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Second Supplemental Order Re Cash Collateral

Second Supplemental Order Re Cash Collateral

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Published by: JSmithWSJ on Sep 20, 2012
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09/20/2012

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UNITED STATES BANKRUPTCY COURTSOUTHERN DISTRICT OF NEW YORK---------------------------------------------------------------X:In re: : Chapter 11:DEWEY & LEBOEUF LLP, : Case No. 12-12321 (MG):Debtor. ::---------------------------------------------------------------X
SECOND SUPPLEMENTAL ORDERFURTHER EXTENDING AND MODIFYING THE FINAL ORDER(1) AUTHORIZING USE OF CASH COLLATERAL, (2) GRANTING ADEQUATEPROTECTION, AND (3) MODIFYING THE AUTOMATIC STAY
THIS MATTER having come before the Court upon the expedited motion forentry of a supplemental order (the “Supplemental Order”), pursuant to 11 U.S.C. §§105, 361, 362, 363 and 507, and Rules 2002, 4001 and 9014 of the Federal Rules ofBankruptcy Procedure authorizing (1) the continued use of cash collateral, (2) grantingadequate protection, and (3) modifying the automatic stay the (“Expedited Motion”)
1
 [Docket No. 297] of Dewey & LeBoeuf LLP (the “Debtor”) in the above-captionedchapter 11 case, further extending and modifying the Final Order, dated June 13, 2012,(1) Authorizing the Continued Use of Cash Collateral, (2) Granting AdequateProtection, (3) Modifying the Automatic Stay [Docket No. 91]; and the Court havingconsidered the Expedited Motion, the Declaration of Jonathan A. Mitchell, in support ofthe Expedited Motion; and upon all of the pleadings filed with the Court and all of theproceedings held before the Court; and the Supplemental Order having been entered
1
Unless otherwise defined herein, capitalized terms shall have the meaning ascribed in the ExpeditedMotion.
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2on July 31, 2012 [Docket No. 306]; and after due deliberation and consideration; andfor good and sufficient cause appearing therefor;
IT IS HEREBY ORDERED THAT:
 1.
 
The Final Order and Supplemental Order shall remain in full forceand effect except as expressly modified herein.2.
 
The definition of Specified Period in the Final Order shall be furtheramended to mean the period from the Petition Date through the date which is earlier tooccur of (a) 11:59 p.m. (Eastern time) on the fifth (5
th
) day following the TerminationDeclaration Date, or (b) 11:59 p.m. (Eastern time) on September 30, 2012.Notwithstanding the foregoing, to the extent the Creditors’ Committee determines tointerpose an objection to the continued use of Cash Collateral on the terms set forth inthe Final Order as supplemented by the Supplemental Order and this Order, theCreditors’ Committee may be heard by the Court at a hearing on September 12, 2012 at2:00 p.m. provided that the Creditors’ Committee provides written notice of suchobjection to the Debtor’s counsel (atogut@teamtogut.com; bmoore@teamtogut.com)and counsel to the Collateral Agent (keckstein@kramerlevin.com;rschmidt@kramerlevin.com; deggermann@kramerlevin.com) to be received by no laterthan 5:00 p.m. on September 7, 2012.3.
 
The Budget shall include the budget attached hereto as Exhibit A.4.
 
The Debtor’s Obligations set forth in Section 11 of the Final Ordershall be supplemented to provide that the Debtor shall: (i) on or prior to August 24,2012, provide the Collateral Agent with a detailed collectability report on all accounts
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3receivable and works in progress that exceed $250,000, and update such report on amonthly basis; (ii) on or prior to August 31, 2012, file a motion pursuant to Rule 9019 ofthe Federal Rules of Bankruptcy Procedure seeking approval of partner settlementagreements in connection with a partner contribution plan; and (iii) on or prior toSeptember 4, 2012, provide the Collateral Agent with a reasonably acceptable wind-down budget through confirmation of a chapter 11 plan.5.
 
The Challenge Period as defined in paragraph 18 of the FinalOrder shall be extended for an additional 30 days without prejudice to the seeking of afurther extension under paragraph 18 of the Final Order.6.
 
The provisions of this Order shall be effective immediately uponentry of this Order pursuant to Bankruptcy Rules 4001(b), 6004(h) and 7062.SO ORDERED by the Court this 15
th
day of August, 2012.
_____/s/Martin Glenn_______
MARTIN GLENNUnited States Bankruptcy Judge
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