Elawyers Elawyers
Washington| Change

IN RE SWAMI SHREE, LLC, 11-25973-DER. (2012)

Court: United States Bankruptcy Court, D. Maryland Number: inbco20120405647 Visitors: 11
Filed: Apr. 05, 2012
Latest Update: Apr. 05, 2012
Summary: STIPULATION AND CONSENT ORDER RESOLVING DEBTOR'S AMENDED MOTION TO DETERMINE AMOUNT OF CLAIM OF S4H HOSPITALITY, LLC DAVID E. RICE, Bankruptcy Judge. Swami Shree, LLC, debtor and debtor-in-possession (the "Debtor"), and S4H Hospitality, LLC ("S4H"), Senior Secured Creditor, by their respective attorneys, hereby stipulate as follows: 1. On August 4, 2011, the Debtor filed a Voluntary Petition under Chapter 11 of the Bankruptcy Code and scheduled S4H as holding a disputed first priority secure
More

STIPULATION AND CONSENT ORDER RESOLVING DEBTOR'S AMENDED MOTION TO DETERMINE AMOUNT OF CLAIM OF S4H HOSPITALITY, LLC

DAVID E. RICE, Bankruptcy Judge.

Swami Shree, LLC, debtor and debtor-in-possession (the "Debtor"), and S4H Hospitality, LLC ("S4H"), Senior Secured Creditor, by their respective attorneys, hereby stipulate as follows:

1. On August 4, 2011, the Debtor filed a Voluntary Petition under Chapter 11 of the Bankruptcy Code and scheduled S4H as holding a disputed first priority secured claim in the amount of $2,924,924.20 (dkt. 1).

2. On December 15, 2011, the Debtor filed a Motion to Determine Amount of Claim and Secured Status of Claim of S4H Hospitality, LLC (the "Motion") (dkt. 79);

3. On January 20, 2012, S4H filed an Opposition to the Motion (the "Opposition") (dkt. 103);

4. On March 7, 2012, the Debtor filed an Amended Motion to Determine Amount of Claim of S4H Hospitality, LLC (the "Amended Motion") (dkt. 139);

5. Both informally and pursuant to a document request filed by the Debtor, S4H has provided the Debtor with documentation supporting the various components of its claim;

6. As of March 31, 2012, S4H asserted a claim in the aggregate amount of $3,172,102.60 comprised of the following: (a) principal in the amount of $2,884,716.50; (b) accrued interest at the default rate of interest in the amount of $308,344.15; (c) late charges in the amount of $19,724.55; and (d) lender expenses (consisting primarily of attorneys' fees and appraisal fees) in the aggregate amount of $79,317.41. These amounts have been reduced by adequate protection payments in the aggregate amount of $120,000.00.

7. In full and final settlement of the Amended Motion and the Opposition, the Debtor and S4H agree that the late charges in the amount of $19,724.55 shall be waived and that the lender expenses shall be reduced by the amount of $13,369.50 representing legal bills paid to Saul Ewing LLP. The claim of S4H shall otherwise be allowed as set forth above. The per diem after March 31, 2012, utilizing the default rate of interest, is $641.05. Additionally, legal expenses to Tydings & Rosenberg LLP are continuing.

8. Accordingly, the Debtor and S4H agree that, as of March 31, 2012, S4H shall have an allowed claim in the amount of $3,139,008.60 subject to additional interest and attorneys' fees.

9. Within ten (10) days of entry of this Stipulation and Consent Order, S4H shall file a proof of claim reflecting the amounts set forth in paragraph 8 above. The Debtor reserves all rights with respect to said proof of claim.

Source:  Leagle

Can't find what you're looking for?

Post a free question on our public forum.
Ask a Question
Search for lawyers by practice areas.
Find a Lawyer