The bankruptcy court granted a motion for relief from the automatic stay to allow payment and advancement of insurance policy proceeds. Specifically, the court ordered that:
1) The Class Action Defendants and Debtor could use proceeds from the insurance policy to pay defense costs, including attorney fees and expert witness fees, in the class action case.
2) Zurich could disburse such proceeds in accordance with the policy terms.
3) To the extent the automatic stay applied, relief from stay was granted to allow use of the policy proceeds. However, the Debtor still must obtain court approval for professional compensation payments as required by the Bankruptcy Code.
The bankruptcy court granted a motion for relief from the automatic stay to allow payment and advancement of insurance policy proceeds. Specifically, the court ordered that:
1) The Class Action Defendants and Debtor could use proceeds from the insurance policy to pay defense costs, including attorney fees and expert witness fees, in the class action case.
2) Zurich could disburse such proceeds in accordance with the policy terms.
3) To the extent the automatic stay applied, relief from stay was granted to allow use of the policy proceeds. However, the Debtor still must obtain court approval for professional compensation payments as required by the Bankruptcy Code.
The bankruptcy court granted a motion for relief from the automatic stay to allow payment and advancement of insurance policy proceeds. Specifically, the court ordered that:
1) The Class Action Defendants and Debtor could use proceeds from the insurance policy to pay defense costs, including attorney fees and expert witness fees, in the class action case.
2) Zurich could disburse such proceeds in accordance with the policy terms.
3) To the extent the automatic stay applied, relief from stay was granted to allow use of the policy proceeds. However, the Debtor still must obtain court approval for professional compensation payments as required by the Bankruptcy Code.
Case:12-24882-ABC Doc#:557 Filed:10/29/12 Entered:10/30/12 08:01:20 Page1 of 1
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF COLORADO In re: ) ) Case No. 12-24882 ABC CORDILLERA GOLF CLUB dba The ) Chapter 11 Club at Cordillera ) ) Debtor. ) ORDER GRANTING MOTION FOR RELIEF FROM THE AUTOMATIC STAY, TO THE EXTENT APPLICABLE, TO ALLOW PAYMENT AND ADVANCEMENT OF PROCEEDS UNDER INSURANCE POLICY THIS MATTER comes before the Court on the Motion for Relief from the Automatic Stay, to the Extent Applicable, to Allow Payment and Advancement of Proceeds under Insurance Policy (the "Motion") filed by Cordillera Golf Holdings, LLC, WFP Cordillera, LLC, CGH Manager, LLC, David A. Wilhelm and Patrick Wilhelm (the "Class Action Defendants"). The Court, being duly advised, and any objections having been resolved, withdrawn or overruled, hereby ORDERS that the Motion is GRANTED; ORDERS that the Class Action Defendants and Cordillera Golf Club dba The Club at Cordillera ("Debtor") are authorized to use the proceeds of the Policy (as defined the Motion) to pay their defense costs, including but not limited to attorneys fees, expert withness fees and other costs (collectively, the "Defense Costs") in the Class Action (as defined in the Motion); and Zurich may disbuse such proceeds in accordance with the terms of the Policy; and FURTHER ORDERS that, to the extent the automatic stay is applicable, relief from stay is granted, to allow use of the Policy proceeds.** DATED: this .5i?!i of October, 2012 BY THE COURT: Hon. A. Bruce ampbell United States Bankruptcy Judge ORDERS that the provisions of this Order shall not supersede the duty of the Debtor to obtain approval for payment of professional compensation and reimbursement of expenses as may be required by Section 330 of the Bankruptcy Code. ZRCD0/1 0782!5/13661333v.J
D & F'S Motion For Relief From The Automatic Stay Or, in The Alternative, For A Grant of Adequate Protection For The Debtors' Continued Use of Property Pursuant To 11 U.S.C. 363 (E)
In Re George Ruggiere Chrysler-Plymouth, Inc., Debtor. Chrysler Credit Corporation, Creditor-Appellant v. George Ruggiere, Chrysler Plymouth, Inc., Debtor-Appellee, 727 F.2d 1017, 11th Cir. (1984)