Opinion
No. 04-00757-W11, Jointly Administered Under.
March 23, 2005
MICHAEL J. PAUKERT, PAINE, HAMBLEN, COFFIN, BROOKE MILLER LLP, Spokane, WA, Attorneys for Seawest Investment Associates, L.L.C.
LAYMAN, LAYMAN, McKINLEY ROBINSON, PLLP, Kathryn R. McKinley, Attorneys for NW Properties, LLC.
SOUTHWELL O'ROURKE, P.S., Kevin O'Rourke, Attorneys for Summit Unsecured Creditors Committee.
AMENDED ORDER APPROVING SEA WEST'S APPLICATION FOR BREAK-UP FEE AND DIRECTING PAYMENT THEREOF [Docket # 1955]
THIS MATTER came before the Court on the Application by Seawest Investment Associates, LLC for the payment of the break-up fee (Docket #1955). Objections to the Application were filed by the Summit Unsecured Creditor's Committee, through its attorneys, Southwell O'Rourke, P.S. and NW Properties, LLC, through its attorneys Layman, Layman, McKinley Robinson, PLLP. Both Objections have been resolved as indicated by the signatures of counsel for the objecting parties below. The Court having considered the Application, together with all other relevant documents on file herein, finds that $50,000 of the costs and fees incurred by Seawest as described in the Application are reasonable and necessary and provided a benefit to the estate of Metropolitan Mortgage Securities, Inc. Therefore, the Court concludes that the Application should be approved. Based upon the foregoing, it is
ORDERED that the Application by Seawest Investment Associates, LLC for payment of the break-up fee is approved in the amount of $50,000.
IT IS FURTHER ORDERED that said break-up fee shall be immediately paid to Seawest Investment Associates, LLC consistent with this courts Amended Order Approving Sale of Summit Development Property dated November 29, 2004 and that the balance of any funds held on deposit for payment of such break-up fee shall be returned to NW Properties, LLC. Seawest has no claims against the Summit Securities Inc. bankruptcy estate including but not limited to administrative expense claims.