In re Information Packagings, Inc.

Full title: In re: INFORMATION PACKAGINGS, INC. et al., Chapter 11, Debtors

Court: United States Bankruptcy Court, M.D. Tennessee, Nashville Division

Date published: Jan 29, 2003

No. 300-07204 (Bankr. M.D. Tenn. Jan. 29, 2003)

Opinion

No. 300-07204

January 29, 2003

Randal S. Mashburn, BAKER, DONELSON, BEARMAN CALDWELL, Nashville, Tennessee, Attorneys for Bauer Investments; Robert J. Gonzales, MENDES GONZALES, PLLC, Nashville, Tennessee, Attorneys for Debtor.

Samuel K. Crocker, Nashville, TN, Attorney for Rosen Systems, Inc..

Joseph A. Kelly, HARWELL HOWARD HYNE GABBERT MANNER, Nashville, TN, and Jeremy M. Downs, GOLDBERG, KOHN, BELL, BLACK, ROSENBLOOM MORTIZ, LTD., Chicago, IL, Attorneys for Bank of America Commercial Finance Corporation.

ORDER RESOLVING MOTION TO REQUIRE ROSEN SYSTEMS, INC., TO DISGORGE AUCTION FEES DUE TO VIOLATION OF COURT ORDER APPROVING SALE

GEORGE C. PAINE II, United States Bankruptcy Judge

This matter came before the Court upon the motion of Bauer Investments ("Bauer"), a landlord with respect to certain real estate in Waco, Texas, previously leased by one of the Debtor entities in the above-referenced case, to require Rosen Systems, Inc. ("Rosen") to disgorge all fees earned from this bankruptcy estate due to an alleged violation of a Court Order approving an auction conducted on Bauer's property ("the Motion"). It appearing to the Court that the affected parties have reached an agreement to resolve all matters relating to the allegations in the Motion; and it appearing that it is in the best interests of the bankruptcy estate to resolve the Motion in this manner, it is therefore ORDERED as follows:

1. Banc of America Commercial Finance Corporation ("BOA"), the secured lender in this matter, has released sufficient proceeds from the auction to allow the purchase of replacement items for the items that Bauer alleged were improperly sold. Bauer acknowledges that BOA, Rosen and the Debtor have made satisfactory arrangements regarding the replacement of such items and that the claims raised in the Motion have been rendered moot by such actions.

2. The Motion is hereby withdrawn with prejudice, and Bauer hereby releases any claim it may have against Rosen, the Debtor or BOA arising out of the facts, circumstances and claims asserted in the Motion.

3. in view of the fact that the resolution of this matter does not prejudice other creditors or parties in interest, no separate notice or opportunity for objection is required. However, Debtor shall serve a copy of the Order upon the U.S. Trustee, the Unsecured Creditors' Committee and parties requesting notice.

IT IS SO ORDERED.