EX-10.57 3rd Addendum to Stipulation of Settlement

EX-10.57 24 c69715a1exv10w57.txt EX-10.57 3RD ADDENDUM TO STIPULATION OF SETTLEMENT EXHIBIT 10.57 THIRD ADDENDUM TO THE STIPULATION OF SETTLEMENT BY AND AMONG THE CLASS, THE ESTATE PARTIES, THE GRAHAM DEFENDANTS, THE COLE FAMILY, AND THE TAYLOR DEFENDANTS WHEREAS, certain class action lawsuits originally filed in Texas and Illinois relating to Reliance Acceptance Group, Inc. were transferred to the United States District Court for the District of Delaware and are now pending before the Delaware District Court under the caption In re Reliance Securities Litigation, MDL Docket No. 1304, Civil Action No. 99-858-RRM; WHEREAS, the Settling Parties have executed the Stipulation of Settlement, dated as of October 10, 2001 (the "Estate-D&O Settlement Stipulation"), that has been entered into by the Lead Plaintiffs (on behalf of themselves and all Class Members), the Estate Parties, the Graham Defendants, the Cole Family, and the Taylor Defendants; WHEREAS, the Settling Parties have executed two addendums to the Estate-D&O Settlement Stipulation -- the First Addendum dated as of January 1, 2002 and the Second Addendum dated as of April 5, 2002; WHEREAS, the period allotted for the satisfaction of all of the conditions specified in s.s.IV.4.1 of the Estate-D&O Settlement Stipulation shall expire on September 1, 2002 and it does not appear that all of the conditions specified in s.s.IV.4.1 of the Estate-D&O Settlement Stipulation shall be met by that date; WHEREAS, the Settling Parties must consent in writing to extend the contingency period, which consent may not be unreasonably withheld; WHEREAS, the Settling Parties now wish to further amend the Estate-D&O Settlement Stipulation by executing this Third Addendum to the Estate-D&O Settlement Stipulation ("Third Addendum") to further extend the contingency period; and 1 THIRD ADDENDUM 08-22-02 WHEREAS, all defined terms not otherwise defined herein shall have the same meanings as set forth in the Estate-D&O Settlement Stipulation as modified by the First Addendum; NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 1. This Third Addendum is dated as of August 23, 2002. 2. The Settling Parties agree as follows with respect to the Estate-D&O Settlement Stipulation: A. This Third Addendum shall constitute the third amendment to the Estate-D&O Settlement Stipulation pursuant to ss.IV.8.9 thereof. This Third Addendum is a material and integral part of the Estate-D&O Settlement Stipulation and is fully incorporated therein by this reference. B. Pursuant to ss.IV.4.2 of the Estate-D&O Settlement Stipulation, the period allotted for the satisfaction of all of the conditions specified in ss.IV.4.1 of the Estate-D&O Settlement Stipulation shall be extended until 12:01 a.m. (C.D.T.) on January 1, 2003. C. This Third Addendum along with the First and Second Addendum and those agreements described at ss.IV.8.10 of the Estate-D&O Settlement Stipulation (collectively, the "Agreements") constitute the entire agreement between the parties to the Estate-D&O Settlement Stipulation. Except as otherwise contained in the Agreements, no representations, warranties, or inducements have been made to any party other than the representations, warranties, and covenants contained and memorialized in the Agreements. 