GREGG ZIVE, Chief Judge, BankruptcyPage 2
This matter having come on to be considered upon the Motion to Approve Settlement and Surcharge Agreement with HSBC Bank USA and Interests (the "Motion"), filed by C. ALAN BENTLEY, Chapter 11 Trustee (the "Trustee"), the Court having considered the Motion and any opposition, notice having been given and a hearing held; capitalized terms not defined herein having the meaning as defined in the Motion; no further notice or hearing being necessary, and the Court being fully advised in the premises;
THE COURT FINDS
A. The Court has jurisdiction over the Motion pursuant to 28 U.S.C. §§ 157 and 1334, and this matter is a core proceeding pursuant to 28 U.S.C. § 157(b)(2)(A). Venue of this case and the Motion in this district is proper under 28 U.S.C. §§ 1408 and 1409.
B. Upon review of the Motion and the certificate of service filed in connection therewith, (i) proper, timely, adequate and sufficient notice of the Motion has been provided in accordance with section 102(l) of the Bankruptcy Code and Bankruptcy Rules 2002 and 9019, to all creditors and interested parties in the Debtors' above-captioned chapter 11 case, (ii) such notice was good and sufficient and appropriate under the particular circumstances, and (iii) no other or further notice of the Motion is required.
C. The compromise represented by the Settlement is fair and equitable, in the best interests of the estates and reasonable, given the particular circumstances of the case.
THE COURT HEREBY ORDERS that
1. The Motion be, and hereby is, GRANTED.
2. The Settlement (including any and all related documents, exhibits, schedules, lists and agreements) is approved in all respects.
3. All objections to the Motion or the relief requested thereby that have not been withdrawn, waived, or settled, and all reservations of rights included therein, are overruled on the merits.
4. Pursuant to Bankruptcy Rule 9019, the Trustee and HSBC are authorized and directed to execute, implement, and comply with the Settlement.
5. HSBC had a valid and perfected lien and security interest in the HSBC Notes.
6. The Trustee is holding $73,856 in proceeds of the HSBC Notes.
7. HSBC shall be surcharged $16,279.
8. The Trustee may retain $16,279 from the proceeds of the HSBC Notes for the surcharge, and shall distribute the remaining $57,577 to HSBC in full satisfaction of its claims against the Debtors.