Summary of 4/9 Omnibus Hearing
On April 9, 2007, the Court held an omnibus hearing addressing the following items:
1. Confirm Results of Auction held on March 27, 2007 to Sell Six (6) Real Estate Developments: The results of the auction were approved; orders memorializing the Court's decision and opinion to be submitted for entry.
2. Motion by K. Hovnanian at Old Bridge, LLC to Compel Debtors to Assume or Reject Off-Site Improvement Contract: Adjourned until April 16, 2007; however on April 10, 2007, K. Hovnanian filed a document withdrawing the motion.
3. Motion for Relief from Stay filed by Amboy Bank regarding Parcels of Land Owned by Horizons at Birch Hill, LLC: Granted. The Debtors did not oppose the motion due to the lack of equity in the project.
4. Motion and Letter Brief of Edison Township to Vacate Stay: Denied, an Order will be submitted.
5. Application of Estates of North Edison, LLC Compelling Debtors to Assume or Reject Agreement of Sale of Real Property Located at Woodland Avenue, Edison: Adjourned until June 4, 2007 to allow forty-five (45) day condemnation clause to lapse in the Sale Agreement with Fenix.
6. Application for Entry of an Order Compelling Payment of Administrative Claim to Anthony & Co.: Evidentiary hearing to determine validity of claim is set for May 10, 2007.
7. Application of Investors Savings Bank for Relief from the Automatic Stay to Pursue Foreclosure of Real Property Located at Woodland Avenue, Edison: Adjourned until June 4, 2007 to allow forty-five (45) day condemnation clause to lapse in the Sale Agreement with Fenix.
8. Application to Reject Executory Contracts Relating to Use and Occupancy of Certain Model Homes and Furniture Leases: Granted. Cross-motion to declare amounts due under the executory contracts related to Use and Occupancy of Certain Model Houses and Furniture Leases as administrative expenses is set for evidentiary hearing on May 10, 2007.
9. Application of Investor Savings Bank for Relief from the Automatic Stay to Pursue Foreclosure of Real Property commonly known as Park Meadow at Edison Should the Property Fail to be Sold at the Scheduled Auction: Adjourned until June 4, 2007 to allow forty-five (45) day condemnation clause to lapse in the Sale Agreement with Fenix.
10. Application for Entry of Final Consent Order (i) Authorizing Sterling Acres at Monroe, LLC to Incur Post-Petition Secured Indebtedness to Valley National Bank for Purposes of Winterizing and Completing Construction of Homes: Granted.
11. Motion for Relief from Stay regarding Modular Units of Behalf of GE Capital Modular Units: Adjourned until April 30, 2007.
12. Motion for Relief from Stay to Set-off Retainer Account on behalf of Flaster Greenberg, PC: Adjourned until April 16, 2007; consent order to be submitted.
13. Motion for Relief from the Automatic Stay on behalf of Guttman Family Trust: Granted.
14. Motion to Compel James Green, Trustee, to Discharge Mortgage: Granted.
1. Confirm Results of Auction held on March 27, 2007 to Sell Six (6) Real Estate Developments: The results of the auction were approved; orders memorializing the Court's decision and opinion to be submitted for entry.
2. Motion by K. Hovnanian at Old Bridge, LLC to Compel Debtors to Assume or Reject Off-Site Improvement Contract: Adjourned until April 16, 2007; however on April 10, 2007, K. Hovnanian filed a document withdrawing the motion.
3. Motion for Relief from Stay filed by Amboy Bank regarding Parcels of Land Owned by Horizons at Birch Hill, LLC: Granted. The Debtors did not oppose the motion due to the lack of equity in the project.
4. Motion and Letter Brief of Edison Township to Vacate Stay: Denied, an Order will be submitted.
5. Application of Estates of North Edison, LLC Compelling Debtors to Assume or Reject Agreement of Sale of Real Property Located at Woodland Avenue, Edison: Adjourned until June 4, 2007 to allow forty-five (45) day condemnation clause to lapse in the Sale Agreement with Fenix.
6. Application for Entry of an Order Compelling Payment of Administrative Claim to Anthony & Co.: Evidentiary hearing to determine validity of claim is set for May 10, 2007.
7. Application of Investors Savings Bank for Relief from the Automatic Stay to Pursue Foreclosure of Real Property Located at Woodland Avenue, Edison: Adjourned until June 4, 2007 to allow forty-five (45) day condemnation clause to lapse in the Sale Agreement with Fenix.
8. Application to Reject Executory Contracts Relating to Use and Occupancy of Certain Model Homes and Furniture Leases: Granted. Cross-motion to declare amounts due under the executory contracts related to Use and Occupancy of Certain Model Houses and Furniture Leases as administrative expenses is set for evidentiary hearing on May 10, 2007.
9. Application of Investor Savings Bank for Relief from the Automatic Stay to Pursue Foreclosure of Real Property commonly known as Park Meadow at Edison Should the Property Fail to be Sold at the Scheduled Auction: Adjourned until June 4, 2007 to allow forty-five (45) day condemnation clause to lapse in the Sale Agreement with Fenix.
10. Application for Entry of Final Consent Order (i) Authorizing Sterling Acres at Monroe, LLC to Incur Post-Petition Secured Indebtedness to Valley National Bank for Purposes of Winterizing and Completing Construction of Homes: Granted.
11. Motion for Relief from Stay regarding Modular Units of Behalf of GE Capital Modular Units: Adjourned until April 30, 2007.
12. Motion for Relief from Stay to Set-off Retainer Account on behalf of Flaster Greenberg, PC: Adjourned until April 16, 2007; consent order to be submitted.
13. Motion for Relief from the Automatic Stay on behalf of Guttman Family Trust: Granted.
14. Motion to Compel James Green, Trustee, to Discharge Mortgage: Granted.
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