Opinion
Case No. 11-25973-DER
2012-04-04
In re: SWAMI SHREE, LLC Debtor
Curtis C. Coon, Bar No. 01275 Coon & Cole LLC Attorneys for Debtor Alan M. Grochal, Bar No. 01447 Tydings & Rosenberg LLP Attorneys for S4H Hospitality, LLC
SO ORDERED
______________
U.S. BANKRUPTCY JUDGE
Chapter 11
STIPULATION AND CONSENT ORDER RESOLVING DEBTOR'S
AMENDED MOTION TO DETERMINE AMOUNT
OF CLAIM OF S4H HOSPITALITY, LLC
Swami Shree, LLC, debtor and debtor-in-possession (the "Debtor"), and S4H Hospitality, LLC ("S4H"), Senior Secured Creditor, by their respective attorneys, hereby stipulate as follows:
1. On August 4, 2011, the Debtor filed a Voluntary Petition under Chapter 11 of the Bankruptcy Code and scheduled S4H as holding a disputed first priority secured claim in the amount of $2,924,924.20 (dkt. 1).
2. On December 15, 2011, the Debtor filed a Motion to Determine Amount of Claim and Secured Status of Claim of S4H Hospitality, LLC (the "Motion") (dkt. 79);
3. On January 20, 2012, S4H filed an Opposition to the Motion (the "Opposition") (dkt. 103);
4. On March 7, 2012, the Debtor filed an Amended Motion to Determine Amount of Claim of S4H Hospitality, LLC (the "Amended Motion") (dkt. 139);
5. Both informally and pursuant to a document request filed by the Debtor, S4H has provided the Debtor with documentation supporting the various components of its claim;
6. As of March 31, 2012, S4H asserted a claim in the aggregate amount of $3,172,102.60 comprised of the following: (a) principal in the amount of $2,884,716.50; (b) accrued interest at the default rate of interest in the amount of $308,344.15; (c) late charges in the amount of $19,724.55; and (d) lender expenses (consisting primarily of attorneys' fees and appraisal fees) in the aggregate amount of $79,317.41. These amounts have been reduced by adequate protection payments in the aggregate amount of $120,000.00.
7. In full and final settlement of the Amended Motion and the Opposition, the Debtor and S4H agree that the late charges in the amount of $19,724.55 shall be waived and that the lender expenses shall be reduced by the amount of $13,369.50 representing legal bills paid to Saul Ewing LLP. The claim of S4H shall otherwise be allowed as set forth above. The per diem after March 31, 2012, utilizing the default rate of interest, is $641.05. Additionally, legal expenses to Tydings & Rosenberg LLP are continuing.
8. Accordingly, the Debtor and S4H agree that, as of March 31, 2012, S4H shall have an allowed claim in the amount of $3,139,008.60 subject to additional interest and attorneys' fees.
9. Within ten (10) days of entry of this Stipulation and Consent Order, S4H shall file a proof of claim reflecting the amounts set forth in paragraph 8 above. The Debtor reserves all rights with respect to said proof of claim.
______________
Curtis C. Coon, Bar No. 01275
Coon & Cole LLC
Attorneys for Debtor
______________
Alan M. Grochal, Bar No. 01447
Tydings & Rosenberg LLP
Attorneys for S4H Hospitality, LLC
Certification Pursuant to Admin. Order 03-02, Ex. A, Sec. V.B.1
I HEREBY CERTIFY that the terms of the copy of the foregoing stipulation and consent order submitted to the Court are identical to those set forth in the original stipulation and consent order; and the signatures represented by the /s/ on this copy reference the signatures of consenting parties on the original consent order.
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Alan M. Grochal
cc: Alan M. Grochal, Esquire
Tydings & Rosenberg LLP
100 East Pratt Street, 26th Floor
Baltimore, Maryland 21202
Office of the U.S. Trustee
Garmatz Federal Courthouse
101 West Lombard Street, Suite 2625
Baltimore, Maryland 21201
Curtis C. Coon, Esquire
Coon & Cole, LLC
401 Washington Avenue, Suite 501
Towson, MD 21204
Gary H. Leibowitz, Esquire
Cole, Schotz, Meisel, Forman & Leonard, P.A.
300 East Lombard Street, Suite 2000
Baltimore, Maryland 21202
Peter J. Duhig, Esquire
Buchanan Ingersoll & Rooney PC
1105 North Market Street, Suite 1900
Wilmington, Delaware 19801-1228
End of Order