3. The terms of this Third Addendum shall be effective immediately. THIRD ADDENDUM 08-22-02 2 4. This Third Addendum may be executed in one or more counterparts. All executed counterparts and each of them shall be deemed to be one and the same instrument. Counsel for the parties hereto shall exchange among themselves signed counterparts of this Third Addendum. 5. All counsel and any other Person executing this Third Addendum represent and warrant that they have the full authority to take appropriate action required or permitted to be taken hereunder to effectuate its terms (including, without limitation, execution of this Third Addendum). 6. The parties hereto agree that they shall take such additional actions and/or execute such additional documents, statements, releases, instruments or assurances as may be reasonably necessary to effectuate the terms of this Third Addendum provided that such additional actions, documents, statements, releases, instruments or assurances are generally consistent with the material terms and conditions set forth herein. THIRD ADDENDUM 08-22-02 3 IN WITNESS WHEREOF, the parties hereto have caused this Third Addendum to be executed by their duly authorized attorneys. COUNSEL FOR LEAD PLAINTIFFS COUNSEL FOR THE ESTATE AND THE CLASS REPRESENTATIVE DAVID B. KAHN & ASSOCIATES, LTD. ROBERT F. COLEMAN & ASSOCIATES By: /s/ Mark E. King By: --------------------------- --------------------------- Mark E. King Robert F. Coleman David B. Kahn Mark E. King Robert F. Coleman Elissa C. Chase Steven R. Jakubowski One Northfield Plaza, Suite 100 Sean B. Crotty Northfield, Illinois 60093 Cassandra A. Crotty Telephone ###-###-#### 77 West Wacker Drive, Suite 4800 Facsimile ###-###-#### Chicago, Illinois 60601 Telephone: (312) 444-1000 Class Co-Lead Counsel Facsimile: (312) 444-1028 Counsel for the Estate Parties MILBERG WEISS BERSHAD HYNES & LERACH LLP By: /s/ Keith F. Park --------------------------- Keith F. Park William S. Lerach Helen J. Hodges Keith F. Park 401 B Street, Suite 1700 San Diego, California 92101-4297 Telephone: (619) 231-1058 Facsimile: (619) 231-7423 Class Co-Lead Counsel THIRD ADDENDUM 08-22-02 4 IN WITNESS WHEREOF, the parties hereto have caused this Third Addendum to be executed by their duly authorized attorneys. COUNSEL FOR LEAD PLAINTIFFS COUNSEL FOR THE ESTATE AND THE CLASS REPRESENTATIVE DAVID B. KAHN & ASSOCIATES, LTD. ROBERT F. COLEMAN & ASSOCIATES By: By: /s/ Robert F. Coleman --------------------------- --------------------------- Mark E. King Robert F. Coleman David B. Kahn Mark E. King Robert F. Coleman Elissa C. Chase Steven R. Jakubowski One Northfield Plaza, Suite 100 Sean B. Crotty Northfield, Illinois 60093 Cassandra A. Crotty Telephone ###-###-#### 77 West Wacker Drive, Suite 4800 Facsimile ###-###-#### Chicago, Illinois 60601 Telephone: (312) 444-1000 Class Co-Lead Counsel Facsimile: (312) 444-1028 Counsel for the Estate Parties MILBERG WEISS BERSHAD HYNES & LERACH LLP By: --------------------------- Keith F. Park William S. Lerach Helen J. Hodges Keith F. Park 401 B Street, Suite 1700 