In re WORLDCOM, INC., et al., Chapter 11, Debtors

Case No. 02-13533 (AJG), Jointly AdministeredUnited States Bankruptcy Court, S.D. New York.
September 23, 2003

Marcia L. Goldstein, Esq., Lori R. Fife, Esq., Alfredo R. Perez, Esq., Adam P. Strochak, Esq., WEIL, GOTSHAL MANGES LLP, Washington, D.C., for Debtors

William B. Schiller, SCHILLER KNAPP, LLP, Latham, New York, for COUNTRYWIDE HOME LOANS

STIPLULATION AND ORDER CONCERNING MOTION OF COUNTRYWIDE HOME LOANS, INC., FOR RELIEF FROM THE AUTOMATIC STAY
ARTHUR GONZALEZ, Bankruptcy Judge

WHERAS, on or about July 21, 2002 and November 8, 2002, WorldCom, Inc. and substantially all of its direct domestic subsidiaries commenced cases under chapter 11 of title 11 of the United States Code, 11 U.S.C. § 101 et seq. (the “Bankruptcy Code”); and

WHEREAS, Nationwide Cellular Services, Inc., a subsidiary of WorldCom Wireless, Inc., which is a debtor in possession in these chapter 11 cases, holds a judgment lien, entered on October 5, 1995, against Robert Brasco, the owner of certain real property located at 155 Mansion Avenue, State Island, New York (“Real Property”) in the amount of $2,156.48; and

WHEREAS, Countrywide Home Loans (the “Movant”) was assigned a mortgage from First Financial Equities, Inc., on July 16, 2002 for the Real Property; and

Page 2

WHEREAS, in conducting a search of the records related to the Real Property, a judgment lien in the amount of $2,156.48 against the Real Property was found in favor of WorldCom Wireless, Inc.; and

WHEREAS, the Movant filed a Request for Relief from the automatic stay in order to foreclose against the Real Property; and

WHEREAS, the foreclosure action will help determine the rights and priority to payment of judgment creditors of Robert Brasco, including WorldCom Wireless, Inc., in the Real Property that is subject to foreclosure; and

WHEREAS, commencement of the foreclosure action is in the best interest of the Debtors, the estate and its creditors;

NOW, THEREFORE, it is hereby Stipulated, Ordered, and Decreed:

1. The Motion is granted in part and the automatic stay is modified as provided herein.

2. WorldCom Wireless, Inc. may be named as a party defendant in any foreclosure action commenced by the Movant against Robert Brasco. In the event Movant names WorldCom Wireless, Inc or any of its subsidiaries in a foreclosure complaint, Movant and Worldcom Wireless, Inc shall make a good faith attempt to resolve any out standing issues without the need for court intervention.

3. Any interest in the real property held by the Debtor shall be treated consistent with the requirements set forth in the New York Real Property and Proceedings Law.

4. This Stipulation and Order shall be immediately effective and enforceable.

Page 3

[EDITORS’ NOTE: THIS PAGE CONTAINS ATTORNEY LIST]

SO ORDERED

Page 1