Opinion
CASE NO: 08-13796, Adversary No. 08-00303 NVA.
May 23, 2008
STIPULATION AND CONSENT ORDER AUTHORIZING SALE OF REAL PROPERTY FREE AND CLEAR OF CO-OWNER INTEREST
Upon Consideration of the acknowledgment by the Defendant Elizabeth C. Eisinger ("Co-Owner") Co-Owner, as evidenced by her signature or the signature of her counsel: (i) Of service of the Complaint herein, (ii) That the interest of the Debtor and the Co-Owner in and to the real property and improvements described and known as 1700 Robinhood Road, Annapolis, Maryland 21401 (the "Real Property") is subject to the jurisdiction of this Court pursuant to 11 U.S.C. and (iii.) That this is a core proceeding within the meaning of Fed.R.Bankr.P. 7001 and 28 U.S.C. § 157(b)(A), (F), (H), (N) and (O), and
Upon further consideration of the consents, as evidenced by their signatures or the signatures of their respective counsel, of Michael G. Rinn, Trustee of the Bankruptcy Estate of John D, Eisinger ("Trustee") and Elizabeth C. Eisinger ("Co-Owner"), Co-Owner as tenant in severalty of the Real Property, to the entry of an Order in the following format, authorizing the sale by the Trustee of Debtor's and the Co-Owner's interest in and to the Real Property pursuant to 11 U.S.C. 363(h); it is by the United States Bankruptcy Court for the District of Maryland;
ORDERED, that Michael G. Rinn, Trustee, subject to further Notice and approval pursuant to Fed.R.Bankr.P. 2002, shall be and hereby is authorized to offer, sell, and convey both the interest of the Debtor and the interest of co-owner Elizabeth C. Eisinger in and to the Real Property and to consummate closing of the said Real Property, pursuant to 11 U.S.C. § 363(h) upon the terms the following terms;
Subject to higher and better offers until sale is approved by the Court.
Disposition of Proceeds in the following order:
The sales proceeds from the sale of the Real Property shall be disbursed by the Trustee in the following order from available funds:
1.) The unavoidable liens created or granted jointly by the Debtor and the Co-Owner if any, against said property, shall be transferred to and paid from the proceeds of the sale at closing, in the same priority and amount of said lien, mortgage, or security interest attached to the subject property, subject to the agreement of the Trustee and the lienholder; then
2.) The actual costs and expenses of any sale specifically including but not limited to realtor commissions, property management fees and expenses, charges, fees, and disbursements necessary for the marketing, conveyance and transfer of the property shall be payable and paid from the proceeds of sale at the time such sale is consummated. Trustee's commissions and expenses including expenses provided for under 11 U.S.C. § 503 as allowable pursuant to Order of the Bankruptcy Court, shall be calculated on the gross sale proceeds to be received then segregated and escrowed pending Application and approval of such commissions and expenses by further Order of this Court after subsequent Notice. The Co-owner specifically authorizes the allowance to Trustee of commissions up to the sum of $32,500.00 on the sales proceeds by further Order of this Court after subsequent Notice, then
The Trustee pursuant to 11 U.S.C. would be entitle to seek maximum commissions, based on the proposed sale price of $750,000.00 of $40,750.00
3.) The remaining sales proceeds, if any, shall be distributed by and between the estate and the co-owner according to the interests of the Estate and said co-owner as established by Agreement or Order of this Court;
4.) Thereafter, the proceeds paid to the Estate, if any, shall be held and distributed by the estate in accordance with the provisions of 11 U.S.C. including the payment of allowed unsecured claims entitled to priority pursuant to 11 U.S.C. 507(a)(1)(A).
5) The entry of this Order shall conclude and terminate this proceeding.