AMICUS AI
Citation Codes
Equivalent Citations
citation codes
Docket Number
Attorney(S)
Are you a practicing lawyer?
Enhance your digital presence and reach by creating a Casemine profile.
Upload pleading to use the new AI search
Cites
Cited by
Citation Codes
Equivalent Citations
citation codes
Docket Number
Attorney(S)

In re: Wheatfield Business Park, LLC, a Delaware Limited Liability Company, Chapter 11 Debtor, Jointly Administered Debtors; Poughkeepsie Business Park LLC, and Hebron Business Park LLC

ORDER APPROVING COMPROMISE BETWEEN DEBTORS AND THE CAPITAL COMPANY OF AMERICA LLC

SAMUEL L. BUFFORD, United States Bankruptcy Judge

The motion (the "Motion") of the above referenced jointly administered debtors (collectively "Debtors") for an order approving the Stipulation between themselves, on the one hand, and The Capital Company of America LLC ("CCA"), on the other hand (which Stipulation is attached as Exhibit 1 to the Motion) having come on regularly for hearing on November 19, 2002, and the Court, having considered the Motion, the Stipulation, and the record of the case, and having received no opposition thereto, finds as follows:

1. In August, 2002, each of the Debtors filed adversary proceedings in this Court against CCA, styled as Wheatfield Business Park v. The Capital Co. of America, LLC et al. (Adversary Nos. AD-02-02324-SB), Poughkeepsie Business Park v. The Capital Co. of America, LLC et al. (AD-02-02325-SB) and Hebron Business Park v. The Capital Co. of America, LLC et al. (AD-02-02341-SB) (collectively, the "CCA Litigation");

2. The CCA Litigation involves a series of complex loan agreements and transactions between Debtors and CCA;

3. The prosecution of the CCA Litigation by Debtors is likely to involve considerable expense, inconvenience, and delay, and to postpone for several months the approval of a plan of reorganization and payment of creditors;

4. The outcome of the CCA Litigation is uncertain;

5. The proposed compromise would allow Debtors to avoid the expense, inconvenience and delay attendant on the CCA Litigation and would provide an immediate and substantial benefit to Debtors' respective estates;

6. The proposed compromise satisfies the reasonable expectations and interests of Debtors' largest creditor, CCA; and

7. The proposed compromise is fair and equitable to all of Debtors' respective creditors.

Accordingly, IT IS HEREBY ORDERED that the Motion is GRANTED, and the Stipulation shall be, and hereby is, effective and enforceable immediately.

Use AI to get other relevant cases.

Comments

IN RE WHEATFIELD BUSINESS PARK, (Bankr.C.D.Cal. 2002)
(Nov 19, 2002)