Rentclub, Inc. v. Transamerica Rental Finance Corp. (In re Rentclub, Inc.)
Docket: Bankruptcy No. 92-2489-8P1; Adv. No. 92-227
Court: United States Bankruptcy Court, M.D. Florida; October 25, 1993; Us Bankruptcy; United States Bankruptcy Court
Transamerica Rental Finance Corporation’s unopposed motion to vacate the court's January 4, 1993, order on cross-motions for summary judgment has been granted. The original order had awarded summary judgment to the Debtor in an adversary proceeding. Following the issuance of this order, Transamerica filed a notice of appeal, which remains pending. Subsequently, on April 19, 1993, the Debtor and Transamerica entered a settlement agreement resolving all disputes, including those in the original adversary proceeding. Under this agreement, Transamerica will have an allowed claim against the Debtor but will not receive any distributions under a Chapter 11 plan. All related litigation will be dismissed with prejudice, and both parties have released claims against each other and certain third parties. The court approved this settlement agreement on June 30, 1993, rendering the issues in the adversary proceeding moot. The court determined that vacating the summary judgment order would prevent the need for the ongoing appeal, promoting judicial efficiency. Consequently, the court has vacated the January 4, 1993, summary judgment order and stated that the adversary proceeding will be dismissed upon the appeal's dismissal, without requiring further orders.