Case No. 10-12200-JFS.United States Bankruptcy Court, D. Maryland, (Baltimore Division).
August 31, 2010
Michael S. Myers, Michael S. Myers Fed. Bar #28450, SCARLETT CROLL, P.A., Baltimore, MD, Attorney for Debtor.
Ashley H. Hou, Ashley H. Hou, Bar No. 26298, Special Assistant U.S. Attorney, U.S. Small Business Administration, Baltimore, MD.
STIPULATION AND CONSENT ORDER (1) RESOLVING DEBTOR’S MOTION FOR DETERMINATION OF SECURED STATUS AS TO LOAN (DOC NO. 38) AND PROVIDING FOR ALLOWANCE OF CLAIM BY U.S. SMALL BUSINESS ADMINISTRATION AS AN UNSECURED CLAIM WITHOUT DISPUTE OR REDUCTION
JAMES SCHNEIDER, Bankruptcy Judge
This Stipulation and Consent Order (the “Stipulation”) is entered into by and among MacBain Printing company, Inc. d/b/a Consolidated Printing Co. (“MacBain
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Printing” and/or the “Debtor”) and U.S. Small Business Administration (“SBA” or “Creditor”) in settlement of the Debtor’s Motion for Determination of Secured Status as to Loan with U.S. Small Business Administration (Doc. No. 38) (the “Motion”), and SBA’s Response (Doc. No. 68), by and through their respective counsel, agree to the following facts:
1. On or about May 5, 2005, MacBain Printing executed a Note in the amount of Eight-Hundred and Twenty-Two Thousand Dollars, to Chesapeake Business Finance Company, which was subsequently assigned to the SBA.
2. On May 5, 2005, Debtor executed a Security Agreement granting a second lien position in the Heidelberg Speedmaster Six-Color Offset Press, Model CD 74-6-Lxf, #450778 and in Goods-Fixtures and software, inventory, accounts, deposit accounts and general intangibles, which was assigned to SBA.
3. The U.C.C. Financing Statement was recorded on May 12, 2005.
4. In a previous Stipulation and Consent order with Creditor, GE Capital Corporation (Doc. No. 129), the secured value of the Heidelberg Speedmaster Six-Color Offset Press, Model CD 74-6-Lx-f, #450778 was determined to be $650,000.
NOW THEREFORE, MacBain Printing and SBA, stipulate and consent to the value of SBA’s unsecured claim to be in the amount of Six Hundred Eighty Eight Thousand, One hundred and eighteen Dollars and Six Cents ($688,118.06),
and it is by the United States Bankruptcy Court for the District of Maryland:
ORERED, that SBA’s claim is deemed filed and allowed in the unsecured amount set forth above, and
ORDERED, that any proof of claim filed within 10 days of this Stipulation, shall be consistent with this Stipulation and Consent Order.
CERTIFICATION
I HEREBY CERTIFY that the terms of the copy of this Stipulation and Consent Order submitted to the Court are identical to those set forth in this original Stipulation and Consent Order, and that the signatures represented by the /s/__________ line on this copy reference the signatures of the consenting parties on the original Stipulation and Consent Order.
Entered: August 31, 2010
Signed: August 30, 2010
SO ORDERED
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