Bankruptcy No. BK-S-00-10533-LBR, BK-S-00-10534-LBR, BK-S-00-10535-LBR, BK-S-00-10536-LBR, BK-S-00-10537-LBRUnited States Bankruptcy Court, D. Nevada
June 19, 2000
William P. Weintraub, Esq., Jeffrey N. Pomerantz, Esq,. Malhar S. Pagay, Esq., Pachulski, Stang, Ziehl, Young Jones P.C., San Francisco, California, and James Patrick Shea, Esq., Candace Carlyon, Esq., Shea Carlyon, Ltd., Las Vegas, NV, Attorneys for Debtors in Possession
Nancy Allf, Allf Associates, Attorneys for McCandless Rental and Leasing, Inc.
Barry Jenkins, Office of the United States Trustee
Linda D. Sartin, Esq., Dallas, Texas, Attorney for Bank
Deborah Williamson, Esq., Cox Smith, Inc., San Antonio, TX, Committee Counsel
Karen E. Thomas, Beckley, Singleton, Jemison, Cobeaga List, Las Vegas, NV, Attorneys for Idaho Alfalfa Seed Growers
Larry Prince Holland Hart, Boise, ID, Attorneys for (MT, WY, CO, Growers)
STIPULATION BETWEEN DEBTORS AND MCCANDLESS RENTAL AND LEASING, INC. RESOLVING MOTION FOR RELIEF FROM THE AUTOMATIC STAY; ORDER THERON
LINDA RIEGLE, United States Bankruptcy Judge
This Stipulation is entered into by and between AgriBioTech, Inc., a Nevada corporation and its affiliated debtors (the “debtors”) and McCandless Rental and Leasing, Inc. (“McCandless”) with respect to the following facts:
A. On January 25, 2000, the Debtors commenced the above-captioned chapter 11 cases by filing voluntary petitions for relief. The Debtors are currently operating their businesses as debtors in possession pursuant to Sections 1107 and 1108 of the Bankruptcy Code. Las Vegas Fertilizer Co., Inc. (“LVF”) is a wholly owned subsidiary of AgriBioTech, Inc. and a debtor and debtor in possession.
B. McCandless and LVF are parties to a Vehicle Finance Lease Agreement (“First Lease Agreement”). The First Lease Agreement relates to a 1995 Izusu MPR Flatbed truck (“Isuzu Truck”).
C. On or about February 28, 1998, McCandless and LVF entered into a second Vehicle Finance Lease Agreement (“Second Lease Agreement”). The Second Lease Agreement relates to a 1998 International 3700 Flatbed (“International Flatbed”).
D. McCandless filed a motion requesting that the Court order LVF to either assume or reject the First Lease Agreement and the Second Lease Agreement. LVR filed an opposition to the motion. LVF is current on all postpetition obligations under the Second Lease Agreement.
NOW, THEREFORE, THE PARTIES HEREBY STIPULATE AND AGREE AS FOLLOWS:
1. The First Lease Agreement is rejected us of April 5, 2000.
2. McCandless may pick up the Isuzu Truck which is located at LVF’s business premises at 3420 Losee Road, North Las Vegas, Nevada, 89030 at any time during normal business hours.
3. If LVF is in default with respect to its postpetition payment obligations under the terms of the Second Lease Agreement, McCandless may file an appropriate motion with the Court LVF agrees that any such motion may be heard on shortened time provided that LVT has at least five (5) business days to file an opposition to the motion.
4. McCandless reserves its rights with respect to any claims arising out of the First Lease Agreement LVF reserves its rights to object to any claim filed by McCandless arising out of the First Lease Agreement.
5. Nothing contained in this Order addresses or affects the characterization of the Second Lease Agreement as a true lease or secured financing agreement.
The Stipulation is approved.