Laserfiche WebLink
1 (collectively, the "Account Collections") . Other pre-petition <br /> 2 receivables exist; however, the Trustee has informed Barclays that <br /> 3 these may prove of negligible value. Barclays asserts that all <br /> 4 accounts receivable and their proceeds held by the Estate, including <br /> 5 the Account Collections, are collateral in which Barclays held a <br /> b perfected security interest under the Security Documents as of the <br /> 2 Petition Date. <br /> 8 N. The Trustee has collected the refund of a professional <br /> 9 legal retainer paid out pre-petition by the Debtor in the <br /> 10 approximate amount of $10, 175 .44 and may receive a further refund of <br /> 11 as much as $5, 000 (collectively, the "Refunds") , which Refunds, but <br /> 12 for the settlement hereunder, Barclays would assert to be the <br /> 13 proceeds of its collateral as the proceeds of accounts receivable <br /> 14 and general intangibles and/or monies in which Barclays held a <br /> 15 perfected security interest under the Security Documents. <br /> 16 0. On or about October 23 , 1993 , Barclays assigned to its <br /> 17 affiliate, ITL-Cross, all right, title, interest, and obligation of <br /> 18 Barclays in the loan, security, and related documents evidencing and <br /> 19 securing Barclays' claim in the Chapter 7 Case. <br /> 20 P. On November 18 , 1993 , the Real Property Collateral was <br /> 21 foreclosed by nonjudicial sale pursuant to the Deed of Trust and <br /> 22 after no third-party bid was received, ITL-Cross became the owner <br /> 23 thereof by reason of its credit bid in the amount of $2 , 100, 000. <br /> 24 Barclays acknowledges that the foregoing credit bid reduces in that <br /> 25 amount the BC obligations, which Barclays computes as approximately <br /> 26 $3 ,475, 000 immediately preceding the foreclosure sale. Accordingly, <br /> 27 after reduction by reason of the credit bid, the BC Obligations, and <br /> NOTICE OF JOINT MOTION AND JOINT MOTION FOR <br /> ORDER AUTHORIZING COMPROMISE OF CONTROVERSY AND <br /> APPROVING STIPULATION FOR RELIEF FROM STAY 6 3435\POObA.LJC/d[l <br />