Summary of 1/22 Omnibus Hearing
On January 22, 2007, the Court held a hearing addressing the following items:
1. Motion for relief from stay to resume personal injury case of Stephen Green: On January 18, 2007, the parties entered into a consent order granting relief from the automatic stay to permit the plaintiff, Stephen Green, to pursue an action in the Superior Court of New Jersey for the sole purpose of establishing the Debtors' liability in order to recover from the Debtors' liability insurance proceeds.
2. Motion for an Order terminating contract and providing a lien on the interest of the real property in favor of Jane Napoletano: The motion was adjourned until January 29, 2007.
3. Motion for relief from the automatic stay in order to obtain a refund of deposit monies and continue State Court litigation for Valerie Fields's and Natalie Meisenberg's purchase of 197 Melanie Way, Manahawkin, NJ: The motion was adjourned until January 29, 2007.
4. Objections to application for retention of DJM Asset Management, LLC and Sheldon Good & Company as exclusive real estate consultant: Over the objections of the creditors, the Court granted the order approving the retention of DJM Asset Management, LLC and Sheldon Good & Company with modifications made to the Agreement for Services.
5. Motion to Extend Exclusivity Period for Filing a Chapter 11 Plan and Disclosure Statement: The motion was adjourned.
6. Motion for termination of Seoung and Donna Baik's contract: The evidentiary hearing on adequate assurance of performance and the ability of the Debtors to assume the contract was set for February 7, 2007.
7. Final Hearings authorizing Debtors to incur post-petition secured indebtedness for the purpose of winterizing the Debtors' estates: The Debtors have entered into consent agreements with various lenders to secure financing to winterize units on a development-by-development basis. Final hearings on the Debtors' interim order authorizing the Debtors to incur post-petition secured indebtedness from Credit Suisse for the purpose of winterizing Buckley Estates and the interim order authorizing Debtors to incur post-petition secured indebtedness from Amboy National Bank for the purpose of winterizing Kara at Crine West, LLC and Horizons at Birch Hill, LLC were scheduled for January 22, 2007.
a) Final and amended order authorizing Debtor to incur post-petition secured indebtedness from Credit Suisse for the purpose of winterizing Buckley Estates: The Court granted this motion authorizing the Debtors to incur up to $110,612 to winterize the Buckley property. Credit Suisse has a first priority lien on the Buckley property to the extent of the winterization advances and shall be repaid, with interest, prior to the payment of any other liens on the property, except for municipal taxes and assessments.
b) Final order authorizing Debtors to incur post-petition secured indebtedness from Amboy National Bank for the purpose of winterizing Kara at Crine West, LLC and Horizons at Birch Hill, LLC: The Court granted this motion authorizing Crine West, LLC to incur $71,199 for the purposes of winterizing the property at Crine West and authorizing Birch Hill, LLC to incur $10,306 for the purposes of winterizing the property at Birch Hill. Amboy National Bank has a first priority lien on the Crine West and Birch Hill property to the extent of the winterization advances and the loans shall be repaid, with interest, prior to the payment of any other liens on the property, except for municipal taxes and assessments.
The next hearing date is scheduled for January 29, 2007 at 1:00 pm in Trenton, New Jersey.
1. Motion for relief from stay to resume personal injury case of Stephen Green: On January 18, 2007, the parties entered into a consent order granting relief from the automatic stay to permit the plaintiff, Stephen Green, to pursue an action in the Superior Court of New Jersey for the sole purpose of establishing the Debtors' liability in order to recover from the Debtors' liability insurance proceeds.
2. Motion for an Order terminating contract and providing a lien on the interest of the real property in favor of Jane Napoletano: The motion was adjourned until January 29, 2007.
3. Motion for relief from the automatic stay in order to obtain a refund of deposit monies and continue State Court litigation for Valerie Fields's and Natalie Meisenberg's purchase of 197 Melanie Way, Manahawkin, NJ: The motion was adjourned until January 29, 2007.
4. Objections to application for retention of DJM Asset Management, LLC and Sheldon Good & Company as exclusive real estate consultant: Over the objections of the creditors, the Court granted the order approving the retention of DJM Asset Management, LLC and Sheldon Good & Company with modifications made to the Agreement for Services.
5. Motion to Extend Exclusivity Period for Filing a Chapter 11 Plan and Disclosure Statement: The motion was adjourned.
6. Motion for termination of Seoung and Donna Baik's contract: The evidentiary hearing on adequate assurance of performance and the ability of the Debtors to assume the contract was set for February 7, 2007.
7. Final Hearings authorizing Debtors to incur post-petition secured indebtedness for the purpose of winterizing the Debtors' estates: The Debtors have entered into consent agreements with various lenders to secure financing to winterize units on a development-by-development basis. Final hearings on the Debtors' interim order authorizing the Debtors to incur post-petition secured indebtedness from Credit Suisse for the purpose of winterizing Buckley Estates and the interim order authorizing Debtors to incur post-petition secured indebtedness from Amboy National Bank for the purpose of winterizing Kara at Crine West, LLC and Horizons at Birch Hill, LLC were scheduled for January 22, 2007.
a) Final and amended order authorizing Debtor to incur post-petition secured indebtedness from Credit Suisse for the purpose of winterizing Buckley Estates: The Court granted this motion authorizing the Debtors to incur up to $110,612 to winterize the Buckley property. Credit Suisse has a first priority lien on the Buckley property to the extent of the winterization advances and shall be repaid, with interest, prior to the payment of any other liens on the property, except for municipal taxes and assessments.
b) Final order authorizing Debtors to incur post-petition secured indebtedness from Amboy National Bank for the purpose of winterizing Kara at Crine West, LLC and Horizons at Birch Hill, LLC: The Court granted this motion authorizing Crine West, LLC to incur $71,199 for the purposes of winterizing the property at Crine West and authorizing Birch Hill, LLC to incur $10,306 for the purposes of winterizing the property at Birch Hill. Amboy National Bank has a first priority lien on the Crine West and Birch Hill property to the extent of the winterization advances and the loans shall be repaid, with interest, prior to the payment of any other liens on the property, except for municipal taxes and assessments.
The next hearing date is scheduled for January 29, 2007 at 1:00 pm in Trenton, New Jersey.
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