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IN RE METROPOLITAN MORTGAGE SECURITIES CO., (Bankr.E.D.Wash. 2005)

United States Bankruptcy Court, E.D. Washington.

May 10, 2005

Judgment

Subsequent
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Case Information

CITATION CODES

citation codes

DOCKET NO.

Jointly Administered Under: No. 04-00757-W11, RELATED DOCKET NOS.: Docket No. 2578 [Motion for Order];, Docket Nos. 2619 [Notice of Motion];, 2579 [Declaration of Lyons in Support of Motion]; and, 2869 [Request for Entry of Order].

Attorney(S)

Barry W. Davidson, Robert S. Delaney, DAVIDSON MEDEIROS, Spokane, Washington, and Charles R. Ekberg, Susan Brye Jahnke, Mary Jo Heston, LANE POWELL PC, Seattle, Washington, Attorneys for Metropolitan Mortgage and Securities Co., Inc., Debtor and Debtor-in-Possession. Ford Elsaesser, Doug B. Marks, Bruce A. Anderson, ELSAESSER JARZABEK ANDERSON MARKS ELLIOTT AND McHUGH, CHARTERED, Sandpoint, Idaho, and Jeffrey T. Wegner, John J. Jolley, Jr., KUTAK ROCK LLP, Omaha, Nebraska, Attorneys for Summit Securities, Inc., Debtor and Debtor-in-Possession.

ACTS

Bankruptcy — General Provisions — Power Of Court

Bankruptcy — Reorganization — Officers And Administration — Rights, Powers, And Duties Of Debtor In Possession

Bankruptcy — Reorganization — Officers And Administration — Authorization To Operate Business

Bankruptcy — Case Administration — Administrative Powers — Use, Sale, Or Lease Of Property

Bankruptcy — Case Administration — Administrative Powers — Executory Contracts And Unexpired Leases

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ORDER AUTHORIZING DEBTORS TO (1) AMEND EXHIBIT B TO AMENDED AND RESTATED SERVICES/SALE AGREEMENT WITH WESTERN UNITED LIFE ASSURANCE CO.; (2) SELL ASSETS FREE AND CLEAR; AND (3) ASSUME AND ASSIGN EXECUTORY CONTRACTS

PATRICIA WILLIAMS, Chief Judge, BankruptcyPage 2

THIS MATTER having came before the Court upon the Motion of Metropolitan Mortgage Securities Co., Inc. and Summit Securities, Inc. (collectively, the "Debtors"), by and through their counsel of record, for an order (1) pursuant to 11 U.S.C. §§ 105(a), 1107, and 1108 authorizing the amendment (the "Amendment") of Exhibit B to that certain Amended and Restated Services/Sale Agreement (the "Agreement") with Western United Life Assurance Company ("WULA") previously approved by the Court on December 16, 2004, (2) pursuant to 11 U.S.C. § 363 and Fed.R.Bankr.P. 6004(a) for the sale of certain of Debtors' personal property assets to WULA, and (3) pursuant to 11 U.S.C. § 365(a), (b), and (f) and Fed.R.Bankr.P. 6006 and 9014 authorizing the immediate assumption of executory contracts by Metropolitan and/or Summit and assignment thereof to WULA (the "Motion"); having reviewed said Motion, the Declaration of Maggie L. Lyons in support thereof; having determined that notice of the Motion was proper and that good cause exists for the relief requested in the Motion; and having determined that no response or objection to the Motion was filed; NOW THEREFORE, IT IS HEREBY ORDERED:

1. The Debtors' Motion is GRANTED in its entirety;

2. The Debtors are authorized to amend Exhibit B to the Agreement to include the assets/executory contracts inadvertently omitted from Exhibit B when the Agreement was presented to the Court for approval, as set forth in the Amendment;

3. The Debtors are authorized to sell to WULA the assets/executory contracts added by the Amendment to Exhibit B of the Agreement; and

4. The Debtors are authorized to assume the executory contracts added by the Amendment to Exhibit B of the Agreement and to assign said executory contracts to WULA in accordance with the terms contained in the Agreement.