On November 8, 2010, the Bankruptcy Court entered a Final Order Approving Cash Collateral Stipulation. A hearing is currently scheduled on the Debtor’s ongoing use of cash collateral for December 2, 2010.
Also on November 12, 2010, the Bankruptcy Court entered an Order Granting Application to Employ Nicholas R. Pagliari and the Law Firm of Quinn, Buseck, Leemhuis,
Toohey and Kroto, Inc. as Counsel to the Official Committee of Unsecured Creditors.
Finally, on or about November 22, 2010, the Bankruptcy Court entered a Consent Order granting the Debtor authority to partially distribute sale proceeds from its prior public auction. Debtor’s Counsel has been authorized to use up to $10,000 of the $80,365.00 in proceeds from unencumbered assets to fund operational costs and professional fees. Debtor’s Counsel will continue to hold the remaining proceeds in escrow for the benefit of creditors, subject to further order of Court.