San Diego, California 92101-4297 Telephone: (619) 231-1058 Facsimile: (619) 231-7423 Class Co-Lead Counsel THIRD ADDENDUM 08-22-02 4 COUNSEL FOR THE GRAHAM DEFENDANTS MCDERMOTT WILL & EMERY LAW OFFICE OF JONAH ORLOFSKY By: /s/ Steven P. Handler By: --------------------- -------------------- Steven P. Handler Jonah Orlofsky Steven P. Handler LAW OFFICE OF JONAH ORLOFSKY Steven H. Hoeft 122 South Michigan Avenue David S. Rosenbloom Suite 1850 MCDERMOTT, WILL & EMERY Chicago, Illinois 60603 227 West Monroe Street Tel: (312) 566-0455 Chicago, Illinois 60606 Fax: (312) 427-1850 Tel: (312) 372-2000 Fax: (312) 984-7700 Counsel for Certain of the Taylor Defendants in the Alstrin Litigation Counsel for the Taylor Defendants WILDMAN HARROLD ALLEN & DIXON JENNER & BLOCK By: By: -------------------- --------------------- Thomas I. Matyas David J. Branford Thomas I. Matyas David J. Branford Richard M. Hoffman JENNER & BLOCK WILDMAN HARROLD ALLEN & DIXON One IBM Plaza, 47th Floor 225 West Wacker Drive Chicago, Illinois 60611 Suite 3000 Tel: (312) 222-9350 Chicago, Illinois 60606 Fax: (312) 527-0484 Tel: (312) 201-2000 Fax: (312) 201-2555 Counsel for Melvin E. Pearl and the Voluntarily Dismissed Defendants Counsel for the Cole Family in the Graham Litigation and the Bankruptcy Cases THIRD ADDENDUM 08-22-02 5 COUNSEL FOR THE GRAHAM DEFENDANTS MCDERMOTT WILL & EMERY LAW OFFICE OF JONAH ORLOFSKY By: By: /s/ Jonah Orlofsky -------------------- -------------------- Steven P. Handler Jonah Orlofsky Steven P. Handler LAW OFFICE OF JONAH ORLOFSKY Steven H. Hoeft 122 South Michigan Avenue David S. Rosenbloom Suite 1850 MCDERMOTT, WILL & EMERY Chicago, Illinois 60603 227 West Monroe Street Tel: (312) 566-0455 Chicago, Illinois 60606 Fax: (312) 427-1850 Tel: (312) 372-2000 Fax: (312) 984-7700 Counsel for Certain of the Taylor Defendants in the Alstrin Litigation Counsel for the Taylor Defendants WILDMAN HARROLD ALLEN & DIXON JENNER & BLOCK By: By: -------------------- -------------------- Thomas I. Matyas David J. Branford Thomas I. Matyas David J. Branford Richard M. Hoffman JENNER & BLOCK WILDMAN HARROLD ALLEN & DIXON One IBM Plaza, 47th Floor 225 West Wacker Drive Chicago, Illinois 60611 Suite 3000 Tel: (312) 222-9350 Chicago, Illinois 60606 Fax: (312) 527-0484 Tel: (312) 201-2000 Fax: (312) 201-2555 Counsel for Melvin E. Pearl and the Voluntarily Dismissed Defendants Counsel for the Cole Family in the Graham Litigation and the Bankruptcy Cases THIRD ADDENDUM 08-22-02 5 COUNSEL FOR THE GRAHAM DEFENDANTS MCDERMOTT WILL & EMERY LAW OFFICE OF JONAH ORLOFSKY By: By: --------------------- -------------------- Steven P. Handler Jonah Orlofsky Steven P. Handler LAW OFFICE OF JONAH ORLOFSKY Steven H. Hoeft 122 South Michigan Avenue David S. Rosenbloom Suite 1850 MCDERMOTT, WILL & EMERY Chicago, Illinois 60603 227 West Monroe Street Tel: (312) 566-0455 Chicago, Illinois 60606 Fax: (312) 427-1850 Tel: (312) 372-2000 Fax: (312) 984-7700 Counsel for Certain of the Taylor Defendants in the Alstrin Litigation Counsel for the Taylor Defendants WILDMAN HARROLD ALLEN & DIXON JENNER & BLOCK By: By: /s/ David J. Branford ------------------- --------------------- Thomas I. Matyas David J. Branford