PATRICIA WILLIAMS, Chief Judge, Bankruptcy
This matter came on for telephonic hearing upon notice on Colliers International's Application For Approval And Payment Of Commission On Sale Of Summit Development Property ("Application") pursuant to 11 U.S.C. § 330(a) for payment of its commission on the sale of seventy-seven acres of unimproved real property located in Spokane, Washington, known as the "Summit Development Property." NW Properties, LLC ("NWP") and River Front Properties, LLC ("RFP"), NWP's successor in interest, filed an objection to the Application, and the Summit Unsecured Creditors' Committee filed a limited objection to the Application. Jane Pearson, Christopher Osborn and Foster Pepper Shefelman PLLC appeared for Colliers International ("Colliers"), and Kathryn R. McKinley and Layman, Layman, McKinley Robinson, PLLP appeared for NWP and RFP. Dan O'Rourke and Southwell O'Rourke, P.S. appeared briefly during the hearing for the Summit Unsecured Creditors Committee.
The Court considered the Application and the supporting declaration of Arvin L. Vander Veen; the objection filed by NWP and RFP and the supporting affidavits of Kathryn R. McKinley and Marshall R. Chesrown; Colliers' Reply and supplemental supporting declaration of Arvin L. Vander Veen and supporting declaration of Jeff K. Johnson; and NWP's and RFP's Reply and supporting declarations of William Fanning and Kathryn R. McKinley. The limited objection of the Summit Unsecured Creditors Committee has been resolved by Colliers' representation that its commission claim is against the estate of Metropolitan Mortgage Securities Co., Inc., as seller of the Summit Development Property, and not against Summit Securities Inc. The Court also considered the files and record herein and the arguments of counsel. Notice of the Application was adequate and no further notice is required for entry of this order.
The Court made oral findings of fact and conclusions of law on the record, which have been transcribed and are filed in this case as docket number 2947, pages 1 through 6 and 12 through 20. These facts and conclusions are incorporated herein. Based on these findings and conclusions, it is therefore
ORDERED that the Application is granted subject to the terms herein; it is further
ORDERED that Colliers is entitled to payment of its commission in the amount of $376,416.95, which is 3% of the purchase price of $12,547,231.55, which price reflects deductions from the original purchase price of $12,800,000 for (i) Seawest Investment Associates, LLC's break-up fee in the amount of $50,000, (ii) disallowed late charges in the amount of $72,998.30 and (iii) disallowed default interest in the amount of $129,770.15; it is further
ORDERED that Metropolitan Mortgage Securities Co., Inc. and its agents (including the escrow agent for the closing of the purchase and sale of the Summit Development Property) are authorized and directed to pay to Colliers its commission in the amount of $376,416.95 from the sale of the Summit Development Property and return any excess funds held in escrow for a real estate commission to River Front Properties, LLC; it is further
ORDERED that this order does not dispose of any claim Colliers may assert for its attorneys' fees and other costs and expenses of enforcing the terms of the Exclusive Sale Listing Agreement dated May 3, 2004 regarding the Summit Development Property, which claim is reserved for later consideration by the Court upon Colliers' motion.