Opinion
Case No. 01-18351-JNF
September 27, 2002
ORDER
Silicon Valley Bank (the "Bank") having filed a Motion for Relief from the Automatic Stay to permit the Bank to setoff and apply funds held on deposit by the Bank in a certain Term Deposit Account which funds the Bank asserts secure obligations of Admetric BioChem, Inc. (the "Debtor") to the Bank pursuant to a certain Irrevocable Standby Letter of Credit; and
The Chapter 7 Trustee having filed a Limited Objection to the Bank's Motion with respect to the post-petition interest not disbursed to the Debtor's Operating Account No. 3300167287; and
Due notice of the Motion for Relief from Stay, the deadline for responses, and of the hearing thereon, having been given to all parties in interest, and no other responses having been filed with respect to the Bank's Motion for Relief from Stay; and
The Bank and the Trustee having agreed to resolve the dispute over the interest by payment of approximately one-half of the interest to the Debtor's bankruptcy estate;
And there being no objection to the Bank's request for waiver of the ten (10) day stay period pursuant to F.R.Bankr.P. 4001(a)(3); it is hereby
ORDERED that $940.00 of the funds on deposit in the Term Deposit Account shall be paid to the Admetric BioChem, Inc. bankruptcy estate; and it is further
ORDERED that the Bank shall have relief from stay with respect to the remaining funds on deposit in the Term Deposit Account in order that the Bank may exercise any and all of its state law rights and remedies with respect to the remaining funds on deposit in the Term Deposit Account, the same to the applied to the Debtor's obligations secured by the Term Deposit Account; and it is further
ORDERED that the ten (10) day stay period pursuant to F.R.Bankr.P. 4001(a)(3) is waived.