Case No. 01-16034 (AJG) Jointly AdministeredUnited States Bankruptcy Court, S.D. New York.
April 8, 2004
ORDER APPROVING PROPOSED ALLOCATION OF PROCEEDS FROM SALE OF A CERTAIN AIRCRAFT (DASSAULT AVIATION FALCON 900B-N573J)
ARTHUR GONZALEZ, Bankruptcy Judge
Upon the motion dated March 4, 2004 (the “Motion”),[1] of Enron Corp. (“Enron”), as debtor and debtor in possession, for an order pursuant section 363 of title 11 of the United States Code, 11 U.S.C. § 101 et seq. (the “Bankruptcy Code”) approving a proposed allocation of proceeds of sale of the Dassault Aviation Falcon 900B-N573J (the “Aircraft”); and the Court having reviewed the Motion and having determined that granting the relief requested is in the best interest of the Movants, their respective estates and creditors, and is a proper exercise of the Movants’ business judgment; and it appearing that proper and adequate notice of the Motion has been given under the circumstances and that no other or further notice is necessary; and upon the record herein; and upon the representations of counsel present at the hearing; and after due deliberation; and good and sufficient cause approving therefor,
IT IS HEREBY FOUND AND DETERMINED THAT:
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1. The Court has jurisdiction to consider the Motion and the relief requested therein pursuant to 28 U.S.C. § 157 and 1334.
2. As evidenced by the certificate of service filed with the Court, and based on the representations of counsel at the hearing, (A) proper, timely, adequate, and sufficient notice of the Motion has been provided in accordance with sections 105 and 363 of the Bankruptcy Code and Bankruptcy Rules 2002, 6004, and 9013, and Rule 9013-1(c) of the Local Bankruptcy Rules for the Southern District of New York (the “Local Rules”) to all interested persons and entities, including, but not limited to, (i) the Office of the United States Trustee, (ii) counsel for the DIP Lenders, (iii) counsel for the Official Committee of Unsecured Creditors in the Debtors’ chapter 11 cases (the “Creditors’ Committee”), (iv) Joint Official Liquidators, (v) the Examiner for ENA, (vi) counsel for the Employment-Related Issues Committee; and (vii) all entities who had filed a notice of appearance and request for service of papers in these cases in accordance with the Court’s Second Amended Case Order, dated December 17, 2002; (B) such notice was good and sufficient and appropriate under the particular circumstances, and (C) no other or further notice of the Motion is required.
3. The requirements of Rule 9013-1(b) of the Local Rules have been waived.
4. A reasonable opportunity to object or be heard with respect to the Motion and the relief requested therein and this Order has been afforded.
5. The Movants have advanced sound and sufficient business justification, and it is a reasonable exercise of its business judgment, for the use of proceeds.
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ACCORDINGLY, THE COURT HEREBY ORDERS THAT:
a. The Motion is granted in its entirety.
b. Enron is authorized to use $17,625.00 of the proceeds to pay the remaining .15% commission to JBA and this use of proceeds is appropriate and consistent with the Agreement signed with ECT and JBA.
c. Except to the extent required to repay the DIP Obligations[2] (if any) pursuant to and in accordance with the DIP Order and the Documents, all proceeds received by the Debtors in connection with the allocation contemplated by the Motion shall be retained by the Debtors, and neither disbursed nor used until the earlier to occur of (i) agreement by and between Enron and the Committee with respect to the release of such proceeds and (ii) further order of this Court.
d. The Approval Order entered by this Court on September 4, 2003, remains in full force and effect
e. This Court shall retain jurisdiction to hear and determine all matters arising from the implementation of this Order and the Approval Order.