IN RE PRISCO PROPERTIES, LLC. (Bankr.D.N.J. 12-3-2010)

KATHRYN FERGUSON, Bankruptcy Judge

To All Interested Parties:

Thank you for your submissions addressing the relative benefit to the estate of dismissal or conversion. Having reviewed papers filed by TD North Bank, former counsel to the Debtor, Gary Marks, and by Anthony Prisco as a principal of Prisco Properties LLC, I find that it is in the best interest of the estate to dismiss the case. As pointed out by the responding parties, that finding is based on the inability of a Trustee to gain access to sufficient funds to operate the Debtor, the apparent futility of pursuit of third party claims against Matrix Sales Group LLC and the CIT Group, and the cost/benefit ratio of pursuing a claim against TD Bank. The fact that Prisco Properties LLC's counsel has been permitted to withdraw and that an LLC is not permitted to proceed without counsel adds to the conclusion that dismissal of this largely two-party case is in the best interest of the estate.

The court will enter the standard order of dismissal.