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Kenneth Pasternak Filling in VPW Inc./Hrazanek Bankruptcy

Kenneth Pasternak Filling in VPW Inc./Hrazanek Bankruptcy

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Published by Watershed Post

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Published by: Watershed Post on Jul 11, 2013
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Date of Hearing: April 25, 2013Time of Hearing: 10:30 a.m.Place of Hearing: Utica
UNITED STATES BANKRUPTCY COURTNORTHERN DISTRICT OF NEW YORK ______________________________________ In re:VWP, INC., Chapter 11Case No. 13-60282Debtor. ______________________________________ 
Secured Creditor Kenneth Pasternak, through his attorneys Lemery Greisler LLC, as and for his motion for relief from the automatic stay pursuant to 11 U.S.C. 362(d) (1) and (2) or, in the alternative, for adequate protection pursuant to 11 U.S.C. 361respectfully states as follows:
The Parties
der Chapter 11 of the United States Bankruptcy Code in this Court on February26, 2013.2. Debtor is a debtor in possession with no trustee or examiner having beenappointed in its case3.
secured creditor of the Debtor holding duly perfected mortgage liens on all of 
4. The Court has jurisdiction over this case and this motion, which is a coreproceeding, pursuant to 28 U.S.C. 157 (b) (2) (G) and 28 U.S.C. 1334.
!ase 13-60282-6-dd Doc 14 Filed 03/22/13 Entered 03/22/13 15:07:28 Desc MainDocument Page 1 of 8
Summary of Relief Requested
5. This motion seeks relief from the automatic stay pursuant to 11 U.S.C> 362
elyprotected and for other cause.6. Debtor has not made any payments since defaulting in July 2011.7. Upon information and belief, Debtor is in arrears in payment, although itsschedules do not reveal as such, of real property taxes.8. Indeed, to protect his interest and in the public interest, Pasternak advancedother tax payments to the taxing authorities.9. Debtor has not made any offer of adequate protection to Pasternak.10. This case is, literally, a two party dispute with the Debtor having not listed anyother creditors aside from Pasternak.11. As detailed below, other facts show that this Debtor should not be given thebenefit of the automatic stay.12. Further, the Debtor is not engaged in business and has no business toreorganize. Therefore, relief under 11 U.S.C. 362 (d) (2) is also appropriate.
The Secured Claim
13. Pasternak is the owner and holder of two separate mortgage loans that
102 Depot Street and 717 Wagner Avenue, both in the Town of Middletown,Village of Fleischmanns, County of Delaware.14. As a result of defaults which occurred in no later than July, 2011, Pasternakcommenced two separate state court foreclosure actions which are pendingbefore Supreme Court, Delaware County.15. The mortgage loans are evidenced by the following loan documents:
!ase 13-60282-6-dd Doc 14 Filed 03/22/13 Entered 03/22/13 15:07:28 Desc MainDocument Page 2 of 8
Loan 1
102 Depot Street
a. A Promissory Note Dated May 18, 2007 in the original principal amount
lliam Hrazanek as Guarantor.
 b. The unpaid principal balance due on Note 1, which was intended to bea short term loan, was due and payable in full on December 1, 2009.c. Interest accrues on the unpaid principal balance at 13% per annum.d. Late charges are also allowed under the mortgage of 2% of theoverdue payment.e. Note 1 was secured by a Mortgage dated May 18, 2007 in the originalprincipal amount of $600,000.00, with interest, which was recorded in
, 2007 at Liber of 
 f. Note 1 was further secured by an Absolute Assignment of Rents andLeases dated May 18, 2007 which was also recorded in the Delaware
 g. A UCC -1 financing statement was also filed against the mortgaged
index no. 07-
 h. As of the date of filing of this case, February 26, 2013, the followingamounts were due and owing on Note 1: principal $600,000.00;interest $130,000.00; late charges $17,070.00; tax advances$18,393.45; interest on tax advances of $1,839.35; legal fees of 
!ase 13-60282-6-dd Doc 14 Filed 03/22/13 Entered 03/22/13 15:07:28 Desc MainDocument Page 3 of 8

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