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HEARING DATE: June 7, 2011 HEARING TIME: 10:00 A.M. TARTER KRINSKY & DROGIN LLP Proposed Attorneys for The Christian Brothers Institute and The Christian Brothers of Ireland, Inc. Debtors and Debtors-in-Possession 1350 Broadway, 11th Floor New York, New York 10018 (212) 216-8000 Scott S. Markowitz, Esq. Ira R. Abel, Esq. UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ------------------------------------------------------------------- x In re: : : THE CHRISTIAN BROTHERS INSTITUTE, et al., : : Debtors. : ------------------------------------------------------------------- x

Chapter 11 Case No.: 11-22820 (RDD) (Jointly Administered)

THE CHRISTIAN BROTHERS INSTITUTES MOTION FOR APPROVAL OF STIPULATION AUTHORIZING USE OF CASH COLLATERAL OF COUNTRY BANK AND PROVIDING ADEQUATE PROTECTION TO: THE HONORABLE ROBERT D. DRAIN UNITED STATES BANKRUPTCY JUDGE The Christian Brothers Institute (CBI) 1 as debtor and debtor-in-possession (the Debtor), by its proposed attorneys, Tarter Krinsky & Drogin, LLP, respectfully represents as follows: SUMMARY OF REQUESTED RELIEF 1. By this Motion, the Debtor seeks approval of a stipulation (the Stipulation)

authorizing it to use cash collateral in which Country Bank (Country Bank) holds an interest

The last four digits of CBIs employer identification number are 0153 and its mailing address is 21 Pryer Terrace, New Rochelle, New York 10804.

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and providing adequate protection to Country Bank. A copy of the proposed Stipulation is annexed hereto as Exhibit A. 2. On or about November 25, 2008, the Debtor entered into the Loan Agreement

(defined below) to provide cash flow for, among other things, (a) funding its operating expenses in connection with the ownership and operation of certain real properties located in New York City, Ulster County, and Westchester County, and (b) funding any working capital requirements of those properties. 2 The Debtor wishes to continue using Country Banks cash collateral for those purposes during the course of its Chapter 11 Case, and Country Bank has consented to such use pursuant to the terms of the Stipulation. JURISDICTON, VENUE AND STATUTORY BASES FOR RELIEF 3. This Court has jurisdiction over this Application under 28 U.S.C. 157 and 1334

and the Order of Reference, dated July 10, 1984 (Ward, C.P.J.). This matter is a core proceeding within the meaning of 28 U.S.C. 157(b)(2). Venue of this Case (defined below) and this Motion in this District is proper under 28 U.S.C. 1408 and 1409. 4. The statutory bases for the relief requested herein are 11 U.S.C. 102, 362, 363,

506, Rule 4001 of the Federal Rules of Bankruptcy Procedure (the Rules) and Local Bankruptcy Rule 4001-2. BACKGROUND 5. On April 28, 2011 (the Petition Date), each of the above-captioned Debtors

commenced their respective Chapter 11 cases (individually, a Case and together, the Cases) by filing a voluntary petition for relief under Chapter 11 of Title 11, United States Code (the

Under the terms of the Loan Agreement, the Properties are defined as, among other things, real property with street addresses of (a) 74 West 124th Street, New York, NY, (b) 1850 Broadway, Town of Esopus, NY, and (c) 260 Wilmont Road, New Rochelle, NY.

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Code). Pursuant to 1107(a) and 1108 of the Code, the Debtors continue to operate as debtors-in-possession. No trustee has been appointed. 6. On May 11, 2011, the United States Trustee appointed an Official Committee of Upon information and belief, the Committee has

Unsecured Creditors (the Committee).

retained Pachulski Stang Ziehl & Jones LLP as its counsel. 7. CBI is a domestic not-for-profit 501(c)(3) corporation organized under 102(a)(5)

of the New York Not-for-Profit Corporation Law. CBI was formed in 1903 pursuant to Section 57 of the then existing New York Membership Law. The Not-for-Profit Corporation Law replaced the Membership Law effective September 1, 1970. The purpose for which CBI was, and continues to be, formed was to establish, conduct and support Catholic elementary and secondary schools principally throughout New York State. As a not-for-profit corporation, the assets, and/or income are not distributable to, and do not inure to, the benefit of its directors or officers. CBI depends upon grants and donations to fund a portion of its operating expenses. THE LOAN 8. Pursuant to a loan agreement, dated November 25, 2008 (the Loan Agreement),

CBI, as borrower, borrowed $5,000,000 from Country Bank, as lender. The loan (the Loan) was evidenced by a promissory note, dated November 25, 2008 (the Note) and was secured by, among other things, three (3) mortgages, assignments of leases and rents and security agreements, each dated as of November 25, 2008 (collectively, the Security Agreements). The Security Agreements constitute both real property mortgages and security agreements within the meaning of the Uniform Commercial Code.

