motion for relief form automatic stay - new · pdf filewherefore, it is respectfully request...

13
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NEW YORK ----------------------------------------------------------- In Re: SUFFOLK READY MIX, LLC, Chapter 7 Case No. 09-75473 Debtor. ----------------------------------------------------------- MOTION FOR RELIEF FROM AUTOMATIC STAY Secured Lease Creditor Key Equipment Finance Inc. (AKey@), through its attorneys Lemery Greisler LLC, respectfully moves the Court for an Order pursuant to 11 U.S.C. §362 (d)(1)(2) for relief from the Automatic Stay and, in support of its motion, states as follows: PARTIES 1. Debtors Suffolk Ready Mix, LLC (“Debtor”) filed its Voluntary Petition for Relief under Chapter 11 of the United States Bankruptcy Code in this Court on July 24, 2009. 2. The case was converted to one under Chapter 7 under the United States Bankruptcy Code on August 9, 2010. 3. R. Kenneth Barnard, Esq. is the duly appointed Chapter 7 Trustee. 4. Key is a secured creditor of the Debtor pursuant to a Vehicle Finance Agreement under which Key financed the Debtor’s purchase of a 2007 Heil Dry bulk Trailer. As of the date of filing, Key was owed $55,606.16. Evidence of Key’s claim and the perfection of its lien is attached hereto as Exhibit “A.” Motion Date: September 29, 2010 Time: 9:30 a.m. Location: Central Islip Case 8-09-75473-reg Doc 127 Filed 08/19/10 Entered 08/19/10 15:58:42

Upload: vuongnhi

Post on 20-Mar-2018

215 views

Category:

Documents


2 download

TRANSCRIPT

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NEW YORK ----------------------------------------------------------- In Re:

SUFFOLK READY MIX, LLC, Chapter 7 Case No. 09-75473

Debtor. -----------------------------------------------------------

MOTION FOR RELIEF FROM AUTOMATIC STAY

Secured Lease Creditor Key Equipment Finance Inc. (AKey@), through its

attorneys Lemery Greisler LLC, respectfully moves the Court for an Order pursuant

to 11 U.S.C. §362 (d)(1)(2) for relief from the Automatic Stay and, in support of its

motion, states as follows:

PARTIES

1. Debtors Suffolk Ready Mix, LLC (“Debtor”) filed its Voluntary

Petition for Relief under Chapter 11 of the United States Bankruptcy Code in this

Court on July 24, 2009.

2. The case was converted to one under Chapter 7 under the United

States Bankruptcy Code on August 9, 2010.

3. R. Kenneth Barnard, Esq. is the duly appointed Chapter 7 Trustee.

4. Key is a secured creditor of the Debtor pursuant to a Vehicle

Finance Agreement under which Key financed the Debtor’s purchase of a 2007

Heil Dry bulk Trailer. As of the date of filing, Key was owed $55,606.16.

Evidence of Key’s claim and the perfection of its lien is attached hereto as Exhibit

“A.”

Motion Date: September 29, 2010 Time: 9:30 a.m. Location: Central Islip

Case 8-09-75473-reg Doc 127 Filed 08/19/10 Entered 08/19/10 15:58:42

JURISDICTION

5. The Court has jurisdiction over this case and this motion, which is a

core proceeding, pursuant to 28 U.S.C. §1334 and 28 U.S.C. §157(b)(2)(G).

RELIEF REQUESTED AND BASIS THEREFOR

6. In this Chapter 7 case, Chapter 7 Trustee has not offered to pay

adequate protection on account of Key’s secured claim.

7. Key’s collateral in the nature of a trailer is easily transported.

8. Key has not received evidence that its collateral is insured.

9. Accordingly, Key has shown cause sufficient for the Court to grant

relief from the automatic stay pursuant to 11 U.S.C. 362 § (d)(1).

10. Further, because this is a Chapter 7 case, the collateral was not

needed for an effective reorganization and, therefore, Key is entitled to relief

pursuant to 11 U.S.C. 362 §(d)(2).

11. On either basis, Key is entitled to relief from the automatic stay.

12. Key will account to the Trustee for any surplus realized upon the

liquidation of its collateral.

13. Based upon a prior stipulation between the Debtor and Key,

approved by the Court, both parties acknowledge that Key was an undersecured

creditor. Exhibit “B.”

14. Key respectfully requests pursuant to Federal Rule of Bankruptcy

Procedure 4001(a)(3) that the ten day stay period be waived.

Case 8-09-75473-reg Doc 127 Filed 08/19/10 Entered 08/19/10 15:58:42

WHEREFORE, it is respectfully requested that the Court grant Key’s Motion

and such other and further relief as may be deemed just, necessary and proper.

Dated: August 19, 2010

Respectfully submitted,

/s/Paul A. Levine Paul A. Levine, Esq. Lemery Greisler LLC Attorneys for Key Equipment Finance Inc. 50 Beaver Street Albany, New York 12207 (518) 433-8800

F:\wpdata\1292.000\1292.054\Motion for Relief form Automatic Stay.doc

Case 8-09-75473-reg Doc 127 Filed 08/19/10 Entered 08/19/10 15:58:42

Case 8-09-75473-reg Doc 127-1 Filed 08/19/10 Entered 08/19/10 15:58:42

Case 8-09-75473-reg Doc 127-1 Filed 08/19/10 Entered 08/19/10 15:58:42

Case 8-09-75473-reg Doc 127-1 Filed 08/19/10 Entered 08/19/10 15:58:42

Case 8-09-75473-reg Doc 127-1 Filed 08/19/10 Entered 08/19/10 15:58:42

Case 8-09-75473-reg Doc 127-1 Filed 08/19/10 Entered 08/19/10 15:58:42

Case 8-09-75473-reg Doc 127-1 Filed 08/19/10 Entered 08/19/10 15:58:42

Case 8-09-75473-reg Doc 127-1 Filed 08/19/10 Entered 08/19/10 15:58:42

Case 8-09-75473-reg Doc 127-1 Filed 08/19/10 Entered 08/19/10 15:58:42

Case 8-09-75473-reg Doc 127-1 Filed 08/19/10 Entered 08/19/10 15:58:42

Case 8-09-75473-reg Doc 127-1 Filed 08/19/10 Entered 08/19/10 15:58:42