ARTHUR GONZALEZ, Bankruptcy Judge
Upon the motion dated March 25, 2004 (the "Motion") of Lexington Insurance Company as subrogee of Goldman Sachs, a Delaware General Partnership, as General Partner for W9/KL Real Estate Limited Partnership, a Delaware Limited Partnership and W9/KAB Real Estate Limited Partnership a Delaware Limited Partnership and Goldman Sachs, a Delaware General Partnership as General Partner for W9/KL Real Estate Limited Partnership, a Delaware Limited Partnership and W9/KAB Real Estate Limited Partnership, a Delaware Limited Partnership (collectively referred to herein as the "Movant"), for an order granting relief from the automatic stay pursuant to 11 U.S.C. § 362(d) and authorizing the Movant to pursue its subrogation interest against the above-captioned debtor ("Worldcom" or, together with all affiliated co-debtors, the "Debtors") in the Circuit Court, Orange County, Florida; and
WHEREAS, the Debtors' Modified Second Amended Joint Plan of Reorganization (the "Plan") became effective on April 20, 2004; and
WHEREAS, Section 7.05 of the Plan provides that any distributions to a holder of an Allowed Insured Claim, as defined in the Plan, shall be in accordance with the provisions of any applicable insurance policy; and
WHEREAS, Movants contend that their claim is covered by an applicable insurance policy; and
WHEREFORE, the parties have agreed to resolve the Motion on the terms set forth herein; and
It is therefore stipulated that
1. The Motion is withdrawn.
2. The discharge injunction in Section 10.04 of the Plan is hereby modified to permit Movants to commence an action (the "Florida Action") in Circuit Court for Orange County, Florida, against the Debtors for the sole purpose of pursuing the claim specified in proof of claim number 36515 (the "Subrogation Claim") to the extent of available insurance coverage. No judgment in the Florida Action shall be enforceable against the Debtors except to the extent of available insurance coverage.
3. In the event insurance coverage is not available for all or a portion of the Subrogation Claim, Movants reserve their rights to pursue recovery against the Debtors in the bankruptcy claims resolution process; provided, however, that adjudication of Movants' rights to any recovery from the Debtors shall take place only in these chapter 11 cases in United States Bankruptcy Court for the Southern District of New York.
4. Movants agree that the Debtors' deadline to object to the Subrogation Claim under Section 7.01 of the Plan shall be extended until 90 days after the final resolution of the Florida Action and any insurance coverage disputes, including any appeals.
5. Except as specifically provided herein, the Debtors reserve all rights in connection the Florida Action and the Subrogation Claim, on behalf of themselves and any applicable insurer, including without limitation the right to object to the Subrogation Claim on any applicable procedural or substantive ground. The Debtors agree that the deferral of any adjudication of the Subrogation Claim in this Court, should such adjudication become necessary, shall not be asserted as an argument that Movants failed to act diligently in connection with the timeliness of the Subrogation Claim.
6. Nothing contained herein shall constitute an acknowledgment by the Debtor, any of its affiliates or this Court of the validity of a claim against the Debtors or any of their affiliates or insurers.
7. This Court shall retain jurisdiction with respect to all matters arising from or related to the implementation of this Stipulation and Order.
SO ORDERED.