IN RE FAS MART CONVENIENCE STORES, INC.

Full title: In re: FAS MART CONVENIENCE STORES, INC., et al., Chapter 11, Debtors

Court: United States Bankruptcy Court, E.D. Virginia Richmond Division

Date published: Jun 18, 2002

Case No. 01-60386-DOT, Procedurally Consolidated (Bankr. E.D. Va. Jun. 18, 2002)

Opinion

Case No. 01-60386-DOT, Procedurally Consolidated

June 18, 2002

Benjamin C. Ackerly, VSB #9120, Tyler P. Brown, VSB #28072, Hunton Williams, Richmond, Virginia 23219-4074, Counsel for Keith L. Phillips, Chapter 11 Trustee.

ORDER GRANTING CHAPTER 11 TRUSTEE'S MOTION PURSUANT TO 11 U.S.C. § 105 (a) AND 363 (b) FOR AN ORDER AUTHORIZING AND APPROVING TERMS OF A RETENTION AND EMERGENCE PLAN FOR CERTAIN KEY EMPLOYEES

DOUGLAS O. TICE, United States Bankruptcy Judge

This matter came before the Court on the Motion of Keith L. Phillips (the "Trustee"), the duly appointed Chapter 11 Trustee for the above-captioned debtors (the "Debtors") for an Order Pursuant to 11 U.S.C. § 105 (a) and 363 (b) Authorizing and Approving Terms of a Retention and Emergence Plan for Certain Key Employees (the "Motion") and the Limited Response to the Motion filed by J.P. Morgan Chase Co. (the "Response"). The Court having considered the Motion and the Response, the arguments of counsel and the evidence presented at a hearing to consider the Motion and the Court finding that: (a) the Court has jurisdiction over this matter pursuant to 28 U.S.C. § 157 and 1334, (b) this is a core proceeding pursuant to 28 U.S.C. § 157 (b)(2), and (c) notice of the Motion was sufficient under the circumstances. Accordingly. the Court having determined that the legal and factual bases set forth in the Motion and at the hearing establish just cause for the relief granted herein,

It is hereby ORDERED that:

1. The Motion is GRANTED.

2. Capitalized terms not defined herein shall have the meaning ascribed to them in the Motion.

3. The terms of the Enhanced Plan are hereby approved subject to the conditions set forth herein.

4. The Trustee is authorized to implement the Enhanced Plan, including entering into the Enhanced Retention Agreements with the Key Employees.

5. The Trustee is authorized to pay the Enhanced Retention Incentives and the Emergence Bonuses contemplated by the Enhanced Plan, as and when due pursuant to the terms of the Enhanced Retention Agreements, without further order of the Court, provided, however, that the Trustee shall not make any payments contemplated by the Enhanced Plan if, in the Trustee's informed business judgment, such payments would in any way adversely affect the Debtors' ability to conduct normal business operations.

6. The Clerk of Court shall send a copy of this Order as entered to movant's counsel at the address below who will then distribute the Order to all creditors and parties in interest in these cases pursuant to the Local Rules.

ENTERED

LOCAL RULE 9022-1 (C)(1) CERTIFICATION

I hereby certify that the foregoing order has been either served on or endorsed by all necessary parties.