laganella v. hekemian stip of settlement & consent order

8/3/2019 Laganella v. Hekemian Stip of Settlement & Consent Order

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NEWM'AN & S.IMPSON I LLP32 Mercer StreetHackensack, Now Jersey 07601(201) 487-0200Attorneys f C ~ r DefendantsJersey Investors G r o w t h ~ l l l i i l i r i ~ . . _ 1 He an and Donl,...,rliillfii'WLAGANEI,LA PEOPERTY MANAG.EME:NT,, a New Jersey l imitedl i abi l i ty company, in i t s~ ~ p a e i t y as a l imited partner,

0:1 behetlf of JERSEYl N ' l ~ S ' ! ' O R S GROw'TH co. 1 ALTHI'I'r:D PARTNERSHIP, and a l :l imited partners

ly ::5ituated,Plaint : i f f ,

vs.ROBERT S. HEKEt-1IAN, SAMUELHEKEt-1IAN and DONALD ~ i . BARNEY,individually and in the i r

f"T' i ve capac:i t i .:asgeneral partners of JERSEYl NV!::S'l'ORS GROWTH co. I ALIMITED PARTNERSHIP, andH E K ~ ~ I A N & CO., INC., a NewJ e ~ s e y Corporation

Defendants .

Civ i l .1\ction

II TIPULATION OF SETTLEMEl>ij CONSENT ORDERl- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ~

NOWt t h i s day o f 2007,consent cf the part ies, through the i r authorized attorne-:.be part hereto having reached a sett lement of thi.s ac

a ceo nee with th e fo l lowing te rms and condi ti .ons,NOTICE OE' T H E ~ PROPOSED SETTLEHENT HAVING BEEN PROVIDED TO

THE LINITEJ PARTNERS OF JERSEY INVESTORS GROWTH CO. ,


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' this Cour t ha'Ting approved- t h ~ e t e r ; ; ~ ' ? J } ; ; t n h J l i ; : s u a n t to R. 4:32 ..2{e) and R. 4 : 3 ~ - t :tt ne::M,y o r d ~ - r i d asfollovlS:

P la in t i f f , I , A G A N E L L l ~ PROPERTY M f l , N A C ~ E M E N T , LL8 HLPM'1

or "Pla in t i f f "} and the a b o v e - n a r n r ~ d Defendant,:s ipulateand Agree as provided for, herein belo\i:

1 . PAYMENT: it'J5 th i ( entry thisOrder Defendant JERSEY INVESTOK,S { J I ) 1 p.ay(.i} $21Br000 to L?E t:or and onand experts' fees and cos incurred in th action, end ($232 ,000 to LP!c1 J'!G' s purchasepar tnersh ip t e re s t in JIG. N o t ~ l i t h s t a n d i n q an:lthin9 inSt ipula t ion and Consent Order to the contrary, in the eventtha t ,JIG fa i l s to del iver both of these payments LP'4> > ~ i t h i n t h i s 30 day pe r i od , t h ~ n L P f ~ sha l l the option ofe i the r moving to enforce this settlement or revokinc th i s,,set t lement and prosecuting i t s claims against the defendants .

2 . DISMISSAL AND RELEASE:fa) Upon fu l l and t imely pa;,-ment of the above

amounts, a l l of Pla i .n t i f f ' s claims aga ins t Defendants aredismissed, '>.rith prejudice .

{b} Upon en t ry of th i s St ipula t ion and Consr::ntOrder and ful l and timely payment of the above amounts, anyand a l l cla ims, r i gh t s , obl i , ;a t ions , actions. . causes ofac t ion {however d c n o m i r ~ a t e d } r of any and a l l nature'dhatsoeve::, whetheL' in f s ta tu te or equi ty , and v.hether

2


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" ~ n O ' ~ < J o: r unknovm, discovered or t:ndiscovered, suspected orpresent or contingent , accrued or unaccrued, _

any ~ j u r y ~ c ~ L a i m , da.mage or loss whatsoever, which LPM 0 rmembers, mar:.agers, employees, atto:::ne

successors or assigns ( including but not l imi ted to Nicholas.1 a ! r, members of h is immediate family, and the Estate

Sr.) may now or hereaf ter have re la tedtc , ing or g.rovdng out of any matte.r", or:

ss ion whatsoever occurr ing pr io r to and through the8 f ive dAt f t of th i s release, agains t any Defendant or any

' s genera l and l imi ted par tners , s h a r e h o l d c ~ : : s , r ~ ; c t o r : c ' l , cf! : icers , employees, at torneys , agents , experts ,

l representatives, successors and assignsnet 1 tc any ent i ty or investment re la ted to or manag


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ac t ion (hov-;ever denominated}, ot anct a l1 nature11hatsoever, '


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da te o f ::his re lease aga ins t any ::1amed part / t,:;:,ion or aga ins t any of a named party ' s genera l

I employees, atto.cneys, agents, 1representatives, successors and ass igns , { / ; > ~ t i C . . c ) ~ whet-Her or aeo& tdent l f i

4.

i,n the ComplaintZ or made the sub jec t ofhereby released. or Fir>& A t ~ ~ f ' } ~ q

ADDITIONAL COVENANTSPARTIBS: 'fh'?J Plain;::iff and Defendants (each a "Party") each

represent, warrant and addi t iona l ly covenant to eachknowing and in tending t ha t each Party i s re ly ing

thereon in enter:tng in to the t ransac t ions contemplatedhereby, as follows:

(a ) Capacity. Such Party has the r igh t , poyler ar.d1 C ~ f i a c . i t y to enter, into and perform a l l ac t s

cc,ntemplat:ed by t h i s St ipu la t ion and Consent Order.(b) No P:r:ohibit.ion . Such ?ar ty is not prohib i ted

or :rest1:icted from consununating the t ransactions contemplatedby this Stipulat ion and Consent Order by any l ien or

agreement, organ iza t iona l document,ion, r e s t r i c t i on , order , judgment or otherwise.

