-10610-LSS Doc 190-1 Filed 08/28/15 Page 11 of 13
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`JEOFFREY L. BURTCH AS CHAPTER 7
`TRUSTEE FOR THE ESTATE OF
`PURSUIT CAPITAL MANAGEMENT, LLC
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`
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`CLARIDGE ASSOCIATES, LLC
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`%v- #fl“
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`By: Jonathan Harris
`Its: counsel, with authority to sign
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`JAMISCOTI‘ LLC
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`g- 717‘”
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`By: Jonathan Harris
`Its: counsel, with authority to sign
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`(Signatures Continue on Next Page)
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`10
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`l-_fil
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`LESLIE SCHNEIDER
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`by: Jonathan Harris, her counsel with authority to sign
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`LILLIAN SCHNEDER -
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`w 7%
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`by: Jonathan Harris, her counsel with authority to sign
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`ESTATE OF LEONARD SCHNEIDER
`%w 79’”
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`By: Jonathan Harris
`Its: Counsel, with authority to sign
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`HARRIS. O’BRIEN. ST. LAURENT & CHAUDHRY LLP
`fl- 717‘,“
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`By:
`Jonathan Harris
`Managins Partner
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`REED SMITH LLP
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`Its:
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`11
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`Case 14-10610-LSS Doc 190-1 Filed 08/28/15 Page 13 of 13
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`By: Jonathan Ham‘s
`Its: Counsel, with authority to sign
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`HARRI
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`’
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`S, O BRIEN, ST. LAURENT & CHAUDHRY LLP
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`.
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`By: Jonathan Harris
`Managing Partner
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`REED SMITH LLP
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`H
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