HomeMy WebLinkAbout2797. ~ ~ ~ _
. ~....~.......... - - - -- - - --. - - - - -
. , .
• ~ .
. . • ~ .
IIankruptcy Act to conf irm Debtors' Plan of Arrangement as
amended and the Bergen Bank of Commerce has agreed thereto upon
the terms and conditions hereinafter set forth, and the Debtors
and their attorneys, Lehman $ 1Vasserman, having represented to
the Bergen Bank of Cor~merce, and by these•presents reaffirm, tha
except.as set forth in the first ordered paragraph hereof, and
except for the claim for counsel fees by Rosen, Gelman $ Weiss,
Debtors' counsel in the condemantion action, there are no other
liens, encwnbrances or claims of any kind against the Condemna-
tion A~.ard ~+hich are prior to the lien of the Bergen Bank of
Commerce, and the undersigned attorneys for the Debtors, Receive
Creditors Co~mittee having consented to the form and entry
hereof, as have the Debtors, and good cause having been shown fa
the entry hereof,
. IT IS, on this ~` day of tiarch, 1981, ~
ORDERED as follo~~rs • ~
~~
1. The 2tarch 6th O~der is modified such~ that the
Bergen Bank of Co~~erce lien in and to the proceeds of the
Conder~nation A~aard shall no longer be subordinate to "adminis~ra-
tive expenses in these Chapter XI proceedings as may be fixed
by this Court," except that the counsel fees to be allo~ved by
~ the Court to Cole, Berman F, Belsky, attorneys for the Chapter XI
Receivers, and~to Kleinberg, Moroney, Masterson F, Schachter,
attorneys for the O~ficial Creditors Committee, shall be the
only ite„-s that continue to have pr-iority over the Bergen Bank
of Comnerce lien.
2. Upon the expiration of the applicable appeal
,
, period ~:ith respect to this Order and provided that no appeal
~~ has been taken herefron, the Debtors and the Receiver have the
consent of the Bergen Bank of Commerce to disburse up to
, $SS0,000.00 of the proceeds of j,~e Condemnation Award, such
I
I~ nonies to be ap~~lied solely to~,rard the deposit to be made at
~ . an~o~ 3~ Pa~E 2794 -- - -
~
~