SECOND AMENDMENT TO THIRD AMENDED PLAN OF REORGANIZATION AS RESTATED
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF FLORIDA
PANAMA CITY DIVISION
IN RE:
JAMES N. TUREK, CASE NO. 02-20411
CHAPTER 11
Debtor.
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SECOND AMENDMENT TO THIRD AMENDED PLAN OF REORGANIZATION AS RESTATED
COMES NOW the Debtor, James N. Turek, by and through his undersigned attorney and in an effort to correct certain inaccuracies or omissions set forth as to several classes of creditors provides the following amendments to the treatment of these creditors.
Class 3: Claim of Community Trust Bank
This class consists of a secured claim in the present principal amount of $164,481.98, together with interest and late charges in the amount of $13,988.25 and attorneys fees and costs in the amount of $33,760.49 for a total of $212,230.72, which claim is secured by a first mortgage on
rental property owned jointly by Debtor and his wife and located in Lexington, Kentucky. This claim will by satisfied by payment of same in full, pursuant to the contract terms with interest at the current contract rate of 6.125% per annum, amortized over a period of fifteen years, with payments in the amount of $1,805.29 per month, and in such future amounts as may be requested as a result of this creditor’s loan index rate, beginning on the first day of the month which immediately follows the entry of an Order Approving or Authorizing this Amendment to Debtors Chapter 11 Plan. As the Purchaser under the Lease Purchase Agreement in connection with this rental property and previously approved by the Bankruptcy Court has defaulted, there will not be a sale of this property free and clear of liens as previously contemplated.
1. Credits against this amount for post plan payments are being reviewed by creditor and may modify the amount of the creditors claim and monthly payments.
2. Credits against this amount for pre and post plan payments are being reviewed by creditor and may modify the amount of the creditors claim and monthly payments.
Class 5: Claims of Eastern Savings Bank
A. This class consists of a secured claim in the amount of $834,933.571 inclusive of interest and other charges due under the note and mortgage. This claim is secured by a first mortgage on real property owned by Debtor’s wife and located in Lexington, Kentucky. Both Debtor and his wife are obligors under the mortgage. This claim will by satisfied by payment of same in full, together with interest at the current rate of 9.99% per annum, amortized over a period of fifteen years, with payments in the approximate amount of $8,945.13 per month, together with insurance and tax escrow payments, beginning on May 1, 2006.
B. This class consists of a secured claim in the amount of $326,213.47 (2), inclusive of interest and other charges due under the note and mortgage. This claim is secured by a first mortgage on real property owned jointly by Debtor and his wife and located in Bay County, Florida.
This claim will by satisfied by payment of same in full, together with interest at the rate of 8.5% per annum, amortized over a period of fifteen years, with payments in the amount of $3,180.17, per month, beginning on May 1, 2006.
Dated this 30th day of March, 2006.
/s/ C. Edwin Rude, Jr.
C. EDWIN RUDE, JR.
Florida Bar No. 0157985
211 E. Call Street
Tallahassee, Florida 32301-7607
Telephone (850) 222-2311
Facsimile (850) 222-2120
Attorney for Debtor
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CERTIFICATE OF SERVICE
I HEREBY CERTIFY that a true and correct copy of the foregoing has been furnished via Electronic Filing and/or U.S. Mail and/or Facsimile to Charles F. Edwards, Assistant U.S. Trustee, 110 E. Park Avenue, Suite 128, Tallahassee, Florida 32301; James N. Donohue, Esq., Ausley & McMullen, 227 S. Calhoun Street, Post Office Box 391, Tallahassee, Florida 32302 and Peter Max Fallon, Esq., Law Office of Daniel C. Consuegra, 9204 King Palm Drive, Tampa, Florida 33619- 8331 this 30th day of March, 2006.
/s/ C. Edwin Rude, Jr.
C. EDWIN RUDE, JR. |
