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UNITED STATES BANKRUPTCY COURT TKK-7825
EASTERN DISTRICT OF NEW YORK
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In the Matter of
Chapter 7
MICHAEL P. BUSACCO, Case No. 01-87462 MLC
Debtor.
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ORDER APPROVING SETTLEMENT
The trustee, KENNETH KIRSCHENBAUM, by application dated November 6,
2002, and by notice to creditors dated November 6, 2002, having advised all
creditors and parties in interest of the trustee's application for an order:
(a) authorizing the trustee to settle a controversy (as to the debtor only)
pending in the Supreme Court of the State of New York, County of Nassau,
entitled Michael Busacco and Alyssa Hyland, an infant under the age of
fourteen (14) years of age, by her parent and natural guardian Jill Hyland,
and Jill Hyland Individually, Plaintiffs, v. Emanuel Crespo and Melanie S.
Swift, Defendants, under Index No. 017920/01 for the sum of $25,000.00; (b)
fixing the compensation of Cassisi & Cassisi, P.C. in the sum of $8,174.14
for services rendered as special counsel to the trustee and awarding Cassisi &
Cassisi, P.C. the sum of $477.57 as reimbursement of expenses; (c)
authorizing the trustee to disburse to Cassisi & Cassisi, P.C. the amount
awarded as compensation for services rendered and reimbursement of expenses
without further order of the Court; (d) authorizing the trustee to disburse
the sum of $7,500.00 to the debtor from the settlement proceeds in the event
the debtor files an amended schedule claiming the personal injury exemption,
without further order of the court; and (e) for such other and further relief
as the Court deems just and appropriate, and no creditor or other party in
interest having filed an objection to the Application of the trustee, and the
time for creditors and parties in interest to file objections having expired,
and it appearing that the proposed settlement of the state court personal
injury action for the sum of $25,000.00 is in the best interest of the
creditors and the estate, and upon due consideration of the application of
Cassisi & Cassisi, P.C. for an award of legal fees and reimbursement of
expenses based upon the services rendered as special counsel to the trustee,
NOW, upon the application of Kenneth Kirschenbaum, Chapter 7 trustee, by
his counsel, Kirschenbaum & Kirschenbaum, P.C., it is
ORDERED, that KENNETH KIRSCHENBAUM, the trustee herein, is authorized
to settle a controversy (as to the debtor only) pending in the Supreme Court
of the State of New York, County of Nassau, entitled Michael Busacco and
Alyssa Hyland, an infant under the age of fourteen (14) years of age, by her
parent and natural guardian Jill Hyland, and Jill Hyland Individually,
Plaintiffs, v. Emanuel Crespo and Melanie S. Swift, Defendants, under Index
No. 017920/01 for the sum of $25,000.00; and it is further
ORDERED, that the compensation of Cassisi & Cassisi, P.C., for services
rendered as special counsel to the trustee, is hereby fixed in the sum of
$8,174.14; and it is further
ORDERED that Cassisi & Cassisi, P.C. is awarded the sum of $477.57 as
reimbursement of expenses in connection with its retention as special counsel
to the trustee; and it is further
ORDERED that the trustee is authorized to disburse to Cassisi & Cassisi,
P.C. the amount awarded as compensation for services rendered and
reimbursement of expenses without further order of the
Court, provided the distribution does not delay the filing of the final
report; and it is further
ORDERED, that in the event the debtor files an amended Schedule C to his
petition claiming the personal injury exemption, the trustee is authorized to
disburse the sum of $7,500.00 to the debtor without further order of the
Court, provided the distribution does not delay the filing of the final
report.