Thomas I. Matyas David J. Branford Richard M. Hoffman JENNER & BLOCK WILDMAN HARROLD ALLEN & DIXON One IBM Plaza, 47th Floor 225 West Wacker Drive Chicago, Illinois 60611 Suite 3000 Tel: (312) 222-9350 Chicago, Illinois 60606 Fax: (312) 527-0484 Tel: (312) 201-2000 Fax: (312) 201-2555 Counsel for Melvin E. Pearl and the Voluntarily Dismissed Defendants Counsel for the Cole Family in the Graham Litigation and the Bankruptcy Cases THIRD ADDENDUM 08-22-02 5 COUNSEL FOR THE GRAHAM DEFENDANTS MCDERMOTT WILL & EMERY LAW OFFICE OF JONAH ORLOFSKY By: By: --------------------- -------------------- Steven P. Handler Jonah Orlofsky Steven P. Handler LAW OFFICE OF JONAH ORLOFSKY Steven H. Hoeft 122 South Michigan Avenue David S. Rosenbloom Suite 1850 MCDERMOTT, WILL & EMERY Chicago, Illinois 60603 227 West Monroe Street Tel: (312) 566-0455 Chicago, Illinois 60606 Fax: (312) 427-1850 Tel: (312) 372-2000 Fax: (312) 984-7700 Counsel for Certain of the Taylor Defendants in the Alstrin Litigation Counsel for the Taylor Defendants WILDMAN HARROLD ALLEN & DIXON JENNER & BLOCK By: /s/ Thomas I. Matyas By: -------------------- --------------------- Thomas I. Matyas David J. Branford Thomas I. Matyas David J. Branford Richard M. Hoffman JENNER & BLOCK WILDMAN HARROLD ALLEN & DIXON One IBM Plaza, 47th Floor 225 West Wacker Drive Chicago, Illinois 60611 Suite 3000 Tel: (312) 222-9350 Chicago, Illinois 60606 Fax: (312) 527-0484 Tel: (312) 201-2000 Fax: (312) 201-2555 Counsel for Melvin E. Pearl and the Voluntarily Dismissed Defendants Counsel for the Cole Family in the Graham Litigation and the Bankruptcy Cases THIRD ADDENDUM 08-22-02 5 ANDREWS & KURTH, LLP. By: /s/ Dean W. Ferguson ------------------------- Dean W. Ferguson Dean W. Ferguson ANDREWS & KURTH, LLP. 1717 Main Street Dallas, Texas 75201 Tel: (214) 659-4400 Fax: (214) 659-4401 Counsel for the Cole Family in the Delaware Chancery Action and the Alstrin Litigation BELL, BOYD & LLOYD By: ------------------------- Stephen J. O'Neil Stephen J. O'Neil John W. Rotunno BELL, BOYD & LLOYD 70 West Madison Street Suite 3300 Chicago, Illinois 60602 Tel: (312) 372-1121 Fax: (312) 372-2098 Counsel for Solway F. Firestone, Dean L. Griffith, Ross J. Mangano, and William S. Race ROSS & HARDIES By: ------------------------- Steven R. Smith Steven R. Smith ROSS & HARDIES 150 North Michigan Avenue, Suite 2500 Chicago, Illinois 60601 Tel: (312) 558-1000 Fax: (312) 750-8600 Counsel for Howard B. Silverman D'ANCONA & PFLAUM LLC By: ------------------------- George W. Spellmire, Jr. George W. Spellmire, Jr. John Everhardus D'ANCONA & PFLAUM LLC 111 East Wacker Drive, Suite 2800 Chicago, Illinois 60601 Tel: (312) 602-2000 Fax: (312) 602-3041 Counsel for James D. Dolph 6 THIRD ADDENDUM 08-22-02 ANDREWS & KURTH, LLP. By: ------------------------- Dean W. Ferguson Dean W. Ferguson ANDREWS & KURTH, LLP. 1717 Main Street Dallas, Texas 75201 Tel: (214) 659-4400 Fax: (214) 659-4401 Counsel for the Cole Family in the Delaware Chancery Action and the Alstrin Litigation BELL, BOYD & LLOYD By: ------------------------- Stephen J. O'Neil Stephen J. O'Neil John W. Rotunno BELL, BOYD & LLOYD 70 West Madison Street Suite 3300 Chicago, Illinois 60602 Tel: (312) 