Opinion
No. 302-00979
May 8, 2002
Robert C. Goodrich, Edward M. Graves III, Stites Harbison PLLC, Nashville, TN., Attorneys for Transamerica Equipment Financial Services Corporation.
David Cañas, Harwell, Howard, Hyne, Gabbert Manner, PC, Nashville, TN., Attorneys for Pen Holdings, Inc., et al.
AGREED ORDER GRANTING STAY RELIEF AND ABANDONMENT
This matter came before this Court on April 23, 2002, for a preliminary hearing on the Motion for Relief from Stay, for Adequate Protection, and for Abandonment (the "Motion") filed by Transamerica Equipment Financial Services Corporation ("Transamerica"). The only objection to the relief sought by Transamerica was filed by the Debtors. At the hearing the Court determined that due to the complexity of certain issues, it was not appropriate to grant relief at this stage, except to require an adequate protection payment and to set a final hearing for May 14, 2002. On April 30, 2002, however, the Debtors filed a Motion and Notice to Reject Certain Executory Contracts Pursuant to 11 U.S.C. § 365(a), F.R.Bankr.P. 6006 and L.B.R. 9013-1, under which it is rejecting the leases of Transamerica.
As evidenced by the signatures for counsel below, the Debtors and Transamerica have agreed to certain relief set forth below.
IT IS THEREFORE ORDERED THAT:
1. Transamerica is hereby granted relief from the automatic stay with respect to the Property, as defined in the Motion, and the Property is hereby abandoned from the bankruptcy estate.
2. Notice of the Motion having been served in accordance with Bankruptcy Rule 4001(a), and the only objecting parties having been the Debtors, the parties need give no further notice of stay relief or abandonment provided for in this Agreed Order.