The U.S. Bankruptcy Court approved Premier Exhibitions’ settlement agreement with 417 Fifth Ave Real Estate. Creditor 417 Fifth Ave Real Estate, the landlord of the Company’s former New York exhibition site, had filed proofs of claim asserting claims totaling nearly $12.6 million for unpaid rent and construction loads. The claim was settled after a day-long mediation.
As previously reported, “On December 21, 2017, in its Order Appointing Judicial Mediator (‘Mediation Order’) [D.E. 882], this Court directed the parties to mediate the dispute over the Construction Allowance Claim….Thereafter, the Debtors and the Landlord attended mediation on January 5, 2018 pursuant to the Mediation Order. Subject to Bankruptcy Court approval, the Debtors and the Landlord successfully resolved all claims between the parties at the mediation.…The Landlord’s Claim No. 48-1 is hereby amended and shall be an allowed unsecured claim against Premier in the total amount of $5,500,000; The Construction Allowance Claim (filed against RMST), the Remaining Rent Claim (filed against RMST), and Claim No. 49- 1 (filed against Premier) are withdrawn with prejudice and the Landlord shall have no further claim against the estates.”
The motion continues, “The settlement will result in the resolution of large and contested claims asserted against multiple Debtors by the Landlord. Specifically, it will result in the reduction of unsecured claims in excess of $12 million asserted against RMST by the Landlord as well as a reduction of the unsecured claims asserted against Premier by the Landlord by in excess of $7 million.”
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