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  • Winthrop Couchot Professional Corporation: Filed & Entered

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    Chapter 11 Dockets
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    This document is an order from a United States Bankruptcy Court authorizing Crystal Cathedral Ministries to use cash collateral according to an approved budget on an interim basis. The order finds that the interests of secured creditors Farmers & Merchants Bank of Long Beach and an Out of Court Committee of Unsecured Creditors are adequately protected. It grants the secured creditors replacement liens in Crystal Cathedral's post-petition cash and receivables. A final hearing on the matter is scheduled for November 15, 2010.

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    This document is an order from a United States Bankruptcy Court authorizing Crystal Cathedral Ministries to use cash collateral according to an approved budget on an interim basis. The order finds that the interests of secured creditors Farmers & Merchants Bank of Long Beach and an Out of Court Committee of Unsecured Creditors are adequately protected. It grants the secured creditors replacement liens in Crystal Cathedral's post-petition cash and receivables. A final hearing on the matter is scheduled for November 15, 2010.

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    27 views6 pages

    Winthrop Couchot Professional Corporation: Filed & Entered

    Uploaded by

    Chapter 11 Dockets
    This document is an order from a United States Bankruptcy Court authorizing Crystal Cathedral Ministries to use cash collateral according to an approved budget on an interim basis. The order finds that the interests of secured creditors Farmers & Merchants Bank of Long Beach and an Out of Court Committee of Unsecured Creditors are adequately protected. It grants the secured creditors replacement liens in Crystal Cathedral's post-petition cash and receivables. A final hearing on the matter is scheduled for November 15, 2010.

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    of 6

    Case 8:10-bk-24771-RK

    Doc 12 Filed 10/21/10 Entered 10/21/10 08:36:22 Main Document Page 1 of 6

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    MARC J. WINTHROP State Bar No. 63218 [email protected] KAVITA GUPTA State Bar No. 138505 [email protected] WINTHROP COUCHOT PROFESSIONAL CORPORATION 660 Newport Center Drive, Fourth Floor Newport Beach, CA 92660 Telephone: (949) 720-4100 Facsimile: (949) 720-4111 [Proposed] General Insolvency Counsel for Debtor and Debtor-in-Possession

    FILED & ENTERED OCT 21 2010


    CLERK U.S. BANKRUPTCY COURT Central District of California BY kent DEPUTY CLERK

    UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF CALIFORNIA SANTA ANA DIVISION

    In re: CRYSTAL CATHEDRAL MINISTRIES, a California nonprofit corporation,

    Case No. 8:10-bk-24771-RK Chapter 11 Proceeding ORDER AUTHORIZING USE OF ANY CASH COLLATERAL OF SECURED CLAIMANTS Debtor and Debtor-in-Possession. DATE: TIME: PLACE: October 20, 2010 3:00 p.m. Courtroom 5D 411 W. Fourth Street Santa Ana, CA 92701

    Order#31057#43227948-f1ab-4882-920e-2b8364a0aba1

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    On October 20, 2010, at 3:00 p.m., the Court held a hearing to consider the Debtors Emergency Motion for Order: A) Authorizing Use of Cash Collateral; B) Authorizing the Debtor to Retain, at Its Election, Existing Cash Accounts for Ten Days (Motion) filed by Crystal Cathedral Ministries, a California nonprofit corporation, the debtor and debtor-in-possession herein (Debtor). Marc J. Winthrop, Esq. and Kavita Gupta, Esq. of Winthrop Couchot Professional Corporation appeared on behalf of the Debtor. Other appearances were as reflected on the Courts record of the proceedings. The Court having reviewed the Motion, the Declaration of Gwyn J. Myers (Declaration) filed in support thereof, the pleadings and other documents on file in this Chapter 11 case, and having heard the arguments of counsel, and the Court having found that, under the circumstances of the case, the notice of the hearing on the Motion was sufficient, that the Secured Creditors1 interests are adequately protected, and for other good and adequate cause, HEREBY ORDERS that: 1. The Debtor, on an interim basis, is authorized to use cash collateral, as that term is defined in 11 U.S.C. 363(a), now on hand or hereafter collected, in accordance with the budget (the Budget) attached as Exhibit 1 to the Declaration filed in support of the Motion with the exception of $22,000 monthly rental income which is asserted to be the cash collateral of the Bank; 2. Authorizing the Debtor to make expenditures in amounts not to exceed 115% of the aggregate amounts contained in the Budget. Any expenditures in excess of that amount will require the written approval of Farmers & Merchants Bank of Long Beach (Bank) or the Out of Court Committee of Unsecured Creditors (Committee), or further order of the Court after appropriate notice. Budget savings may be carried over and use by the Debtor in subsequent periods. 3. Authorizing, but not requiring, the Debtor to retain its existing cash accounts for a period of ten (10) days after October 18, 2010 (the Petition Date).

    28

    Capitalized terms not otherwise defined herein shall have the meaning as set forth in the Motion.

    -2Order#31057#43227948-f1ab-4882-920e-2b8364a0aba1

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    4.

    Finding that the interests of the Bank and the Committee (collectively, the Secured Creditors) in the Cash Collateral are adequately protected.

    5.

    Granting to each of the secured Creditors a replacement lien in the Debtors postpetition cash and accounts receivable and the proceeds thereof, to the same extent, validity, and priority as any lien held by each respective Secured Creditor as of the petition date, to the extent cash collateral is actually used by the Debtor.

    6.