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9.

The Loan is an interest-only loan, with interest at the rate of six percent (6%) per

annum. The original maturity date of the Loan was December 1, 2010, and the maturity date has been extended to December 1, 2012. 10. As of the Petition Date, CBI owed Country Bank approximately $5,000,000 as the

balance on the Loan. 11. In addition, pursuant to the Security Agreements, CBI granted Country Bank liens

against, among other things: (a) the Properties; (b) the buildings, structures, additions, enlargements, extensions, modifications, repairs, replacements and improvements located on the Land; (c) easements; (d) personal property, including machinery, equipment, fixtures (including heating, air conditioning, plumbing, lighting, communications and elevator fixtures), furniture; (e) leases (the Leases) and rents (the Rents), each as defined in the Security Agreements; (f) insurance proceeds and (g) all accounts, including reserves, escrows and deposit accounts maintained by CBI and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments or dividends or substitutions thereon and thereof. 12. Pursuant to (a) the Security Agreements and (b) three (3) assignments of leases

and rents, each dated November 25, 2008 (the Assignments of Leases, together with the Loan Agreement, the Security Agreements and the Note, the Loan Documents),3 CBI assigned the Leases and the Rents to Country Bank. 13. To perfect its security interest in the collateral described in the Loan Documents,

Country Bank filed UCC-1 financing statements with each appropriate state governmental office.

Copies of the Loan Documents will be provided to interested parties upon written request.

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14.

As additional security granted pursuant to the Loan Documents, Country Bank is

also holding the approximate amount of $533,000 of CBIs funds (the Debt Service Reserve). The Debt Service Reserve constitutes cash collateral of Country Bank. 15. Pursuant to the Loan Documents, Country Bank is permitted to disburse to itself

payments of interest on the Loan from the Debt Service Reserve. See Section 8.2 of the Loan Agreement. The Debt Service Reserve is sufficient for Country Bank to provide for timely and correct payments of the interest due on the Loan through the Maturity Date, provided that no Event of Default (as defined in the Loan Documents) exists. Payments of interest to Country Bank have been regularly and timely made, and no Event of Default has been declared. 16. Country Bank appears to be oversecured, and is therefore is entitled to payment of

post-petition interest pursuant to 506 of the Code. 17. Country Bank is prohibited from using the Debt Service Reserve to disburse

payments of interest on the Loan from the Debt Service Reserve to itself as a result of the automatic stay, 362 of the Code, including 362(a)(7) thereof. 18. As adequate protection, Country Bank has requested that it be permitted to

continue to use CBIs Debt Service Reserve to disburse to itself payments of interest, at the nondefault rate, in accordance with the terms of the Loan Documents. To provide such adequate protection (as required under 363 of the Code) to Country Bank, CBI consents to Country Banks use of the Debt Service Reserve to continue to disburse to itself payments of post-petition interest on the Loan, at the non-default rate. As additional adequate protection, CBI has also requested that it be granted replacement liens in the Debtors assets, as described below in more detail and as set forth in the Stipulation.

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19.

CBI believes, and respectfully asserts, that Country Banks use of the Debt

Service Reserve to continue to use the Debt Service Reserve to make the post-petition interest payments on the Loan is reasonable and constitutes adequate protection to Country Bank. Without authorization to use the Debt Service Reserve for such purpose, Country Bank would likely declare an Event of Default of the Loan and seek relief from the automatic stay to offset the Debt Service Reserve against the Loan balance. BASIS FOR REQUESTED RELIEF 20. By this Motion, the Debtor seeks authorization from this Court to use Country

Banks cash collateral pursuant to the Stipulation in order to continue its reorganization process. 21. The Stipulation permits Country Bank to continue to utilize the Debt Service

Reserve to make interest only payments on the Loan. Absent such an agreement, Country Bank could arguably seek relief from the automatic stay and offset the Debt Service Reserve in reduction of the Loan. The Debtor would be unable to repay the balance of the Loan from its cash flow and Country Bank could seek relief from the automatic stay to exercise its rights granted pursuant to the Mortgages. Moreover, prohibiting the Debtor from using Country Banks cash collateral would likely undermine the Debtors ability to use the Properties in connection with the purposes under which the Debtor was formed and continues to act, including the establishment, conduct and support of Catholic elementary and secondary schools principally throughout New York State. 22. Section 363(c)(2) of the Bankruptcy Code provides that a debtor may not use cash

collateral unless each entity that has an interest in such cash collateral consents. Based upon the Stipulation, Country Bank has consented to the Debtors continued use of its cash collateral, and