372-1121 Fax: (312) 372-2098 Counsel for Solway F. Firestone, Dean L. Griffith, Ross J. Mangano, and William S. Race ROSS & HARDIES By: /s/ Steven R. Smith ------------------------- Steven R. Smith Steven R. Smith ROSS & HARDIES 150 North Michigan Avenue, Suite 2500 Chicago, Illinois 60601 Tel: (312) 558-1000 Fax: (312) 750-8600 Counsel for Howard B. Silverman D'ANCONA & PFLAUM LLC By: ------------------------- George W. Spellmire, Jr. George W. Spellmire, Jr. John Everhardus D'ANCONA & PFLAUM LLC 111 East Wacker Drive, Suite 2800 Chicago, Illinois 60601 Tel: (312) 602-2000 Fax: (312) 602-3041 Counsel for James D. Dolph 6 THIRD ADDENDUM 08-22-02 ANDREWS & KURTH, LLP. By: ------------------------- Dean W. Ferguson Dean W. Ferguson ANDREWS & KURTH, LLP. 1717 Main Street Dallas, Texas 75201 Tel: (214) 659-4400 Fax: (214) 659-4401 Counsel for the Cole Family in the Delaware Chancery Action and the Alstrin Litigation BELL, BOYD & LLOYD By: /s/ Stephen J. O'Neil ------------------------- Stephen J. O'Neil Stephen J. O'Neil John W. Rotunno BELL, BOYD & LLOYD 70 West Madison Street Suite 3300 Chicago, Illinois 60602 Tel: (312) 372-1121 Fax: (312) 372-2098 Counsel for Solway F. Firestone, Dean L. Griffith, Ross J. Mangano, and William S. Race ROSS & HARDIES By: ------------------------- Steven R. Smith Steven R. Smith ROSS & HARDIES 150 North Michigan Avenue, Suite 2500 Chicago, Illinois 60601 Tel: (312) 558-1000 Fax: (312) 750-8600 Counsel for Howard B. Silverman D'ANCONA & PFLAUM LLC By: ------------------------- George W. Spellmire, Jr. George W. Spellmire, Jr. John Everhardus D'ANCONA & PFLAUM LLC 111 East Wacker Drive, Suite 2800 Chicago, Illinois 60601 Tel: (312) 602-2000 Fax: (312) 602-3041 Counsel for James D. Dolph 6 THIRD ADDENDUM 08-22-02 ANDREWS & KURTH, LLP. By: ------------------------- Dean W. Ferguson Dean W. Ferguson ANDREWS & KURTH, LLP. 1717 Main Street Dallas, Texas 75201 Tel: (214) 659-4400 Fax: (214) 659-4401 Counsel for the Cole Family in the Delaware Chancery Action and the Alstrin Litigation BELL, BOYD & LLOYD By: ------------------------- Stephen J. O'Neil Stephen J. O'Neil John W. Rotunno BELL, BOYD & LLOYD 70 West Madison Street Suite 3300 Chicago, Illinois 60602 Tel: (312) 372-1121 Fax: (312) 372-2098 Counsel for Solway F. Firestone, Dean L. Griffith, Ross J. Mangano, and William S. Race ROSS & HARDIES By: ------------------------- Steven R. Smith Steven R. Smith ROSS & HARDIES 150 North Michigan Avenue, Suite 2500 Chicago, Illinois 60601 Tel: (312) 558-1000 Fax: (312) 750-8600 Counsel for Howard B. Silverman D'ANCONA & PFLAUM LLC By: George W. Spellmire, Jr. ------------------------- George W. Spellmire, Jr. George W. Spellmire, Jr. John Everhardus D'ANCONA & PFLAUM LLC 111 East Wacker Drive, Suite 2800 Chicago, Illinois 60601 Tel: (312) 602-2000 Fax: (312) 602-3041 Counsel for James D. Dolph 6 THIRD ADDENDUM 08-22-02 MECKLER BULGER & TILSON By: /s/ James H. Kallianis, Jr. ----------------------------- James H. Kallianis, Jr. Bruce R. Meckler James H. Kallianis, Jr. Christopher E. Kantra MECKLER BULGER & TILSON 233 South Wacker Drive 8200 Sears Tower Chicago, Illinois 60606 Tel: (312) 474-7931 Fax: (312) 474-7898 Counsel for Thomas Barlow 7