ORDER PURSUANT TO SECTION 365(d)(1) OF THE BANKRUPTCY CODE EXTENDING THE DEADLINE TO ASSUME OR REJECT EXECUTORY CONTRACTS AND PERSONAL PROPERTY LEASES
The relief set forth on the following page, numbered two (2), is hereby ORDERED.
DATED: September 7, 2023
THIS MATTER having been opened to the Court by Jeffrey A. Lester, Chapter 7 Trustee (the “Trustee”) of the above-captioned estates, seeking, pursuant to Section 365(d)(1) of the Bankruptcy Code, an extension of the deadline to assume or reject executory contracts and personal property leases for ninety (90) days; due notice hereof having been given; a limited objection having been filed by Porzio Bromberg (the “Objecting Party”) seeking, among other things, a reduced extension time period to facilitate a potential case closure and distribution by yearend (the “Objection”); this Court having proposed to resolve the Objection by authorizing an interim distribution to Chapter 11 administrative claimants prior to yearend; and hearings having been held on August 8, 2023 and August 24, 2023 on the issues raised; upon consent of the Objecting Party and for good cause shown
IT IS ORDERED that:
1.
The deadline for the Trustee, pursuant to Section 365(d)(1), to assume or reject executory contracts and personal property leases be and it is hereby extended for ninety (90) days from the date of entry of this order.
2.
The Trustee be and hereby is authorized to make an interim distribution in an amount not to exceed $600,000 prior to yearend on behalf of allowed Chapter 11 administrative claims (the “Interim Distribution”) provided that the anticipated settlement payment from the Israeli Liquidator (the “Israeli Payment”) is received by the Trustee in sufficient time to enable him to make the Interim Distribution on or before December 31, 2023.
3.
Any distributions received by the Chapter 11 administrative claimants shall be subject to disgorgement if, after the Interim Distribution, the (i) reserve for estimated unpaid Chapter 7 administrative claims created by the Trustee and (ii) balance remaining of the Israeli Payment are insufficient to cover allowed Chapter 7 administrative claims.
1.
The deadline for the Trustee, pursuant to Section 365(d)(1), to assume or reject executory contracts and personal property leases be and it is hereby extended for ninety (90) days from the date of entry of this order.
2.
The Trustee be and hereby is authorized to make an interim distribution in an amount not to exceed $600,000 prior to yearend on behalf of allowed Chapter 11 administrative claims (the “Interim Distribution”) provided that the anticipated settlement payment from the Israeli Liquidator (the “Israeli Payment”) is received by the Trustee in sufficient time to enable him to make the Interim Distribution on or before December 31, 2023.
3.
Any distributions received by the Chapter 11 administrative claimants shall be subject to disgorgement if, after the Interim Distribution, the (i) reserve for estimated unpaid Chapter 7 administrative claims created by the Trustee and (ii) balance remaining of the Israeli Payment are insufficient to cover allowed Chapter 7 administrative claims.
4.
All parties-in-interest including the Trustee and the Objecting Party preserve all rights and remedies of any kind or nature other than those described herein.
The above is the completed order of the court.
****************
There will be no distribution for shareholders.
100 percent shareholders loss .
😭
Cheers
AI