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Country Bank has consented to the adequate protection provided in the Stipulation for the Debtors continued use of such cash collateral. THE STIPULATION 23. As set forth above, the Debtor and Country Bank were able to reach agreement on

the Debtors continued use of Country Banks cash collateral and have reduced that agreement to the Stipulation. The Debtor believes the Stipulation is in its best interest, as well as that of its bankruptcy estate. 24. Interested parties are referred to the Stipulation for a complete understanding of

its terms. 4 The most important terms of the Stipulation are: (a) Country Bank is authorized to continue to disburse to itself payments of

post-petition interest on the Loan from the Debt Service Reserve (as defined in the Loan Documents), at the non-default rate, in accordance with the terms of the Loan Documents. (b) As additional adequate protection to protect Country Bank from

diminution of its Collateral (as defined in the Loan Documents), Country Bank will be granted: (i) Replacement liens and security interests in the Collateral (the "Replacement Liens") 1. to the extent that said liens were valid, perfected and enforceable as of the Petition Date in the continuing order of priority of its pre-petition liens without determination herein as to the nature, extent and validity of said pre-petition liens and claims and 2. to the extent that diminution of its Collateral occurs during the Cases, subject to: (x) the claims of Chapter 11 professionals duly retained and to the extent awarded pursuant to 330 or 331 of the Bankruptcy Code; (y) United States Trustee fees pursuant to 28 U.S.C. 1930;
This summary of the Stipulation is descriptive only and is qualified in its entirety by the provisions of the Stipulation. The terms of the Stipulation will control in the event of any inconsistency between the summary set forth herein and the Stipulation.
4

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and (z) the fees and commissions of a Chapter 7 trustee in an aggregate amount not to exceed $10,000. 3. The Replacement Liens granted hereby shall not attach to the proceeds of any recoveries of estate causes of action under 542 through 553 of the Bankruptcy Code. (ii) The automatic stay pursuant to 362(a) of the Code will be vacated to permit Country Bank to continue to disburse to itself payments of post-petition interest on the Loan from the Debt Service Reserve, at the non-default rate, in accordance with the terms of the Loan Documents and the Stipulation. NOTICE 25. The Debtor proposes that notice of the hearing (whether preliminary or final) held

pursuant to Rules 4001(b) and (d), and 102(1), 105, 362 and 363 of the Bankruptcy Code be given to: (a) the United States Trustee for the Southern District of New York, Attn: Paul K. Schwartzberg, Esq.; (b) Country Bank, by its counsel, Penachio Malara LLP, 253 Main Street, White Plains, New York 10601, Attn: Ann Penachio, Esq.; (c) the Committee, by its proposed counsel, Pachulski Stang Ziehl & Jones LLP, 780 Third Avenue, 36th Floor, New York, New York 10017-2024, Attn: Ilan D. Scharf Esq.,; and (d) all entities that have filed requests for notices in this Case. The Debtor respectfully requests that under the circumstances, such notice is appropriate in accordance with 102 of the Bankruptcy Code and Rule 4001(d) of the Federal Rules of Bankruptcy Procedure. REQUEST FOR COMBINED INTERIM AND FINAL HEARINGS 26. Based upon the consent of Country Bank to the Debtors use of its cash collateral

pursuant to the Stipulation, the Debtor respectfully requests that the interim and final hearings permitted under Bankruptcy Rule 4001 be combined into a single, final hearing. The Debtor is providing at least fourteen (14) days notice of this hearing, and as such, there is no impediment to the Court holding a final hearing to approve the Stipulation.

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NO PRIOR REQUEST 27. court. WHEREFORE, it is respectfully requested that the Stipulation be entered and that the Debtor be granted such other and further relief as the Court deems just and proper. Dated: New York, New York May 16, 2011 TARTER KRINSKY & DROGIN LLP Proposed Attorneys for The Christian Brothers Institute, et al. Debtors and Debtors-in-Possession No prior request for the relief requested herein has been made to this or any other

By:

/s/ Scott S. Markowitz Scott S. Markowitz Ira R. Abel 1350 Broadway, 11th Floor New York, New York 10018 (212) 216-8000