Party shaJ.: enter into or consent to any agreement, order,'!udgment or voluntary undertaking v:hich wi l l proh ib i t orre s t r i c t such Party from consummating t ransact ions

by th is Stipulation and Consent Order.(c) Enforceabi1i ty . This St ipu la t ion and Consent

0 r i s the l ~ g a l , va l id and binding obl igat ion of each of

5


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::he Parties herer.:o and i s legally enits te.:Tr,s.

5 . PURCBASE OF LPM' S LIMI?!ED P ~ S H : t P IMEREST:Upon r e c e i p t by L P f : ~ o f paynrentsparagraph 1 hereinabove, LPis.g 11 deliver convey to J.IGi t s ent i re in te res t in by t n ~ t . ruments . n StlChfcrm and substar.ce as mc.:y reasonably r ~ q u i r e d counsel . Such -:;onveyance shallas of the Effective Date.

6. PROVISIONS RELATED AC!liON'S OF JIG:(a) iegal

d i s b u r s e m e ~ t s and cos tsJIG on behal.:: of a ll Defendants i.tapp.:-cved by a l l of the general and l imited partne.:-s of

(b) A ll action:; tttkeu by tJIGfees paid or payable to H e k ~ m . i a n & . Inc. (and asmemorialized in the June 14, 2006 ut i.on the InveF!It:.orsAdvisory Committee, a cer t i f ied copy which annexedhereto as Exhibit A} are dee:ued approved i fied by a llof the general and l imited partners of J

(c) The 1987 Puncrldment o f th e Cer t i f i ca te o fLimited Partnership f i led v;ith tl:e Secretary the State ofNev: Jersey on Octobe::- 13/ 1987, a copyhereto as Exhibit B, i s deemed approved and ra t i f ied by a l l

the general and l imited pa::tne:r::s7 . CONFJ:DEN'l'IALITY

Plaint iff and Defendants agree to

JIG nunc pro tunc.

andThe

.. . . t' 1con :t la.e:n :I.a


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ion c


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B. MISCELLANEOUS PROVISIONS.(a ) Bas is o f .Sett lement. The

in thorough and extensive se t .lement. neqr; t iat itmnediatelypreceding and resul t ing in the executicm of t h i s ipulationand Consent Order. A ll o f those settlerne:-1t n(aqot.iat;.ion.s havebeen completed, and are merged 1nlo t h i s StConsent Order, t > ~ h i c h s ta tes as a fu l l , complete, ,'>;ritten, and unambiguous integrat ion tthe par t i e s .

(b} Fai::ness . The t specificallyacknot-rledge tha t t h i s _pulatprovides to ~ h e m a fu l l , fa i r andaccomplish settlement of a l l sputes bet\>teen and among theParties hereto. '!'hey are a ll receiving benefits andconsiderat ion as a resul t of p r o v i ~ thtsSt ipu la t ion and Consent Order. They have knowin9ly enteredin to t h i s Stipulat ion and Consent Ord'E:'r and thatthe provis ions hereof se t forth a reasonable manner toresolve a l l claims re la t ing to th i s ian .

(c ) No Admission. The Part ies expresslytha t the execution of t::tis Stipula t ion and Consent Order,the dis t r ibut ions pursuant to Paragraph hereof,. and anyother act ion taken \


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ibLl i ty . This St ipu la t ion and Consent Orcer and, ~ , tons taker.. to execute or imple:nent it sha l l not;;1dmi :-il"Jle :i,n , : ; ~ n y ac t ions o r proceedings except to enfo,rc.::?or lement th i s S t ipu l a t i on and Consent Order..

9. !!_SCELLANEOOS .( a) Bin


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( f l Severabilit;y:. Any p . r o ~ ; i s i o n Stipulatio:1 and Consent Order ,.;hich may becompetent authcu:i1.:.:y to be l lbe inef :ec t ive to tl;e extent ot SUCl1 orott ibi ion orunenforceabi l i ty , withou-.:provis ions hereof.

(g) Surviva1 of P..llrepresentat. io:1s and warrant ies of the ?ar t i es hereto th i sS ~ i p u l a t i o n and Consent Order shal ldel ivery hereof and the consummation c f the trat'lsactionscontemplated hereby.

(h) R e p r e s e n t a ~ i o n by C ~ s e l . r t iasrepresent that they are each represented by legal counsel ofthe i r choice, are fully aware of the contained in thisStipulat ion and Cor.sent Order, , volun.tarilyand without coercion or duress ""nu .,$ . ,.,. :1 ,..1 no,t he i r at torneys to execute same bel.0\'11 er.tered in to t h i sStipulation and Consent Order.

CONSENTED TO:Forman

3y: Esq .

4 2 1 1 8 / 0 0 0 2 - 2 3 6 ? 8 2 6 ~ 2

Bor.. Peter E. Doyne, P.J.S.C.

Law Off3.ces of ~ i c h a r d MalagiereAttorney for Pla in t i

By: Richard [ \ ~ a l a g i e r e , Esq.

.. c

.:.. '


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N e ~ 1 n a r . & Simpson, LLPAttorneys for Defendants,O o n , \ . ~ i . Ba ey, SamuelH ~ k E f , . u1n and J , s y InvestorsCo.

Schiffman, Abraham, Kaufman &Rit ter , P.C.A ~ t o = n e y s for Defendants,Hekemian & Co. Inc . and

laganella v. hekemian stip of settlement & consent order

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