Summary of 5/21 hearings
On May 21, 2007, the Court held a hearing to address the following related items:
1. Motion to Compel Rejection of Executory Contract and Grant Lien in addition to Motion for Relief from the Automatic Stay regarding 46 Zachary Way, Mt. Arlington, NJ on behalf of Frank Digirolamo: This motion was resolved by consent order whereby the Debtors shall be permitted to assume the contract for sale if the Debtors confirm a plan on or before September 30, 2007 and the plan proposes to complete construction of Mt. Arlington I. In the event a plan is not confirmed by September 30, 2007, the contract will be deeemed terminated and relief from the automatic stay will be granted to permit Frank Digirolamo to pursue any rights against any potential bonding company.
2. Motion to Assume Contract for Sale between the Debtors and Frank Digirolamo and for Authority to Sell Same: Resolved by the consent order described above.
The next omnibus hearing date is scheduled for Monday, June 5, 2007 at 1:00 pm in Trenton, New Jersey.
1. Motion to Compel Rejection of Executory Contract and Grant Lien in addition to Motion for Relief from the Automatic Stay regarding 46 Zachary Way, Mt. Arlington, NJ on behalf of Frank Digirolamo: This motion was resolved by consent order whereby the Debtors shall be permitted to assume the contract for sale if the Debtors confirm a plan on or before September 30, 2007 and the plan proposes to complete construction of Mt. Arlington I. In the event a plan is not confirmed by September 30, 2007, the contract will be deeemed terminated and relief from the automatic stay will be granted to permit Frank Digirolamo to pursue any rights against any potential bonding company.
2. Motion to Assume Contract for Sale between the Debtors and Frank Digirolamo and for Authority to Sell Same: Resolved by the consent order described above.
The next omnibus hearing date is scheduled for Monday, June 5, 2007 at 1:00 pm in Trenton, New Jersey.
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