UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NEW YORK ----------------------------------------------------------- In Re:
SUFFOLK READY MIX, LLC, Chapter 7 Case No. 09-75473
Debtor. -----------------------------------------------------------
MOTION FOR RELIEF FROM AUTOMATIC STAY
Secured Lease Creditor Key Equipment Finance Inc. (AKey@), through its
attorneys Lemery Greisler LLC, respectfully moves the Court for an Order pursuant
to 11 U.S.C. §362 (d)(1)(2) for relief from the Automatic Stay and, in support of its
motion, states as follows:
PARTIES
1. Debtors Suffolk Ready Mix, LLC (“Debtor”) filed its Voluntary
Petition for Relief under Chapter 11 of the United States Bankruptcy Code in this
Court on July 24, 2009.
2. The case was converted to one under Chapter 7 under the United
States Bankruptcy Code on August 9, 2010.
3. R. Kenneth Barnard, Esq. is the duly appointed Chapter 7 Trustee.
4. Key is a secured creditor of the Debtor pursuant to a Vehicle
Finance Agreement under which Key financed the Debtor’s purchase of a 2007
Heil Dry bulk Trailer. As of the date of filing, Key was owed $55,606.16.
Evidence of Key’s claim and the perfection of its lien is attached hereto as Exhibit
“A.”
Motion Date: September 29, 2010 Time: 9:30 a.m. Location: Central Islip
Case 8-09-75473-reg Doc 127 Filed 08/19/10 Entered 08/19/10 15:58:42
JURISDICTION
5. The Court has jurisdiction over this case and this motion, which is a
core proceeding, pursuant to 28 U.S.C. §1334 and 28 U.S.C. §157(b)(2)(G).
RELIEF REQUESTED AND BASIS THEREFOR
6. In this Chapter 7 case, Chapter 7 Trustee has not offered to pay
adequate protection on account of Key’s secured claim.
7. Key’s collateral in the nature of a trailer is easily transported.
8. Key has not received evidence that its collateral is insured.
9. Accordingly, Key has shown cause sufficient for the Court to grant
relief from the automatic stay pursuant to 11 U.S.C. 362 § (d)(1).
10. Further, because this is a Chapter 7 case, the collateral was not
needed for an effective reorganization and, therefore, Key is entitled to relief
pursuant to 11 U.S.C. 362 §(d)(2).
11. On either basis, Key is entitled to relief from the automatic stay.
12. Key will account to the Trustee for any surplus realized upon the
liquidation of its collateral.
13. Based upon a prior stipulation between the Debtor and Key,
approved by the Court, both parties acknowledge that Key was an undersecured
creditor. Exhibit “B.”
14. Key respectfully requests pursuant to Federal Rule of Bankruptcy
Procedure 4001(a)(3) that the ten day stay period be waived.
Case 8-09-75473-reg Doc 127 Filed 08/19/10 Entered 08/19/10 15:58:42
WHEREFORE, it is respectfully requested that the Court grant Key’s Motion
and such other and further relief as may be deemed just, necessary and proper.
Dated: August 19, 2010
Respectfully submitted,
/s/Paul A. Levine Paul A. Levine, Esq. Lemery Greisler LLC Attorneys for Key Equipment Finance Inc. 50 Beaver Street Albany, New York 12207 (518) 433-8800
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Case 8-09-75473-reg Doc 127 Filed 08/19/10 Entered 08/19/10 15:58:42