Summary of 1/8 Omnibus Hearing
On January 8, 2007, the Court held an omnibus hearing on several motions and applications. A brief summary of the Court's rulings are listed below:
Application For Retention of Professional Sullivan and Company Inc. as Financial Advisor to the Debtor: Motion withdrawn by Sullivan without prejudice to file a different application with the Court.
Motion to Compel Debtor to Assume or Reject Executory Contracts and for Injunctive Relief Filed by Eric H. Lindenman on behalf of Bond Safeguard Insurance Co., Lexon Insurance Co.: Adjourned to February 5, 2007
Cross Motion re: For an Order Pursuant to 11 U.S.C 1112(b) Converting Debtors' Cases to Cases Under Chapter 7 of the Code by North Fork Bank: Adjourned to February 5, 2007
Motion to Compel Immediate Assumption or Rejection of Executory Contract for Sale of Real Estate Filed by Steven R. Neuner on behalf of Peter Tiano: Denied in part; Debtors directed to make decision on assumption or rejection by February 20, 2007
Motion for Relief from Stay re: To Continue With Arbitration by Gosline Nissen Fire Protection: Resolved by Consent Order allowing arbitration to proceed without any binding effect on Debtors’ estates
Motion for Joint Administration for the following cases: 06-21512; 06 21513; 06-22341: Granted; order to be entered by the Court
Motion for Relief from Stay re: To Proceed With Civil Trial on PI action by Rosenberg, Kirby & Cahill on behalf of David Harak: Resolved by Consent Order permitting claimant to proceed against insurance policy solely with no impact on the Debtors' estates.
Application re: Authorizing Debtor to Pay Expense Reimbursement Fees with Respect to Securing Construction Financing Facility: Adjourned to February 5, 2007
Motion to Sell Four Real Estate Developments: Bid Procedures portion of Motion granted with revised order to be submitted with new dates on auction, hearing to approve the sale
Motion to Sell Third Group of Designated Homes: Granted; order to be entered by the Court
Motion re: Abstention and Relief from Stay Filed by Joseph Albanese on behalf of Guttman Family Trust, LLC: Denied in part; hearing adjourned to February 20, 2007 with Debtors to make decision to assume or reject by February 13, 2007
Motion for Authority to Obtain Credit Under Section 364(b) Rule 4001(c) or (d): Granted; consent orders to be submitted with each secured lender with amounts to be in line with previously approved DIP budget
Debtors’ Motion to incur post-petition debt for winterization and completion of construction of Kara at Enclave II, LLC: Revised Interim Order entered; final hearing on construction portion granted; order to be entered by Court
Barry Rosengarten’s Motion for Reconsideration of the Court’s order authorizing the sale of real property located at 11 Marissa Court, Middletown, New Jersey: Denied
Application For Retention of Professional Sullivan and Company Inc. as Financial Advisor to the Debtor: Motion withdrawn by Sullivan without prejudice to file a different application with the Court.
Motion to Compel Debtor to Assume or Reject Executory Contracts and for Injunctive Relief Filed by Eric H. Lindenman on behalf of Bond Safeguard Insurance Co., Lexon Insurance Co.: Adjourned to February 5, 2007
Cross Motion re: For an Order Pursuant to 11 U.S.C 1112(b) Converting Debtors' Cases to Cases Under Chapter 7 of the Code by North Fork Bank: Adjourned to February 5, 2007
Motion to Compel Immediate Assumption or Rejection of Executory Contract for Sale of Real Estate Filed by Steven R. Neuner on behalf of Peter Tiano: Denied in part; Debtors directed to make decision on assumption or rejection by February 20, 2007
Motion for Relief from Stay re: To Continue With Arbitration by Gosline Nissen Fire Protection: Resolved by Consent Order allowing arbitration to proceed without any binding effect on Debtors’ estates
Motion for Joint Administration for the following cases: 06-21512; 06 21513; 06-22341: Granted; order to be entered by the Court
Motion for Relief from Stay re: To Proceed With Civil Trial on PI action by Rosenberg, Kirby & Cahill on behalf of David Harak: Resolved by Consent Order permitting claimant to proceed against insurance policy solely with no impact on the Debtors' estates.
Application re: Authorizing Debtor to Pay Expense Reimbursement Fees with Respect to Securing Construction Financing Facility: Adjourned to February 5, 2007
Motion to Sell Four Real Estate Developments: Bid Procedures portion of Motion granted with revised order to be submitted with new dates on auction, hearing to approve the sale
Motion to Sell Third Group of Designated Homes: Granted; order to be entered by the Court
Motion re: Abstention and Relief from Stay Filed by Joseph Albanese on behalf of Guttman Family Trust, LLC: Denied in part; hearing adjourned to February 20, 2007 with Debtors to make decision to assume or reject by February 13, 2007
Motion for Authority to Obtain Credit Under Section 364(b) Rule 4001(c) or (d): Granted; consent orders to be submitted with each secured lender with amounts to be in line with previously approved DIP budget
Debtors’ Motion to incur post-petition debt for winterization and completion of construction of Kara at Enclave II, LLC: Revised Interim Order entered; final hearing on construction portion granted; order to be entered by Court
Barry Rosengarten’s Motion for Reconsideration of the Court’s order authorizing the sale of real property located at 11 Marissa Court, Middletown, New Jersey: Denied
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