Filed: Jan. 30, 2015
Latest Update: Jan. 30, 2015
Summary: STIPULATION AND [PROPOSED] ORDER TO STAY ALL DEADLINES IN THE SCHEDULING ORDER DUE TO A PENDING SETTLEMENT GEORGE FOLEY, Jr., Magistrate Judge. Plaintiff/Counterdefendant HPEV, Inc. and Third-Party Defendants Timothy J. Hassett, Quentin D. Ponder, Judson W. Bibb III, and Theodore H. Banzhaf, (collectively, "HPEV"), as well as Defendant/Third-Party Plaintiff/Counterclaimant Spirit Bear Limited ("Spirit Bear"), by and through their counsel of record, submit this Stipulation to stay all curr
Summary: STIPULATION AND [PROPOSED] ORDER TO STAY ALL DEADLINES IN THE SCHEDULING ORDER DUE TO A PENDING SETTLEMENT GEORGE FOLEY, Jr., Magistrate Judge. Plaintiff/Counterdefendant HPEV, Inc. and Third-Party Defendants Timothy J. Hassett, Quentin D. Ponder, Judson W. Bibb III, and Theodore H. Banzhaf, (collectively, "HPEV"), as well as Defendant/Third-Party Plaintiff/Counterclaimant Spirit Bear Limited ("Spirit Bear"), by and through their counsel of record, submit this Stipulation to stay all curre..
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STIPULATION AND[PROPOSED] ORDER TO STAY ALL DEADLINES IN THE SCHEDULING ORDER DUE TO A PENDING SETTLEMENT
GEORGE FOLEY, Jr., Magistrate Judge.
Plaintiff/Counterdefendant HPEV, Inc. and Third-Party Defendants Timothy J. Hassett, Quentin D. Ponder, Judson W. Bibb III, and Theodore H. Banzhaf, (collectively, "HPEV"), as well as Defendant/Third-Party Plaintiff/Counterclaimant Spirit Bear Limited ("Spirit Bear"), by and through their counsel of record, submit this Stipulation to stay all current deadlines in the Scheduling Order (Dkt. # 156) due to a pending settlement between all parties.
1. On January 28, 2015, HPEV and Spirit Bear executed a Settlement and Release Agreement, which is intended to resolve any and all claims between HPEV (including Hassett, Ponder, Bibb, and Banzhaf) and Spirit Bear.
2. Pursuant to the terms of Settlement and Release Agreement, HPEV and Spirit Bear intend to dismiss, with prejudice, the non-shareholder derivative claims in approximately 50 days.
3. Pursuant to the terms of the Settlement and Release Agreement, the parties intend to move the Court, pursuant to Federal Rule of Civil Procedure 23.1(c), for approval of the settlement of the shareholder derivative claims. Upon the Court's approval, HPEV and Spirit Bear will dismiss, with prejudice, the shareholder derivative claims.
4.Pursuant to Section 2.4 of the Settlement and Release Agreement, HPEV and Spirit Bear agreed that "as of the Effective Date [January 28, 2015], to the fullest extent of their ability, any and all discovery or other deadlines in or associated with the Lawsuits are and shall be treated as stayed or held in abeyance until such time as the Lawsuits are dismissed, all discovery (including third-party discovery) is and shall be withdrawn, and that they shall make any such court filings as are appropriate in furtherance of effecting a complete standstill of all litigation related to the Lawsuits."
5. The current deadlines in the Scheduling Order are as follows:
✓Initial Expert Disclosures — February 20, 2015.
✓Interim Status Report — February 20, 2015.
✓Rebuttal Expert Disclosures — March 20, 2015.
✓Discovery Deadline — April 20, 2015.
✓Dispositive Motions — May 20, 2015.
✓Pre-Trial Order — June 19, 2015.
6. In compliance with Section 2.4 of the Settlement and Release Agreement, HPEV and Spirit Bear stipulate and agree to stay the above-referenced deadlines in order to provide them with sufficient time to effectuate the Settlement and Release Agreement.
7. In the unlikely event that HPEV and Spirit Bear are unable to effectuate the Settlement and Release Agreement, they will jointly seek the entry of a new scheduling order.
ORDER
IT IS SO ORDERED.
