04/11/2008 417 Order GRANTING Motion To Convert Case from Chapter 11 to Chapter 7 (Related Doc # 399) (baa) (Entered: 04/11/2008)
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Doc 417
OCR extract
IN RE:
CASE NO. 07-50934
CHAPTER 11
HON. WILLIAM S. HOWARD
PLASTICON INTERNATIONAL , INC.
DEBTOR
ORDER GRANTING CHAPTER 11 TRUSTEE JAMES D. LYON'S MOTION TO CONVERT CASE TO CHAPTER 7 FOR CAUSE
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 §1112(b) of Title 11 of the United States Code (the "Bankruptcy Code"), in which Motion the Chapter 11 Trustee requested that this Court to enter an Order converting this case to Chapter 7 of the Bankruptcy Code. A hearing was held on this Motion on Thursday, April 10, 2008 at 2:30 pm in the 3rd Floor Lexington Bankruptcy Courtroom, located at 100 E. Vine Street, Lexington, KY 40507. The Court having reviewed the record and being otherwise adequately informed, hereby FINDS AND CONCLUDES as follows:
1. This Court has jurisdiction over this Motion pursuant to 28 U.S.C. §1334, and venue is proper under 28 U.S.C. §1409.
2. Pursuant to 11 U.S.C. § 1112(b), cause exists to convert this bankruptcy case from Chapter 11 to Chapter 7.
3. Cause to convert exists under 11 U.S.C. §1 1 1 (b)(4)(A) because there has been substantial or continuing loss to or diminution of the estate and there is no reasonable likelihood of rehabilitation.
4. Cause to convert exists under 11 U.S.C. §§1 1 1 2(b)(4)(E) and 1112(b)(4)(F)) because the Debtor has failed to comply with Court orders, and has failed to satisfy reporting requirements.
5. Cause to convert exists under 11 U.S.C. §1112(b)(4)(J) because no plan or disclosure statement has been submitted to the Court.
6. Cause to convert exists under 11 U.S.C. §§1112(b)(4)(I) and 1112(b)(4)(K) because neither taxes nor Chapter 11 U.S. Trustee fees have been paid.
7. For his Motion, the Trustee states as follows:
Having made the Findings and Conclusions set forth above, this Court hereby ORDERS AND ADJUDICATES as follows:
1. This Court is hereby CONVERTED to a Case under Chapter 7 of the Bankruptcy Code; and
2. This is a final and appealable Order, and there is no just cause for delay.
Tendered by:
Isl Stephen Barnes
Jonathan L. Gay
Walther, Roark & Gay, PLC
163 E. Main Street, Suite 200
Lexington, Kentucky 40507
(859) 225-4714 (Tel)
(859) 225-1493 (Fax)
S barnes@wrgfirm.com |
