Opinion
Case No. 08-10814-TJC.
October 1, 2008
Merrill Cohen, Bethesda, Maryland, Attorney for Trustee.
Glenn Rosenthal, Frederick, Maryland, Leslie A. Powell, Frederick, Maryland, Attorney for James Draper.
David S. Musgrave, Ober, Kaler, Grimes Shriver, Baltimore, Maryland, Attorney for Woodsboro Bank.
Merrill Cohen, Chapter 7 Trustee (the "Trustee") for the bankruptcy estate of Dale Ernest Ausherman (the "Debtor"), Glenn Rosenthal ("Rosenthal"), James Draper ("Draper") and Woodsboro Bank ("Woodsboro") hereby stipulate and agree as follows:
Stipulations
1. On August 21, 2008, the Trustee filed a Notice of Trustee's Intention to Sell Estate's Interest in Ulyssix Technologies, Inc. Stock and Promissory Note. Such Notice stated the Trustee's Intention to sell 2500 shares of Ulyssix Technolgies, Inc, ("Ulyssix") stock and a promissory note dated June 24, 2006 from Ulyssix to the Debtor in the original principal amount of $37,500.00 (the "Note") (collectively, the "Ulyssix Assets"). The Notice mistakenly recited that the proposed purchaser of the Ulyssix Assets was Ulyssix. The proposed purchaser is actually Rosenthal, individually, who is President and Chief Executive Office of Ulyssix. The proposed purchase price for the Ulyssix Assets as set forth in the Notice was $15,590.82.
3. On September 9, 2008, Draper filed an Objection to the Trustee's Notice to sell the Ulyssix Assets. In his objection, Draper offered a total of $20,500.00 for the Ulyssix Assets.
4. On September 10, 2008, Woodsboro filed an Objection to the Trustee's Notice and proposed sale on the grounds that the proposed sale was not the highest and best price for the Ulyssix Assets.
5. On September 11, 2008, a telephonic auction sale was held for the Ulyssix Assets. Rosenthal and Draper participated in such auction. Woodsboro was advised of the auction.
6. The highest and best offer for the Ulyssix Assets was made by Rosenthal for a total purchase price of $28,000.00.
7. Draper and Woodsboro hereby withdraw their objections to the Trustee's Notice and the Proposed Sale, based upon the sale of the Ulyssix Assets to Rosenthal for $28,000.00.
ORDER
WHEREFORE, on the basis of the foregoing Stipulations, the consent of the parties, and good cause for the relief requested having been shown, it is, by the United States Bankruptcy Court for the District of Maryland, hereby
ORDERED, that Merrill Cohen, Trustee is hereby authorized to sell the 2500 shares of Ulyssix Technolgies, Inc, stock and the promissory note dated June 24, 2006 from Ulyssix to the Debtor in the original principal amount of $37,500.00 as identified in the Trustee's Notice dated August 21, 2008 to Glenn Rosenthal for $28,000.00.