04/11/2008 422 Motion to Sell Property under Section 363(b), filed by Stephen Barnes. Hearing scheduled for 4/17/2008 at 02:00 PM at Lexington Courtroom, 3rd Floor. (Attachments: # 1 Proposed Order) (Barnes, Stephen) (Entered: 04/11/2008)
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Doc 422-1
In re:
Chapter 11
Case No. 07-50934
Judge William S. Howard
PLASTICON INTERNATIONAL, INC.
Debtor
ORDER APPROVING SALE
This matter came before the Court on Motion of the Chapter 7 Trustee, James D. Lyon (the “Trustee”), in which Motion the Trustee moved the Court for entry of an order, pursuant to section 363 of title 11 of the United States Code, (the “Bankruptcy Code”) (a) authorizing the Trustee to consummate a Patent Assignment and Bill of Sale (the “Agreement”) with DCA Construction Products, LLC (“Buyer”) for the assignment (the “Assignment”) of certain patents (the “Patents”) and the sale (collectively, with the Assignment, the “Sale”) of certain tooling and inventory (collectively, with the Patents, the “Assets”) of the above-captioned debtor (the “Debtor”), (b) authorizing the sale of the Assets free and clear of liens, claims, interests, and encumbrances, (c) exempting the Sale from transfer taxes, (d) waiving the 10-day stay of Rule 6004(g) of the Federal Rules of Bankruptcy Procedure (collectively, the “Bankruptcy Rules”), (e) requesting an expedited hearing, and (f) alternatively, authorizing payment of a break-up fee and approving the auction procedures set forth herein. A hearing was held on this Motion on Thursday, April 17, 2008 at 2:00 pm in the 3rd floor Bankruptcy Courtroom in Lexington, Kentucky.
The Court having heard arguments and reviewed the record, and being otherwise adequately informed, hereby ORDERS AND ADJUDICATES as follows:
1. The Motions are GRANTED.
2. The Trustee is hereby AUTHORIZED to consummate the purchase agreement with the Buyer for the Assignment of the Patents and the sale of the Tooling and Inventory of the Debtor,
3. The Trustee is hereby AUTHORIZED to sell the Assets free and clear of liens, claims, interests, and encumbrances, and the sale shall be exempt from transfer taxes,
4. The 10-day stay of Rule 6004(g) of the Bankruptcy Rules is hereby waived,
5. This Court hereby FINDS AND CONCLUDES that this sale was conducted in good faith and that, pursuant to Section 363(m) of the Bankruptcy Code, the reversal or modification on appeal of the Order authorizing the sale of the Property will not affect the validity of the sale to Purchaser or any other purchaser unless the Order approving these Motions and the actual sale of the Property is stayed pending any such appeal,
6. This matter shall be heard on an expedited basis, and notice herein is sufficient in light of the relief requested herein,
7. This is a final and appealable Order, and there is no just cause for delay.
Pursuant to Local Rule 9022-1(c), Stephen Barnes 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 designated to receive electronic notice
** All parties on the attached service list |
