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MARIO VALENTE COLLEZIONI v. CONFEZIONI SEMERARO PAOLO

United States District Court, S.D. New York


November 12, 2004.

MARIO VALENTE COLLEZIONI, LTD., Plaintiff-Judgment Creditor,
v.
CONFEZIONI SEMERARO PAOLO, S.R.L., CONFEZIONI MARIO VALENTE-FIRENZE, S.R.L., and PAOLO SEMERARO, Defendants-Judgment Debtors.

The opinion of the court was delivered by: LEWIS KAPLAN, District Judge

STIPULATION AND ORDER

Plaintiff Mario Valente Collezioni, Ltd. and Jacob Siegel Company, by their respective duly authorized counsel undersigned, hereby stipulate and agree as follows and respectfully request that this Honorable Court approve and enter this Stipulation and Order serving to terminate the third party proceedings in aid of execution on the judgment, on the terms stated:

  WHEREAS, on April 7, 1998, the Court entered a default judgment in favor of Plaintiff-Judgment Creditor Mario Valente Collezioni, Ltd. ("Mario Valente (USA)") and against Defendants-Judgment Debtors Confezioni Semeraro Paolo, S.R.L., Confezioni Mario Valente-Firenze, S.R.L. and Paolo Semeraro (collectively "Mario Valente (Italy)"), in the amount of $1,693,387 plus interest;

  WHEREAS, Mario Valente (USA) commenced efforts to execute upon the judgment, and thereafter served several notices of restraint under New York law, including on non-party Jacob Siegel Company ("Siegel");

  WHEREAS, Mario Valente (USA) in 2003 filed a motion for civil contempt against Siegel (the "Contempt Proceeding") claiming that Antica Sartoria Italiana, s.r.l. ("Antica") was an alter ego of Mario Valente (Italy), and consequently that certain payments Siegel had made to Antica following receipt of the notice of restraint were made in violation of that notice of restraint;

  WHEREAS, the Court entered an order in the Contempt Proceeding, dated June 12, 2003 ("June 12, 2003 Order"), concluding that Siegel had violated the notice of restraint, but making no finding with respect to whether Antica was an alter ego of Mario Valente (Italy), and deferring any further proceedings (including a determination of whether or to what extent damages would be assessed against Siegel) on Mario Valente (USA)'s motion;

  WHEREAS, all the parties to this lawsuit, lawsuits Mario Valente (USA) filed in the Southern District before Judge Stein and Judge Patterson and lawsuits in the Italian courts (collectively referred to as the "Pending Actions") (including the Contempt Proceeding) have entered into a Settlement Agreement resolving all claims asserted in the Pending Actions and in the Contempt Proceeding, and agreeing to discontinue all the Pending Actions and withdraw with prejudice the Contempt Proceeding;

  WHEREAS, under the auspices of Judge Stein, the parties in the Pending Actions conducted several settlement meetings, numerous telephone conferences and exchanged and edited various drafts of settlement documents over the past several months, and eventually were successful in finalizing and executing detailed settlement papers designed to effectuate a dismissal of the Pending Actions, as well as various payment terms and business arrangements that are mutually satisfactory to the parties;

  WHEREAS, the Settlement Agreement provides, inter alia, that Mario Valente (USA) shall dismiss the Contempt Proceeding, with prejudice; WHEREAS, allowing the June 12, 2003 Order in the uncompleted Contempt Proceedings to remain in place would prevent Siegel from obtaining the full consideration it is to receive under the Settlement Agreement; and

  WHEREAS, Mario Valente (USA) has acknowledged in the Settlement Agreement that Siegel was instrumental in arranging the settlement and it would not be fair and equitable for Siegel to have to pay any amounts other than those due to Mario Valente (USA) pursuant to the Settlement Agreement.

  NOW THEREFORE, IT HEREBY IS STIPULATED AND AGREED, by and between the duly authorized attorneys on behalf of Mario Valente (USA) and Siegel (collectively, the "Settling Parties"), that all claims by Mario Valente (USA) arising from or relating to the Contempt Proceeding have been settled by and between the Settling Parties, on terms acceptable to each of them; and

  IT FURTHER IS AGREED, that Mario Valente (USA) hereby withdraws with prejudice its Motion seeking to hold Siegel in contempt for alleged violation of the notice of restraint that Mario Valente (USA) served on Siegel; and

  IT FURTHER IS AGREED, that the Settling Parties hereby jointly petition the Court to vacate its June 12, 2003 Order by endorsing and approving of this Stipulation; and

  IT FURTHER IS AGREED, that the Settling Parties shall each bear their own costs, fees and disbursements in the Contempt Proceeding; and IT FURTHER IS AGREED, that the Settling Parties may execute this Stipulation in counterparts.

  APPROVED AND SO ORDERED.

20041112

© 1992-2004 VersusLaw Inc.



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