Opinion
Jointly administered under Case No. 04-00757-W11, Related Docket Nos, Motion [Dkt #2572]; Notice of Motion [Dkt #2583]; Declaration of William Romney [Dkt #523]; Declaration of Todd Bauer [Dkt #2582]; and Declaration of Maggie Lyons [Dkt #2581].
May 5, 2005
Michael B. Lubic (Admitted pro hac vice), Debra L. Fogelman (Admitted pro hac vice), Sonnenschein Nath Rosenthal LLP, Los Angeles, California, and Ian Ledlin, Phillabaum Ledlin Matthews Sheldon, PLLC, Spokane, Washington, Attorneys for Western United Life Assurance Company, in receivership for purposes of rehabilitation.
Barry W. Davidson, Davidson Medeiros, Spokane, Washington, and Charles R. Ekberg, Susan Brye Jahnke, Lane Powell PC, Seattle, Washington, Attorneys for Metropolitan Mortgage Securities Co., Inc., Debtor and Debtorin-Possession.
ORDER GRANTING MOTION FOR ENTRY OF ORDER APPROVING STIPULATION RE RELIEF FROM THE AUTOMATIC STAY TO ALLOW FORECLOSURE (Lansing Property)
THIS MATTER having came before the Court upon the motion of Metropolitan Mortgage Securities Co., Inc. ("Metropolitan") and Western United Life Assurance Company, in receivership for purposes of rehabilitation ("WULA"), by and through their counsel of record, for an order pursuant to 11 U.S.C. § 362 approving Stipulation for Relief from the Automatic Stay to Allow Foreclosure (the "Motion"); having reviewed the Motion and the Declarations of Maggie Lyons, Todd Bauer and William Romney in support thereof; having determined that notice of the Motion was proper and that good cause exists for the relief requested in the Motion, and having determined that no response or objection to the Motion was filed; NOW THEREFORE, IT IS HEREBY ORDERED:
1. The Motion is GRANTED in its entirety;
2. The Stipulation for Relief from the Automatic Stay to Allow Foreclosure (the "Stipulation"), a copy of which is attached asExhibit A to the Declaration of Todd Bauer filed in support of the Motion, is approved on the terms set forth therein and Metro is authorized to execute and deliver to WULA the Stipulation;
3. WULA is authorized to immediately exercise any and all of its rights and remedies available to it under applicable law including, without limitation, proceeding under applicable nonbankruptcy law to foreclose upon the Lansing Property;
4. This Order shall be binding and effective following any conversion of the above-captioned bankruptcy case (the "Case") to a case under any other chapter of the Bankruptcy Code and shall be binding and effective against any trustee that may be appointed in the Case; and
5. The ten-day stay period prescribed by Federal Rule of Bankruptcy Procedure 4001(a)(3) is waived.