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EXHIBIT A

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TARTER KRINSKY & DROGIN LLP Proposed Attorneys for The Christian Brothers Institute and The Christian Brothers of Ireland, Inc. Debtors and Debtors-in-Possession 1350 Broadway, 11th Floor New York, New York 10018 (212) 216-8000 Scott S. Markowitz, Esq. Ira R. Abel, Esq. UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ------------------------------------------------------------------- x In re: : : THE CHRISTIAN BROTHERS INSTITUTE, et al., : : Debtor. : ------------------------------------------------------------------- x

Chapter 11 Case No.: 11-22820 (RDD) (Jointly Administered)

STIPULATION AND ORDER PROVIDING ADEQUATE PROTECTION TO COUNTRY BANK AND AUTHORIZING COUNTRY BANK TO OFFSET POST-PETITION INTEREST PAYMENTS AGAINST PRE-PETITION CASH COLLATERAL DEPOSIT RECITALS: A. On April 28, 2011 (the Petition Date), The Christian Brothers Institute

(CBI) 1 and The Christian Brothers of Ireland, Inc. (CBOI, together with CBI, the Debtors), 2 each commenced their respective Chapter 11 cases (the Cases) by filing a voluntary petition for relief under Chapter 11 of Title 11, United States Code (the Code). B. Pursuant to 1107(a) and 1108 of the Code, the Debtors continue to operate as

debtors-in-possession. No trustee has been appointed. No official committee of unsecured creditors has been appointed. C.
1

CBI is a domestic not-for-profit 501(c)(3) corporation organized under 102(a)(5)

The last four digits of CBIs employer identification number are 0153 and its mailing address is 21 Pryer Terrace, New Rochelle, New York 10804. 2 The last four digits of CBOIs employer identification number are 0603 and its mailing address is 10001 S. Pulaski, Room 106, Chicago, IL 60655-3356.

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of the New York Not-for-Profit Corporation Law. CBI was formed in 1903 pursuant to Section 57 of the then existing New York Membership Law. The Not-for-Profit Corporation Law replaced the Membership Law effective September 1, 1970. The purpose for which CBI was, and continues to be, formed was to establish, conduct and support Catholic elementary and secondary schools principally throughout New York State. As a not-for-profit corporation, the assets, and/or income are not distributable to, and do not inure to, the benefit of its directors or officers. CBI depends upon grants and donations to fund a portion of its operating expenses. D. Pursuant to a loan agreement, dated November 25, 2008 (the Loan Agreement),

CBI, as borrower, borrowed $5,000,000 from Country Bank, as lender (Country Bank). The loan (the Loan) was evidenced by a promissory note, dated November 25, 2008 (the Note) and was secured by inter alia three (3) mortgages, assignments of leases and rents and security agreements, each dated as of November 25, 2008 (collectively, the Security Agreements). The Loan is an interest-only loan, with interest at the rate of six percent (6%) per annum. The original maturity date of the Loan was December 1, 2010, and the maturity date has been extended to December 1, 2012 (the Maturity Date). The Security Agreements constitute both real property mortgages and security agreements within the meaning of the Uniform Commercial Code. E. F. As of the Petition Date, CBI owed Country Bank approximately $5,000,000. Pursuant to the Security Agreements, CBI granted Country Bank liens against real

property located at (a) 74 West 124th Street, New York, New York, (b) 1850 Broadway, Town of Esopus, New York and (c) 260 Wilmont Road, New Rochelle, New York (collectively, the Collateral). G. In addition, pursuant to the Security Agreements, CBI granted Country Bank liens

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against, among other things: (a) the buildings, structures, additions, enlargements, extensions, modifications, repairs, replacements and improvements located on the Land; (b) easements; (c) personal property, including machinery, equipment, fixtures (including heating, air conditioning, plumbing, lighting, communications and elevator fixtures), furniture; (d) leases (the Leases) and rents (the Rents), each as defined in the Security Agreements; (e) insurance proceeds and (f) all accounts, including reserves, escrows and deposit accounts maintained by CBI and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments or dividends or substitutions thereon and thereof. H. Pursuant to (a) the Security Agreements and (b) three (3) assignments of leases

and rents, each dated November 25, 2008 (the Assignments of Leases, together with the Loan Agreement, the Security Agreements and the Note, the Loan Documents), CBI assigned the Leases and the Rents to Country Bank. I. In addition to the Collateral, as additional security granted pursuant to the Loan

Documents, Country Bank is holding the approximate amount of $533,000 of CBIs funds (the Debt Service Reserve). The Debt Service Reserve constitutes cash collateral of Country Bank. J. To perfect its security interest in the collateral described in the Loan Documents,

Country Bank filed UCC-1 financing statements with each appropriate state governmental office. K. Pursuant to the Loan Documents, Country Bank is permitted to disburse to itself

payments of interest on the Loan from the Debt Service Reserve. The Debt Service Reserve is sufficient for Country Bank to provide for timely and correct payments of the interest due on the Loan through the Maturity Date, provided that no Event of Default (as defined in the Loan Documents) exists. Payments of interest to Country Bank have been regularly and timely made, and no Event of Default has been declared.

