Opinion
Case No. 08-14683-WIL.
October 15, 2008
SEEN AND AGREED, W. Clarkson McDow, Jr., United States Trustee, Region 4 By Counsel.
/s/ Lynn A. Kohen Lynn A. Kohen, Bar No. 10025 Trial Attorney Greenbelt, MD.
DAVID VAN LOOZEN By Counsel
/s/ Steven E. Mirsky Steven E. Mirsky Steven E. Mirsky, LLC Rockville, MD.
STIPULATION AND CONSENT ORDER RESOLVING UNITED STATES TRUSTEE'S MOTION TO CONVERT CASE
WHEREAS, on September 19, 2008, the United States Trustee filed his Motion to Convert Case to Chapter 7 or, in the Alternative, to Dismiss Case (the "Motion");
WHEREAS on October 9, 2008, the Debtor filed its Response to the Motion;
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 November 14, 2008, the Debtor shall provide to the United States Trustee a status report.
2. On or before January 14, 2009, the Debtor shall file a confirmable plan and adequate disclosure statement in this case pursuant to 11 U.S.C. §§ 1121 and 1125; and
3. In the event the Debtor fails to file a confirmable plan and an adequate disclosure statement in this case pursuant to Paragraph 2 of this Stipulation and Consent Order, the case shall be converted immediately to one under Chapter 7 of the Bankruptcy Code with no further notice to creditors or action by the Court.
4. 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; and
5. In the vent 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.
6. Beginning on October 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; and
7. In the event the Debtor fails to file its monthly operating reports as required under Paragraph 3 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; and
8. Commencing with the entry of this Stipulation and Consent Order, 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; and
9. 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 5 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
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.