Opinion
Case No. 07-21814-JS.
July 3, 2008
Richard M. Goldberg, Bar No. 07994, Shapiro Sher Guinot Sandler, Baltimore, Maryland, Attorneys for Fieldstone Mortgage Company.
Alan M. Grochal, Bar No. 01477, Catherine K. Hopkin, Bar No. 28257, Tydings Rosenberg, Baltimore, Maryland, and Paul J. Laurin, Laurin Associates, Beverly Hills, CA, Attorneys for Wilshire Credit Corporation.
Fieldstone Mortgage Company, Debtor and Debtor in Possession ("Fieldstone" or the "Debtor"), and Wilshire Credit Corp., in its capacity as Servicer ("Wilshire"), hereby stipulate and consent as follows:
WHEREAS, Wilshire filed five (5) proofs of claim (Claim Nos. 322, 323, 324, 331 and 334) on behalf of the following trusts: (i) Merrill Lynch Mortgage Investors ("MLMI") Trust 2005-SL2; Deutsche Bank National Trust Company, Trustee; (ii) MLMI Trust 2006-SL2; Citibank, N.A. Trustee (Claim No. 331); (iii) MLMI 2006-HE6; LaSalle Bank, National Association, Trustee (Claim No. 324); (iv) MLMI 2006-HE5; Citibank, NA. Trustee (Claim No. 322); (v) MLMI 2005-HE1 Wells Fargo Bank, N.A., Trustee (Claim No. 323) (collectively, the "MLMI Trust Claims"); and
WHEREAS, on June 9, 2008, Fieldstone filed its Omnibus Objection to Certain Repurchase and Related Claims (the "Objection") [Docket No. 604], objecting to inter alia the MLMI Trust Claims; and
WHEREAS, the ballots for the Debtor's Plan of Reorganization (the "Plan") must be received by counsel for the Debtor on or before July 3, 2008 at 4:00 p.m.; and
WHEREAS, in order for Wilshire to cast its ballots for the Plan, the parties wish to estimate the amount of certain of the MLMI Trust Claims, specifically: (1) Claim No. 331 filed on behalf of the MLMI Trust 2006-SL2; Citibank, N.A. Trustee (the "Citi 2006-SL2 Estimated Claim"); and (2) Claim No. 322 filed on behalf of MLMI Trust 2006-HE5; Citibank, NA. Trustee (the "Citi 2006-HE5 Estimated Claim"); and
WHEREAS, by separate stipulation the Debtor and Wilshire have agreed to an extension of at least 60 days through and including September 8, 2008, for Wilshire to respond to the Objection.
IT IS NOW, THEREFORE, STIPULATED AND CONSENTED AS FOLLOWS:
1. The Citi 2006-HE5 Estimated Claim shall be estimated for purposes of voting on the Debtor's plan in the amount of $819,344.57.
2. The Citi 2006-SL2 Estimated Claim shall be estimated for purposes of voting on the Debtor's plan in the amount of $213,070.57.
3. This estimation, under Fed.R.Bank.P. 3018(a), is solely for purposes of voting for the Plan and is not binding, relevant or admissible for any other purpose.