Case No. BKY 05-30073.United States Bankruptcy Court, D. Minnesota.
January 11, 2005
ORDER GRANTING EXPEDITED RELIEF AND AUTHORIZING (A) MAINTENANCE OF EXISTING BANK ACCOUNTS AND CHECK STOCK AND (B) CONTINUED USE OF CASH MANAGEMENT SYSTEM
GREGORY KISHEL, Bankruptcy Judge
The motion of Debtor for an order authorizing the maintenance of existing bank accounts, and continued use of existing cash management systems came before the undersigned on January 11, 2005. Appearances are noted on the record.
Based on the arguments of counsel, all the files, records and proceedings herein, the Court being advised in the premises, and the Court’s findings of fact and conclusions of law, if any, having been stated orally and recorded in open court following the close of evidence,
IT IS HEREBY ORDERED:
1. Debtor’s motion for expedited hearing on this motion is granted.
2. Debtor is authorized but not directed, in the reasonable exercise of its business judgment, to designate, maintain, and continue to use, with the same account numbers, all of the active bank accounts in existence on the petition date (collectively the “Bank Accounts”).
3. Debtor is authorized to use, in its present form, checks and other documents related to the Bank Accounts.
4. The Debtor is authorized to treat the Bank Accounts for all purposes as accounts of the Debtor as debtor in possession.
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5. Each and every bank at which any Bank Account is maintained is hereby authorized an directed to continue to service and administer such Bank Account as an account of Debtor as debtor in possession without interruption and in the usual and ordinary course, and to receive, process, honor and pay any and all checks and drafts drawn on the Bank Account after the petition date; provided, however, that any check drawn or issued by the Debtor before the petition date may be honored by any bank only if specifically authorized by order of this Court or paid with funds not belonging to Debtor.
6. Debtor is authorized to continue utilizing its centralized multi-company cash management system to manage its cash in a manner consistent with the Debtor’s pre-petition practice, modified as Debtor deems necessary to best identify and track Debtor receipts and disbursements.
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