    The final hearing on the Motion will be held on November 15, 2010, 2010 at 9:30 a.m. in the above-entitled Court. All objections are reserved for the final hearing and any objection or supplemental objection to the Motion shall be filed by November 5, 2010, and shall be served, via facsimile transmission, or electronic mail, or overnight mail, so that the objection is actually received by such date by 5:00 p.m. prevailing Pacific time, on the Debtors proposed counsel, counsel for the Secured Creditors, and the Office of the United States Trustee. Any reply to any such response to the Motion shall be filed by November 10, 2010, and shall be served, via facsimile transmission, or electronic mail, or overnight mail so that the reply is actually received on such date by 5:00 p.m., prevailing Pacific time, on the responding party; and

    7.

    No further notice or Court appearance shall be necessary to effectuate the foregoing.

    ####

    DATED: October 21, 2010

    United States Bankruptcy Judge

    -3Order#31057#43227948-f1ab-4882-920e-2b8364a0aba1

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    PROOF OF SERVICE OF DOCUMENT I am over the age of 18 and not a party to this bankruptcy case or adversary proceeding. My business th address is: 660 Newport Center Drive, 4 Fl., Newport Beach, CA 92660. A true and correct copy of the foregoing document described as: ORDER AUTHORIZING USE OF ANY CASH COLLATERAL OF SECURED CLAIMANTS will be served or was served (a) on the judge in chambers in the form and manner required by LBR 5005-2(d); and (b) in the manner indicated below: I. TO BE SERVED BY THE COURT VIA NOTICE OF ELECTRONIC FILING (NEF) Pursuant to controlling General Order(s) and Local Bankruptcy Rule(s) (LBR), the foregoing document will be served by the court via NEF and hyperlink to the document. On ________________, 2010, I checked the CM/ECF docket for this bankruptcy case or adversary proceeding and determined that the following person(s) are on the Electronic Mail Notice List to receive NEF transmission at the email address(es) indicated below: Service information continued on attached page II. SERVED BY U.S. MAIL OR OVERNIGHT MAIL(indicate method for each person or entity served): On ___________________, 2010 I served the following person(s) and/or entity(ies) at the last known address(es) in this bankruptcy case or adversary proceeding by placing a true and correct copy thereof in a sealed envelope in the United States Mail, first class, postage prepaid, and/or with an overnight mail service addressed as follows. Listing the judge here constitutes a declaration that mailing to the judge will be completed no later than 24 hours after the document is filed.

    Service information continued on attached page III. SERVED BY PERSONAL DELIVERY, FACSIMILE TRANSMISSION OR EMAIL (indicate method for each person or entity served): Pursuant to F.R.Civ.P. 5 and/or controlling LBR, on October 20, 2010 I served the following person(s) and/or entity(ies) by personal delivery, or (for those who consented in writing to such service method), by facsimile transmission and/or email as follows. Listing the judge here constitutes a declaration that personal delivery on the judge will be completed no later than 24 hours after the document is filed.

    [email protected] [email protected] Crystal Cathedral Ministries [email protected]


    F&M Bank of Long Beach c/o Lawrence C. Meyerson, Esq.

    [email protected] Out of Court committee Nanette D. Sanders Ringstad & Sanders LLP F&M of Long Beach Michel Leight, Esq.

    [email protected]

    Service information continued on attached page

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    October 20, 2010 Date Viann Corbin Type Name /s/ Viann Corbin Signature I declare under penalty of perjury under the laws of the United States of America that the foregoing is true and correct.

    -4Order#31057#43227948-f1ab-4882-920e-2b8364a0aba1

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    NOTICE OF ENTERED ORDER AND SERVICE LIST Notice is given by the court that a judgment or order entitled (specify): ORDER AUTHORIZING USE OF ANY CASH COLLATERAL OF SECURED CLAIMANTS was entered on the date indicated as Entered on the first page of this judgment or order and will be served in the manner indicated below:

    I. SERVED BY THE COURT VIA NOTICE OF ELECTRONIC FILING (ANEF@) B Pursuant to controlling General Order(s) and Local Bankruptcy Rule(s), the foregoing document was served on the following person(s) by the court via NEF and hyperlink to the judgment or order. As of October 20, 2010, the following person(s) are currently on the Electronic Mail Notice List for this bankruptcy case or adversary proceeding to receive NEF transmission at the email address(es) indicated below. Frank Cadigan [email protected] [email protected]

    United States Trustee (SA) Marc J Winthrop

    [email protected], [email protected]

    Service information continued on attached page II. SERVED BY THE COURT VIA U.S. MAIL: A copy of this notice and a true copy of this judgment or order was sent by United States Mail, first class, postage prepaid, to the following person(s) and/or entity(ies) at the address(es) indicated below:

    Service information continued on attached page III. TO BE SERVED BY THE LODGING PARTY: Within 72 hours after receipt of a copy of this judgment or order which bears an Entered stamp, the party lodging the judgment or order will serve a complete copy bearing an Entered stamp by U.S. Mail, overnight mail, facsimile transmission or email and file a proof of service of the entered order on the following person(s) and/or entity(ies) at the address(es), facsimile transmission number(s), and/or email address(es) indicated below:

    [email protected] [email protected] Crystal Cathedral Ministries [email protected]


    F&M Bank of Long Beach c/o Lawrence C. Meyerson, Esq.

    [email protected] Out of Court committee Nanette D. Sanders Ringstad & Sanders LLP F&M of Long Beach Michel Leight, Esq.

    [email protected]

    Service information continued on attached page

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