Opinion
Case No. 07-17741.
February 11, 2008
W. Clarkson McDow, Jr., United States Trustee, Region 4, By Counsel, Lynn A. Kohen, Bar No. 10025, Trial Attorney, Greenbelt, MD.
RISHA KARIMA WILLIAMS, By Counsel, Stanton J. Levinson, Silver Spring, MD.
STIPULATION AND CONSENT ORDER RESOLVING UNITED STATES TRUSTEE'S MOTION TO CONVERT CASE
WHEREAS, on December 20, 2007 the United States Trustee filed his Motion to Convert this case to one under Chapter 7 of the Bankruptcy Code (the "Motion");
WHEREAS on January 3, 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 March 14, 2008, the Debtor shall file a plan and disclosure statement in this case pursuant to 11 U.S.C. §§ 1121 and 1125; and
2. In the event the Debtor fails to file a plan and disclosure statement in this case pursuant to Paragraph 1 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
3. 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 without leave to amend, or if an amended disclosure statement if required is not submitted within 10 days after such hearing, 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
4. In the event that the Debtor fails to have a plan confirmed by the date first set by the Court for a confirmation hearing, 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
5. Beginning on March 25, 2008 and continuing on the 25th 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
6. 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
7. 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
8. 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