Opinion
Case No. 07-16243 DK, Case No. 07-22772 DK.
December 9, 2008
ATTORNEYS FOR DEBTOR William L. Needler, William L. Needler and Associates, Ltd., Northbrook, IL.
Donald Goldbloom, Attorney at Law, Grantsville, MD.
Mike Dove, Gislason Hunter L.L.P., New Ulm, Minnesota.
Willliam Baker, Baker and Baker, Baltimore, MD.
ORDER APPROVING SETTLEMENT AGREEMENT BETWEEN THE DEBTOR/FARMERS AND FARM CREDIT LEASING SERVICES CORPORATION
The Debtor/Farmers having filed a Motion seeking to affirm a Prepetition Lease of a 2004 Keenan Mixer with Farm Credit Leasing Corporation (hereinafter "Farm Credit"); and
An Objection to this Motion to Affirm having been filed by Farm Credit and the matter having been set for hearing; and
The Parties having entered into a Settlement Agreement which is attached hereto as Group Exhibit 1 hereto which has been executed by the Parties; and
This Document having been filed with the Court which proposes to settle the Debtors' Motion at Docket # 303; and
The Parties among other things in this Settlement having provided for affirmation of the Lease, re-establishment of regular payments and a cure of the existing defaults over time.
The Court order as follows:
1.) That the Settlement Agreement executed between the Parties and herein attached as Group Exhibit 1 is hereby ordered approved as submitted.SO ORDERED
The Debtor/Farmers and Farm Credit Leasing Services Corporation (hereinafter the "Lessor") having entered into a Prepetition Lease as to a 2004 Keenan FF 140 Mixer, which Lease has been previously filed with the Bankruptcy Court with the Debtors' Motion dated October 5, 2005; and
The said Lease Group Exhibit A to the Motion having in general, among other things, having provided for $439.95 monthly payments (hereinafter the "Regular Payment") over 60 months; and
The said amount of default on the date of filing of the Debtor/Farmers' Motion being approximately $3,426.15; and
The Lessor having accumulated $1,413.74 in Attorney fees, costs and expenses since filing; and
The Lessor and the Debtor/Farmers agreeing to affirm the Equipment Lease Group Exhibit A to the Motion; and
To recommence the regular payment and to cure any and all defaults; and
To pay the Lessors' Attorneys fees, costs and expenses as set forth above;
The Parties hereto, the Debtor/Farmers and Farm Credit Leasing, the Lessors agree as follows;
1.) That on December 28, 2008 after this Court approves this Stipulation and Agreement, the Debtor/Farmers will recommence the Regular Monthly Payments of $439.95 per month to Lessor; and
2.) These Regular Payments shall continue until the end of the 60th Month Lease which would be approximately 11/30/09; and
3.) That on January 28, 2009, a payment of an additional $200.00 per month will commence in addition to the regular payment to apply against the defaulted amount; and
4.) On or about 12/28/09, the unpaid cure amount then due as set forth herein plus the unpaid Attorneys fees as listed above will be due in a one-time balloon payment; and
5.) At the end of this period, the balance of the default is expected to be approximately $3,066.00
6.) Should this balloon payment not be received by the Lessor on or by 12/28/09, or should any other defaults occur hereunder, which have not been cured after a 10 day cure period and notice to the Debtors' Attorney, then in that event, the Lessor may file a Notice of Default with this Bankruptcy Court, and such Creditor shall then be free to pursue its State Court remedies under the Lease Agreement; and
7.) The Debtor/Farmers when this Stipulation and Agreement is executed will take steps to file this Agreement with the Bankruptcy Court in Support and Resolution of the previously filed Motion to Affirm at Docket #292 and get a Final Order of Approval.
/s/ Daniel E. Bishop /s/ Joy Bishop /s/ Daniel E. Bishop Pres. Mike Dove Notice Recipients Recipients of Notice of Electronic Filing: Recipients submitted to the BNC (Bankruptcy Noticing Center):
Agreed to: Daniel E. Bishop (Debtor) Joy Bishop (Debtor) Fab Five Farms Inc. (Debtor) By It's President Farm Credit Leasing (the Lessor) By /s/ It Authorized Officer Attorney for Farm Credit Leasing, As authorized to Debtor/Attorney 12/3/08 by phone @ 9:00 A.M. District/Off: 0416-1 User: aanelson Date Created: 12/10/2008 Case: 07-16243 Form ID: pdfall Total: 7 aty Donald Scott Goldbloom goldbloomlaw@verizon.net aty William P. Baker wpbaker@ix.netcom.com TOTAL: 2 db Daniel Earl Bishop 14859 Drapers Mill Road Goldsboro, MD 21636 db Joy Lynn Bishop 14859 Drapers Mill Road Goldsboro, MD 21636 aty William L. Needler, Esquire 555 Skokie Blvd., Suite 500 Northbrook, IL 60062 intp Fab Five Farms, Inc 14859 Drapers Mill Road Goldsboro, MD 21636 Mike Dove Gislason Hunter L.L.P. 2700 South Broadway PO Box 458 New Ulm, Minnesota 560073-0458 TOTAL: 5