Nature of the Case
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Facts
Joseph Jasgur mingled with and photographed Hollywood celebrities starting in the 1940s. One celebrity he photographed was Norma Jean Mortenson, i.e., Marilyn Monroe. Jasgur took her first professional photographs, including the only photo that suggests she had six toes on one foot. His collection is very impressive. Jasgur tried to capitalize on his work but had no luck. Seminole Walls, the debtor also owned PITA, which in turn, claimed an interest in the Jasgur Collection. PITA sold all of its rights to the collection to Vintage Partners, Inc., in exchange for cash and a note in the amount of $1,800,000.00. The note was due and payable on November 4, 2001. Vintage Partners, Inc., defaulted on the note. The Debtor filed suit to collect on the note in the Circuit Court of Orange County Florida against one of the principals of Vintage Partners, Inc., in December of 2001. When the note is collected or the Jasgur Collection is liquidated, after costs expenses and debts of PITA are paid (PITA has less than $ 700,000 in debt), the net proceeds shall be used by the Debtor toward the implementation of the Plan of Reorganization. Eventually, the United States Trustee filed a Motion to Convert the Case to Chapter 7. Carla Musselman (P) was appointed as the Chapter 7 trustee. P filed two adversary proceedings seeking to get control of the Jasgur Collection. On March 29, 2005, P filed a motion to approve her settlement with Jasgur, contending that the settlement would reduce litigation costs, improve the estate's ability to realize the value of the Jasgur Collection and remove the uncertainty of Jasgur's claim that he still owned and controlled the Jasgur Collection. P will market and sell the Jasgur Collection, and, after paying any portion due to any other party claiming an interest in the collection, P and Jasgur will split the proceeds with P receiving 65 percent and Jasgur receiving the remaining 35 percent. Jasgur is approximately 87 years old and was deemed incapacitated by a Florida state court on August 10, 2005. Stanonik was appointed a limited guardian of the person and property of Jasgur and is authorized to make those decisions that Jasgur no longer can make. Jasgur's guardian no longer wants to go forward with the settlement agreement between Jasgur and P. Stanonik has filed a formal objection to the settlement and has filed a separate motion to rescind the compromise. Jasgur contends he was incompetent at the time he signed the agreement, which makes the settlement void and unenforceable.
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