TITLE
Recommendation to authorize City Manager to execute a 9th amendment to the agreement with the firm of Ezra, Brutzkus, Gubner, LLP, in the matter entitled Queens Seaport Development, Inc, Case No. LA 05-1575VZ.
DISCUSSION
The City Council is requested to authorize the City manager to execute a 9th amendment to the agreement with the firm of Ezra, Brutzkus, Gubner, LLP for an additional $100,000, for a total of $1,950,000, in order that they ay continue to represent the City's interest in the above-entitled case.
There is no fiscal impact to the General Fund as Tidelands Funds are being sued in this matter. In November of 2007, the City received a approximately $8,647,000 as a part of the settlement agreement with the bankruptcy estate. A port of this settlement amount reimbursed the city for its attorney fees incurred in this matter. In addition, the City and the trustee have recently executed a stipulation resolving the City's claim for reimbursement of costs expended by the City to recover additional assets belonging to the estate. This stipulation is subject to the approval of the Bankruptcy Court and is scheduled to be heard in late January of 2009.
SUGGESTED ACTION
Approve recommendation.
Respectfully Submitted,
ROBERT E. SHANNON, CITY ATTORNEY
J. Charles Parkin
Principal Deputy City Attorney