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~~ certain sites located in New Jersey and New York (the "Untlerlying Claims") 2. The Underlying Claims have sinca been resolved and allowed by [he Bankruptcy Court as follows: EPA $37,090,8]0 HY SD EC (w rthd raven) 0 Niagara Mohawk Power Corporation 500.000 $27,598,8]0 7. CFSI Steel previously entered into a settlement agreement with American Ilo m¢ Assurance Company, and that settlement was approved by the Bankruptcy Court. 4. CF6I Steel has entered into settlement agreements with the remaining Insurance Companies, subject to Bankruptcy Court approval. All the settlement agreements, including the settlement agreement previously entered into with American Home Acsu ra nee Company, are collectively hereinafter referred to as the ''Settlement Agreements". The Settlement Agreements bind not only CF6I Steel, but the other Debtors in these jointly administered cases. 5. The aggregate net amount of all settlements under the Settlement Agreements with all the Insurance Companies is $4,]00,000. ' ~7'he aggregate gross settlement amount is $4,600,000, however, one of the Insurance Companies is entitled to draw on letters of credit provided py CF61 in the amount of $700,000, _~_ points and Authorities In American F.mnlovers' Ins Co v Kinq Resau rtes Co., 556 F.2d 471, 4]5 (10th Cir. 1977) the Tenth Circuit Court of Appeals approved a ten factor test enu meratetl by the trial court in connection with the settlement of litigation under the Bankruptcy Act. In Reiss v. Hagmann, 001 F2tl. 890, 891 (10th Cir. 1909) a case untl er the Bankruptcy Code, the Tenth Circuit acknowledged [he ten factor test of the Kinq Resources Co. case as controlling in connectl on with Che approval of a settlement antl compromise undo[ the Bankruptcy Code, however, the Tenth Circuit in Reiss v. Hagma nn focused particularly on the issue of the likelihood of success and the expected expense and delay caused by litigation'. other of the Cen factors enunciated in the Kinq Resources Co case that would arguable apply to the sect Leme nts between CFLI and the Insurance Companies include the number of parties that objet[ to the settlement, the competency and ezpe uence of counsel who support [he settlement and the extent Co which the settlement is truly the product of arms- length ba rga ininy. A bankruptcy court's approval of a compromise thereby reducing the net settlement to 54,100,000 °Because the Case vas a very larye, complex case involving a se tt lemen[ chat was put together over a period in excess of iwo years and involved some forty (4n) disci net representative groups or pa [rtes holdiuy sharp, antagonistic and con[lic4 ng ~nteres[s, several of the ten (]O) factors enumerated are not applicable Co many Settlements, including the settlement in this case. _4_