Opinion
Case No. 11-22977-PMCase No. 11-22980-PM
12-29-2011
In re: STELLAR GT TIC LLC, et al., Debtors. In re: VFF TIC LLC, Debtor.
Matthew G. Summers Fed. Bar No. 26572 Ballard Spahr LLP Counsel for the Debtors Mark Taylor Fed. Bar. No. 013418 Kilpatrick Townsend & Stockton LLP Jantra Van Roy Zeichner Ellman & Krause LLP Counsel for Lender
SO ORDERED
PAUL MANNES
U. S. BANKRUPTCY JUDGE
(Jointly Administered Under Case No. 11-22977)
STIPULATION AND ORDER EXTENDING RECEIVERSHIP ORDER AND
TEMPORARILY SUSPENDING THE TURNOVER REQUIREMENTS OF
SECTION 543
This Stipulation and Order is entered into by Stellar GT TIC LLC and VFF TIC LLC (collectively, the "Debtors") and Wells Fargo Bank, N.A., as Trustee for the registered holders of Deutsche Mortgage & Asset Receiving Corporation, COMM 2007-C9, Commercial Mortgage Pass-Through Certificates, U.S. Bank National Association, as Trustee, as successor in interest to Bank of America, National Association, as Trustee, as successor in interest to Wells Fargo Bank, N.A., as Trustee for the registered holders of Deutsche Mortgage & Asset Receiving Corporation, CD 2007-CD5 Commercial Mortgage Pass-Through Certificates, and FCP Georgian Towers, LLC, acting by and through Helios AMC, LLC, in its capacity as Special Servicer (collectively, "Lender" and together with the Debtors, the "Parties").
WHEREAS, Lender holds certain notes evidencing a mortgage loan guaranteed by the Debtors in the aggregate original principal amount of $185,000,000, secured by a certain Indemnity Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits dated February 28, 2007; and
WHEREAS, on December 30, 2009, Lender commenced a receivership action in the Circuit Court for Montgomery County, (the "Circuit Court"), Case No. 324928-V (the "Receivership Action") seeking the appointment of a receiver for a certain 891-unit multi-family high rise property (consisting of two 14-story apartment buildings) located at 8750 Georgia Avenue in Silver Spring, Maryland, commonly known as "The Georgian" (the "Project"), and owned by the Debtors; and
WHEREAS, by order dated December 30, 2009, as extended by subsequent consent orders (the "Receivership Order"), the Circuit Court appointed Greystar Management Services, LP as Receiver (the "Receiver"), and authorized the Receiver to take any action necessary to preserve the Project and effectuate its orderly operation; and
WHEREAS, on June 22, 2011 (the "Petition Date"), the Debtors filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code; and
WHEREAS, on July 15, 2011, this Court entered an Order temporarily modifying the automatic stay pursuant to 11 U.S.C. § 362(d)(1) for the limited purposes of permitting: (i) the Parties jointly and consensually to seek a further extension of the Receivership Order through October 31, 2011 in the Receivership Action; and (ii) the Receiver to continue operating and managing the Project as directed and permitted by the Receivership Order, through October 31, 2011 (the "Lift Stay Order");
WHEREAS, on October 26, 2011, this Court entered an Order extending the Lift Stay Order through December 31, 2011; and
WHEREAS, the Receivership Order expires by its own terms on December 31, 2011.
NOW, THEREFORE the Parties having requested that the Court enter this Stipulation and Order; sufficient notice of this Stipulation and Order having been given; IT IS HEREBY
ORDERED, that the Parties shall jointly and consensually seek a further extension of the Receivership Order through March 31, 2012 in the Receivership Action; and it is further
ORDERED, that the Receiver shall continue to operate and manage the Project through March 31, 2012, as directed and permitted by the Receivership Order and the Lift Stay Order.
STIPULATED AND AGREED TO BY:
Matthew G. Summers
Fed. Bar No. 26572
Ballard Spahr LLP
Counsel for the Debtors
Mark Taylor
Fed. Bar. No. 013418
Kilpatrick Townsend & Stockton LLP
Jantra Van Roy
Zeichner Ellman & Krause LLP
Counsel for Lender
END OF ORDER
cc: Matthew G. Summers, Esquire
Ballard Spahr LLP
300 East Lombard Street, 18th Floor
Baltimore, MD 21202
Mark Taylor, Esquire
Kilpatrick Townsend & Stockton LLP
607 14th Street, NW, Suite 900
Washington, DC 20005-2018
Jantra Van Roy, Esquire
Zeichner Ellman & Krause LLP
575 Lexington Ave
New York, NY 10022
Office of the U.S. Trustee
6305 Ivy Lane, Suite 600
Greenbelt, MD 20770
Federal Capital Partners
c/o Patrick Potter
Pillsbury Winthrop Shaw Pittman LLP
2300 N Street, N.W.
Washington, DC 20037
S. Mehalco/ S. Hardy
Bankruptcy Specialists
Internal Revenue Service
PO Box 7346
Philadelphia, PA 19101-7346
Michael B. Bach
DeHann & Bach LPA
25 Whitney Drive, Suite 206
Milford, OH 45150
Maryland Department of Assessments and Taxation
30 West Gude Drive
Rockville, MD 20850
Maryland Department of Assessments and Taxation
301 W. Preston Street
Baltimore, MD 21201-2395
Stephen Bogorad, Esquire
Holland & Knight
2099 Pennsylvania Avenue, NW, Suite 100
Washington, DC 20006
All Parties Requesting Special Notice
Individuals/Entities Receiving Notice Per Court Order:
Roger Schlossberg
134 West Washington Street
P.O. Box 4227
Hagerstown, MD 21741-4227
Gary A. Rosen
One Church Street
Suite 802
Rockville, MD 20850
James Greenan
McNamee, Hosea, et. al.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Russell S. Drazin
Jason Pardo
Pardo & Drazin, LLC
4400 Jenifer Street, NW, Suite 2
Washington, DC 20015