Opinion
Case No. 08-12668-TJC.
December 18, 2008
STIPULATION AND CONSENT ORDER RESOLVING UNITED STATES TRUSTEE'S MOTION TO CONVERT CASE
WHEREAS, on November 12, 2008, the United States Trustee filed a Motion to Convert Case to Chapter 7 or, in the Alternative, to Dismiss Case (the "Motion") because (1) the Debtor had failed to file monthly operating reports; and (2) the Debtor had failed to file a disclosure statement or plan and exclusivity had lapsed.
WHEREAS on December 5, 2008, the Debtor filed all the missing monthly operating reports; thus, the Debtor is now current on his monthly operating reports.
WHEREAS the United States Trustee and the Debtor, by their signatures below, have agreed to resolve this matter on the following terms and conditions, it is hereby STIPULATED AND AGREED that:
1. On or before January 14, 2009, the Debtor shall file a status report with the Court.
2. In the event the Debtor fails to fails to file a status report with the Court by January 14, 2009, the United States Trustee may file an Affidavit of Default with the Court, and the case shall be converted to one under Chapter 7 of the Bankruptcy Code forthwith.
3. On or before March 13, 2009, the Debtor shall file a confirmable plan and adequate disclosure statement in this case pursuant to 11 U.S.C. §§ 1121 and 1125.
4. In the event the Debtor fails to file a confirmable plan and an adequate disclosure statement in this case by March 13, 2009, the United States Trustee may file an Affidavit of Default with the Court, and the case shall be converted to one under Chapter 7 of the Bankruptcy Code forthwith.
5. In the event that the Court fails to approve the disclosure statement by the date first set by the Court for a hearing on the disclosure statement, the case shall be converted immediately to one under Chapter 7 of the Bankruptcy Code.
6. In the event that the Debtor fails to have a plan confirmed by the date first set by the Court for a confirmation hearing, the case shall be converted immediately to one under Chapter 7 of the Bankruptcy Code.
7. Beginning on December 20, 2008 and continuing on the 20th of each month thereafter, the Debtor shall timely file its monthly operating reports as required by the United States Trustee District of Maryland Chapter 11 Guidelines that were issued to the Debtor upon the filing of this proceeding.
8. In the event the Debtor fails to file its monthly operating reports as required under Paragraph 7 of this Stipulation and Consent Order, the United States Trustee may file an Affidavit of Default with the Court, and the case shall be converted to one under Chapter 7 of the Bankruptcy Code forthwith.
9. The Debtor shall make all required post-petition quarterly fee payments to the Office of the United States Trustee as required by the United States Trustee District of Maryland Chapter 11 Guidelines that were issued to the Debtor upon the filing of this proceeding.
10. In the event the Debtor fails to make all required post-petition quarterly fee payments to the Office of the United States Trustee as required under Paragraph 9 of this Stipulation and Consent Order, the United States Trustee may file an Affidavit of Default with the Court, and the case shall be converted to one under Chapter 7 of the Bankruptcy Code forthwith.
SEEN AND AGREED,
I hereby certify that the terms of the foregoing Stipulation and Consent Order (the "Order") submitted to the Court are identical to those set forth in the original Order, and the signatures represented by the /s/ on this copy reference the signatures of consenting parties on the original Order.
SO ORDERED
Notice Recipients
Recipients of Notice of Electronic Filing: Recipients submitted to the BNC (Bankruptcy Noticing Center):
District/Off: 0416-0 User: dconstabl Date Created: 12/18/2008 Case: 08-12668 Form ID: pdfparty Total: 4 aty Steven E. Mirsky sem@lawyer.com TOTAL: 1 db Lorensu H.W. Desilva 2816 Blue Spruce Lane Silver Spring, MD 20906-3166 aty Steven E. Mirsky 401 N Washington Street Suite 550 Rockville, MD 20850 Lynn A. Kohen Office of the US Trustee 6305 Ivy Lane, Suite 600 Greenbelt, MD 20770 TOTAL: 3