Dated: Central Islip, New York
December , 2002
______________________________
HONORABLE MELANIE L. CYGANOWSKI
UNITED STATES BANKRUPTCY JUDGE
UNITED STATES BANKRUPTCY COURT TKK-7825
EASTERN DISTRICT OF NEW YORK
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In the Matter of
Chapter 7
MICHAEL P. BUSACCO, Case No. 01-87462 MLC
Debtor. NOTICE TO CREDITORS
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PLEASE TAKE NOTICE that Kenneth Kirschenbaum, the trustee herein, proposes
to compromise a claim and settle a controversy (as to the debtor only)
pending in the Supreme Court of the State of New York, County of Nassau,
entitled Michael Busacco and Alyssa Hyland, an infant under the age of
fourteen (14) years of age, by her parent and natural guardian Jill Hyland,
and Jill Hyland Individually, Plaintiffs, v. Emanuel Crespo and Melanie S.
Swift, Defendants, under Index No. 017920/01 for the sum of $25,000.00;
PLEASE TAKE FURTHER NOTICE that the trustee is asking the Court to fix
the award of legal fees to Cassisi & Cassisi, P.C. in the sum of $8,174.14
and the reimbursement of expenses in the sum of $477.57 for services rendered
and expenses incurred as special counsel to the trustee in the state court
proceeding. The trustee is further asking the Court for authorization to
disburse the amounts fixed to Cassisi & Cassisi, P.C. upon receipt of the
settlement proceeds without further order of the Court, provided the
distribution does not delay the filing of the final report;
PLEASE TAKE FURTHER NOTICE that in the event the debtor files an amended
Schedule C to his bankruptcy petition, Kenneth Kirschenbaum, the trustee
herein, proposes to disburse the sum of $7,500.00, representing the debtor's
personal injury exemption, to the debtor from the settlement proceeds without
further order of the Court, provided the distribution does not delay the
filing of the final report.
The offer of settlement in the sum of $25,000.00 consists of a $25,000.00
offer from the defendants' insurance carrier.
The bar date for the filing of proofs of claim with the Clerk of the
Court was February 21, 2002. No claims were timely filed; one claim was
tardily filed. That claim is a general unsecured claim in the total sum of
$7,315.58. As such, if the proposed settlement is approved, there will be
sufficient funds available to make a distribution of 100% plus interest to
the general unsecured creditor with a filed proof of claim.
A copy of the summons and complaint relating to the state court
proceeding is on file with the Nassau County Clerk and may be inspected
during the Clerk's usual business hours. The trustee believes that the
settlement is fair and reasonable and is in the best interests of the
creditor. The trustee's application is on file with the Clerk of the
Bankruptcy Court, Long Island Federal
Courthouse, 290 Federal Plaza, Central Islip, New York 11722, and may be
inspected during the Clerk's usual business hours.
Objections to the compromise and settlement, to the application to fix
the award of legal fees and reimbursement of expenses to special counsel,
and/or to the trustee's request for authorization to make the disbursement of
fees and expenses, as awarded, to special counsel and the $7,500.00
disbursement to the debtor without further order of the court must be filed
with the Clerk of the United States Bankruptcy Court, Long Island Federal
Courthouse, 290 Federal Plaza, Central Islip, New York 11722, and must be
served upon Kenneth Kirschenbaum, Trustee, 200 Garden City Plaza, Garden
City, New York 11530, Attention, Steven B. Sheinwald, Esq., and the United
States Trustee, Long Island Federal Courthouse, 560 Federal Plaza, Central
Islip, New York 11722, so as to actually be received at or before 12:00 noon
on November 26, 2002.
If objections are filed, a hearing to consider the objections will be
held before the Honorable Melanie L. Cyganowski, United States Bankruptcy
Judge, at the United States Bankruptcy Court, Long Island Federal Courthouse,
290 Federal Plaza, Room 960, Central Islip, New York on December 11, 2002 at
9:30 a.m. In the event no objections are filed and served on or before
November 26, 2002, there will be no hearing and an Order authorizing the
settlement, and granting the additional relief sought by the trustee and
special counsel, will be presented to the Court for signature on December 3,
2002 without any further notice.
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