Summary of 1/16 Omnibus Hearing
On January 16, 2007, the Court held a hearing addressing the following motions:
1. Motion for Relief from Stay filed by Township of Hamilton (Atlantic County): The Township of Hamilton requested relief from the stay because the Debtors have failed to remain current on post-petition real estate tax liabilities. This motion has been rescheduled to be heard on February 5, 2007.
2. Motion for Authority to Obtain Credit from Plainfield Special Situations Master Fund, Ltd.: An interim order granting the post-petition financing was granted by the Court. The interim order granted the Debtors the right to incur indebtedness up to $2,600,000. The proceeds of the indebtedness shall be used for the following: (i) budgeted operating and other expenses through the final hearing; (ii) the repayment in full of the Bear Stearns DIP loan; (iii) all amounts owed to Bear Stearns related to the DIP loan; (iv) the funding of an Interest Reserve Account in the amount of $300,000; (v) the fees of the US Trustee; (vi) the fees of the Clerk of the Court; and (vii) all fees related to this DIP Facility. The final hearing has been scheduled for January 29, 2007 at 2:00 pm.
3. Motion to Sell Certain Assets of Woodland Estates at North Edison, LLC: The Court granted the Auction Procedures portion of the motion to sell the assets of Woodland Estates at North Edison. Pursuant to the Auction Procedures, Woodland Estates by Fenix, LLC is the stalking horse bidder. Any competing bids must be submitted no later that February 26, 2007 at 5:00 pm (EST) and in an amount equal to or greater than $11,696,186.58. If at least one competing bid is timely submitted, an Auction will be conducted on March 1, 2007 at 10:00 am. A final hearing to approve the results of the Sale and Auction has been scheduled for March 6, 2007 at 10:00 am.
4. Motion to Sell Certain Assets of Kara at Monroe, LLC: The Court granted the Auction Procedures portion of the motion to sell the assets of Kara at Monroe, LLC. Pursuant to the Auction Procedures, Parkmeadow Estates by Fenix, LLC is the stalking horse bidder. Any competing bids must be submitted no later that February 26, 2007 at 5:00 pm (EST) and in an amount equal to or greater than $2,890,005.03. If at least one competing bid is timely submitted, an Auction will be conducted on March 1, 2007 at 10:00 am. A final hearing to approve the results of the Sale and Auction has been scheduled for March 6, 2007 at 10:00 am.
The next omnibus hearing date is scheduled for January 22, 2007 at 1:00 pm in Trenton, New Jersey.
1. Motion for Relief from Stay filed by Township of Hamilton (Atlantic County): The Township of Hamilton requested relief from the stay because the Debtors have failed to remain current on post-petition real estate tax liabilities. This motion has been rescheduled to be heard on February 5, 2007.
2. Motion for Authority to Obtain Credit from Plainfield Special Situations Master Fund, Ltd.: An interim order granting the post-petition financing was granted by the Court. The interim order granted the Debtors the right to incur indebtedness up to $2,600,000. The proceeds of the indebtedness shall be used for the following: (i) budgeted operating and other expenses through the final hearing; (ii) the repayment in full of the Bear Stearns DIP loan; (iii) all amounts owed to Bear Stearns related to the DIP loan; (iv) the funding of an Interest Reserve Account in the amount of $300,000; (v) the fees of the US Trustee; (vi) the fees of the Clerk of the Court; and (vii) all fees related to this DIP Facility. The final hearing has been scheduled for January 29, 2007 at 2:00 pm.
3. Motion to Sell Certain Assets of Woodland Estates at North Edison, LLC: The Court granted the Auction Procedures portion of the motion to sell the assets of Woodland Estates at North Edison. Pursuant to the Auction Procedures, Woodland Estates by Fenix, LLC is the stalking horse bidder. Any competing bids must be submitted no later that February 26, 2007 at 5:00 pm (EST) and in an amount equal to or greater than $11,696,186.58. If at least one competing bid is timely submitted, an Auction will be conducted on March 1, 2007 at 10:00 am. A final hearing to approve the results of the Sale and Auction has been scheduled for March 6, 2007 at 10:00 am.
4. Motion to Sell Certain Assets of Kara at Monroe, LLC: The Court granted the Auction Procedures portion of the motion to sell the assets of Kara at Monroe, LLC. Pursuant to the Auction Procedures, Parkmeadow Estates by Fenix, LLC is the stalking horse bidder. Any competing bids must be submitted no later that February 26, 2007 at 5:00 pm (EST) and in an amount equal to or greater than $2,890,005.03. If at least one competing bid is timely submitted, an Auction will be conducted on March 1, 2007 at 10:00 am. A final hearing to approve the results of the Sale and Auction has been scheduled for March 6, 2007 at 10:00 am.
The next omnibus hearing date is scheduled for January 22, 2007 at 1:00 pm in Trenton, New Jersey.
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