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Constellation Enterprises Settlement Approved

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The U.S. Bankruptcy Court approved Constellation Enterprises’ motion to approve a compromise and settlement by and among the Debtors, the United States Environmental Protection Agency (EPA), the National Oceanic and Atmospheric Administration (NOAA), the United States Department of Interior (DOI), the State of Washington, Earle M. Jorgensen Company (EMJ), Boeing Company, Associated Indemnity Corporation (AIC), the Chubb Companies and the Buyer.

As previously reported, “The following is a summary of certain terms of the Settlement Agreement: a. The United States, on behalf of EPA, shall have an Allowed General Unsecured Claim in the amount of $4.2 million in settlement and satisfaction of the Settling Federal Agencies Claims against the Debtors with respect to the Facility, the Jorgensen Forge Outfall Site, and the LDW Superfund Site. b. The United States, on behalf of NOAA and DOI shall have an Allowed General Unsecured Claim in the amount of $2,871,015 in settlement and satisfaction of the Claims of NOAA and DOI against the Debtors for natural resources damages with respect to the LDW Superfund Site and the East and West Waterways of Harbor Island….AIC agrees to pay $1.9 million within 30 days of this Court’s approval of the Settlement Agreement, consisting of $1.55 million to the Chubb Companies, $200,000 to EMJ to reimburse EMJ for certain defense services, and $150,000 to the Buyer….The Buyer and Boeing agree to share the costs if they exceed $1.6 million, in a 75% / 25% allocation, with Boeing bearing 75% and the Buyer bearing 25% of the new costs. The Buyer will contract with and manage contractors implementing the work required under the EPA-Boeing-JFC Consent Order.”

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