03/06/2008 397 Order GRANTING Motion To Compel Turnover of Retainer Funds held by Wyatt, Tarrant and Combs, LLP to James D. Lyon, Chapter 11 Trustee (Related Doc # 376) (baa) (Entered: 03/06/2008)
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Doc 397
IN RE:
CASE NO. 07-50934
CHAPTER 11
HON. WILLIAM S. HOWARD
PLASTICON INTERNATIONAL , INC.
DEBTOR.
ORDER COMPELLING TURNOVER OF RETAINER FUNDS HELD BY WYATT, TARRANT & COMBS, LLP TO JAMES D. LYON, CHAPTER 11 TRUSTEE
This matter came before the Court on Motion of the Chapter 11 Trustee James D. Lyon (the “Chapter 11 Trustee”), solely in his capacity as the Trustee for the Chapter 11 Bankruptcy
Estate of Plasticon International, Inc. (the “Debtor”), pursuant to §§ 541 and 542(a) of Title 11 of the United States Code (the “Bankruptcy Code”), in which Motion the Chapter 11 Trustee moved this Court to enter an Order compelling the law firm of Wyatt, Tarrant & Combs, LLP (“Wyatt”) to turn over any and all retainer funds held by Wyatt to the Chapter 11 Trustee,
because such funds are property of the Bankruptcy Estate. Wyatt filed a Response (Docket No. 393) and the Official Committee of Unsecured Creditors filed an Objection (Docket
No. 392). A hearing was held on this matter at 2:00 p.m. on Monday, March 3, 2008, in the 3rd Floor Lexington U.S. Bankruptcy Courtroom at 100 E. Vine Street, Lexington, Kentucky 40507. The Court, having reviewed the record and being otherwise adequately advised, hereby ORDERS AND ADJUDICATES as follows:
1. The Motion is GRANTED and any objections are OVERRULED.
2. Wyatt is currently holding $32,060.71 in escrow. The Court finds that all funds held by Wyatt on the petition date were property of Plasticon International, Inc. From these funds Wyatt may immediately disburse to itself the sum of $6,417.25, which is the total of Wyatt’s approved out-of-pocket expenses in the Plasticon International Inc. Bankruptcy ($3,463.54) and the Pro Mold, Inc. Bankruptcy (E.D.Ky. Case No. 07-50935) ($2,953.71). Nothing herein shall be construed as barring the Chapter 11 Trustee from pursuing the Pro Mold Bankruptcy Estate for reimbursement of these Pro Mold expenses.
3. Wyatt shall immediately turn over to the Chapter 11 Trustee the balance of any and all retainer funds held by Wyatt, which remaining retainer funds total $25,643.46.
4. This is a final and appealable order, and there is no just cause for delay.
Prepared by:
/s/ Stephen Barnes
Jonathan L. Gay
Stephen Barnes
Walther, Roark & Gay, PLC
163 E. Main Street, Suite 200
Lexington, KY 40507
(859) 225-4714 (tel)
(859) 225-1493 (fax)
sbarnes@wrgfirm.com
ATTORNEYS FOR THE TRUSTE
Pursuant to Local Rule 9022-1(c), Jonathan L. Gay shall cause a copy of this Order to be served on each of the parties designated to receive this Order pursuant Local Rule 9022-1(a) and shall file with the Court a Certificate of Service of the Order upon such parties within ten (10) days hereof.
Copies to:
All parties in the ECF System.
All parties on the Master Service List
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The affixing of this Court's electronic seal below is proof this document has been signed by the Judge and electronically entered by the Clerk in the official record of this case.
Signed By:
William S. Howard
Bankruptcy Judge
Dated: Thursday, March 06, 2008
(wsh) |
