Bookmark
PDF
Share
CaseIQ

IN RE METROPOLITAN MORTGAGE SECURITIES CO., INC. (Bankr.E.D.Wash. 2004)

United States Bankruptcy Court, E.D. Washington.

Dec 16, 2004

Judgment

Subsequent
References

CaseIQ

Case Information

CITATION CODES

citation codes

DOCKET NO.

Jointly administered under Case No. 04-00757-W11.

Attorney(S)

Barry W. Davidson, Davidson and Medeiros, Spokane, Washington, and Bruce W. Leaverton, Charles R. Ekberg, Susan Brye Jahnke, Lane Powell Spears Lubersky LLP, Seattle, Washington, Attorneys for Metropolitan Mortgage Securities Co., Inc., Debtor and Debtor-in-Possession. Ford Elsaesser, Doug B. Marks, Bruce A. Anderson, Elsaesser, Jarzabek, Anderson, Marks, Elliot 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 — Case Administration — Administrative Powers — Use, Sale, Or Lease Of Property

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 — Executory Contracts And Unexpired Leases

See more information ... Less ...

ORDER (1) APPROVING A SERVICE/SALE AGREEMENT WITH WESTERN UNITED LIFE ASSURANCE CO.; (2) APPROVING SALE OF ASSETS FREE AND CLEAR; AND (3) AUTHORIZING ASSUMPTION AND ASSIGNMENT OF EXECUTORY CONTRACTS

PATRICIA WILLIAMS, Chief Judge, Bankruptcy

THIS MATTER having come 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), 363, 1107 and 1108 authorizing the Debtors to enter into a postpetition Amended and Restated Services/Sale Agreement ("Services/Sale Agreement") with Western United Life Assurance Company ("WULA"); (2) pursuant to 11 U.S.C. § 363 and Fed.R.Bankr.P. 6004(a) for the sale of certain of the Debtors' personal property assets to WULA; and (3) pursuant to 11 U.S.C. § 365(a) and Fed.R.Bankr.P. 6006 and 9014 authorizing assumption of executory contracts, and assignment thereof to WULA (the "Motion"); having reviewed said Motion, the Declaration of William A. Smith and 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 enter into the Services/Sale Agreement, a copy of which is attached as Exhibit A to the Declaration of Maggie L. Lyons filed in support of the Motion;

3. The Debtors are authorized to sell to Western United Life Assurance Company ("WULA") various personal property assets substantially identified on Exhibit B to the Services/Sale Agreement on the terms and conditions contained therein;

4. The Debtors are authorized to assume the executory contracts identified on Exhibits B and C to the Services/Sale Agreement and assign said agreements and contracts to WULA in accordance with the terms contained in the Services/Sale Agreement.