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L.

Country Bank appears to be oversecured, and is therefore is entitled to payment of

post-petition interest pursuant to 506 of the Code. M. Country Bank is prohibited from using the Debt Service Reserve to disburse

payments of interest on the Loan from the Debt Service Reserve to itself as a result of the automatic stay, 362 of the Code, including 362(a)(7) thereof. N. As a form of adequate protection, Country Bank has requested that it be permitted

to use CBIs Debt Service Reserve to continue to disburse to itself payments of interest, at the non-default rate, in accordance with the terms of the Loan Documents. To provide such

adequate protection (as required under 363 of the Code) to Country Bank, CBI consents to Country Banks use of the Debt Service Reserve to continue to disburse to itself payments of post-petition interest on the Loan, at the non-default rate. O. CBI believes, and respectfully asserts, that Country Banks use of the Debt

Service Reserve to continue to use the Debt Service Reserve to make the post-petition interest payments on the Loan is reasonable and constitutes a component of adequate protection to Country Bank. Without authorization to use the Debt Service Reserve for such purpose, Country Bank would likely call the Loan in default and seek relief from the automatic stay to offset the Debt Service Reserve against the Loan. P. The value of CBIs estate will be maximized by its continuation as a going

concern, and use of the Debt Service Reserve for the purposes set forth herein is essential to CBIs operations. BASED UPON THE FOREGOING, IT IS HEREBY ORDERED AS FOLLOWS: 1. Country Bank is authorized to use the Debt Service Reserve under the terms of

the Loan Documents and in the ordinary course of its business, nunc pro tunc and effective as of

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the Petition Date, upon the terms and conditions set forth herein and in accordance with the terms of the Loan Documents. 2. As adequate protection to Country Bank, Country Bank is authorized to continue

to disburse to itself payments of post-petition interest on the Loan from the Debt Service Reserve, at the non-default rate, in accordance with the terms of the Loan Documents. 3. As additional adequate protection to protect Country Bank from diminution of its

Collateral (as defined in the Loan Documents), Country Bank is hereby granted: (a) replacement liens and security interests in the Collateral (the "Replacement Liens") (i) to the extent that said liens were valid, perfected and enforceable as of the Petition Date in the continuing order of priority of its pre-petition liens without determination herein as to the nature, extent and validity of said pre-petition liens and claims and (ii) to the extent that diminution of its Collateral occurs during the Cases, subject to: (x) the claims of Chapter 11 professionals duly retained and to the extent awarded pursuant to 330 or 331 of the Bankruptcy Code; (y) United States Trustee fees pursuant to 28 U.S.C. 1930; and (z) the fees and commissions of a Chapter 7 trustee in an aggregate amount not to exceed $10,000. The Replacement Liens granted hereby shall not attach to the proceeds of any recoveries of estate causes of action under 542 through 553 of the Bankruptcy Code. 4. The automatic stay pursuant to 362(a) of the Code is hereby vacated to permit

Country Bank to continue to disburse to itself payments of post-petition interest on the Loan from the Debt Service Reserve, at the non-default rate, in accordance with the terms of the Loan Documents and this Stipulation and Order. 5. Country Bank shall not be required to file financing statements or other

documents in any jurisdiction or take any other action to validate or perfect the Replacement

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Liens and security interests granted by this Stipulation and Order. 6. This Stipulation and Order shall be binding upon any subsequently appointed or

elected trustee in a successor case under Chapter 7 of the Code. 7. The Bankruptcy Court shall retain jurisdiction with respect to all matters

pertaining to this Order. Dated: New York, New York May 10, 2011 TARTER KRINSKY & DROGIN LLP Attorneys for The Christian Brothers Institute, et al. Debtors and Debtors-in-Possession Dated: White Plains, New York May 10, 2011 PENACHIO MALARA, LLP Attorneys for Country Bank

By:

/s/ Scott S. Markowitz Scott S. Markowitz Ira R. Abel 1350 Broadway, 11th Floor New York, New York 10018 (212) 216-8000

By:

/s/ Ann Penachio Ann Penachio 253 Main Street White Plains, New York 10601 (888) 368-5232

SO ORDERED this ___ day of May, 2011

THE HONORABLE ROBERT D. DRAIN UNITED STATES BANKRUPTCY JUDGE

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