11-22820-rdd

Doc 323

Filed 05/11/12

Entered 05/11/12 11:53:40 Pg 1 of 2

Main Document

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ------------------------------------------------------------------- x In re: : : THE CHRISTIAN BROTHERS INSTITUTE, et al. : : : Debtors. ------------------------------------------------------------------- x

Chapter 11 Case No.: 11-22820 (RDD) (Jointly Administered)

ORDER AUTHORIZING THE CHRISTIAN BROTHERS INSTITUTE TO USE CERTAIN PROCEEDS FROM THE SALE OF THE PROPERTY LOCATED AT 74 WEST 124TH STREET, NEW YORK, NEW YORK TO PAY ORDINARY COURSE OBLIGATIONS Upon the motion dated April 20, 2012 (the Motion) (Docket No. 290) of The Christian Brothers Institute, debtor and debtor-in-possession (the Debtor) for entry of an order authorizing the Debtor to use a portion of the proceeds from the sale of the Debtors property located at 74 West 124th Street, New York, New York to meet its ordinary course obligations; and upon the Declaration of Brother Vincent McNally in support of the Motion; and there being due and sufficient notice of the Motion; and upon the objection (the Objection) of the Official Committee of Unsecured Creditors (the Committee) to the Motion (Docket No. 315); and upon the Debtors reply (the Reply) to the Objection (Docket No. 317); and upon the record of the hearing held by the Court on the Motion on May 8, 2012; and it appearing for the reasons stated by the Court at the hearing that the Debtors proposed use of the sale proceeds is a proper exercise of business judgment and us supported by sufficient cause, it is hereby ORDERED, that the Motion is granted and the Objection is overruled; the Debtor is authorized to use the Segregated Proceeds,1 on an as needed basis, to meet its ordinary and necessary operating expenses as reflected in the budgets (Budgets) attached to the Motion as

Capitalized terms not otherwise defined herein shall have the meanings ascribed to such term in the Motion.

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11-22820-rdd

Doc 323

Filed 05/11/12

Entered 05/11/12 11:53:40 Pg 2 of 2

Main Document

Exhibit A, in an amount not to exceed the projected cash shortfall of approximately $1,000,000 for the six (6) month period covered by the Budgets; and it is further ORDERED, that the Debtor may seek Court approval for the release of additional Segregated Proceeds beyond the relief granted herein should it become necessary and the Committee and the Debtor are unable to reach an agreement for release of such additional funds, without prejudice to the right of any party in interest to object to such a motion; and it is furhter ORDERED, that this Court shall retain jurisdiction over all matters arising from or related to the interpretation and implementation of this Order. Dated: White Plains, New York May 11, 2012 /s/ Robert D. Drain HONORABLE ROBERT D. DRAIN UNITED STATES BANKRUPTCY JUDGE

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