IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF TENNESSEE AT KNOXVILLE IN RE: ) ) AMERICAS ENERGY COMPANY ) f/d/b/a TREND TECHNOLOGY ) No. 3:11-bk-35466 CORPORATION, ) ) Debtor. ) MOTION OF CCMT PROPERTIES FOR RELIEF FROM THE AUTOMATIC STAY NOTICE OF HEARING Notice is hereby given that: A hearing will be held on January 26, 2012 at 10:00 o’clock a.m. in Bankruptcy Courtroom 1-C, Howard H. Baker, Jr. U.S. Courthouse, 800 Market Street, Knoxville, Tennessee 37902, on the following: Motion of CCMT Properties For Relief From The Automatic Stay If you do not want the Court to grant the relief requested, you or your attorney must attend the hearing. If you do not attend the hearing, the Court may decide that you do not oppose the relief sought in the motion and may enter an order granting that relief. Pursuant to 11 U.S.C. §362(d)(1) and (2), CCMT Properties (“CCMT”) requests relief from the automatic stay to permit it to enforce its Deed of Trust (as hereinafter defined). In support of its motion, CCMT represents: 1. On May 10, 2010, CCMT Properties sold certain improved real property to the Debtor for the sum of $975,000.00 and financed the full amount at the purchase price as evidenced by a Promissory Note of the same date (the “Note”). A copy of the Note is attached hereto as Exhibit A. Case 3:11-bk-35466 Doc 51 Filed 12/23/11 Entered 12/23/11 10:52:40 Desc Main Document Page 1 of 7
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Motion for Relief from Stay on behalf of Creditor CCMT Properties
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IN THE UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF TENNESSEE
AT KNOXVILLE
IN RE: )
)
AMERICAS ENERGY COMPANY )
f/d/b/a TREND TECHNOLOGY ) No. 3:11-bk-35466
CORPORATION, )
)
Debtor. )
MOTION OF CCMT PROPERTIES
FOR RELIEF FROM THE AUTOMATIC STAY
NOTICE OF HEARING
Notice is hereby given that:
A hearing will be held on January 26, 2012 at 10:00 o’clock a.m. in Bankruptcy Courtroom
1-C, Howard H. Baker, Jr. U.S. Courthouse, 800 Market Street, Knoxville, Tennessee
37902, on the following:
Motion of CCMT Properties For Relief From The Automatic Stay
If you do not want the Court to grant the relief requested, you or your attorney must
attend the hearing. If you do not attend the hearing, the Court may decide that you do not
oppose the relief sought in the motion and may enter an order granting that relief.
Pursuant to 11 U.S.C. §362(d)(1) and (2), CCMT Properties (“CCMT”) requests relief
from the automatic stay to permit it to enforce its Deed of Trust (as hereinafter defined). In
support of its motion, CCMT represents:
1. On May 10, 2010, CCMT Properties sold certain improved real property to the
Debtor for the sum of $975,000.00 and financed the full amount at the purchase price as
evidenced by a Promissory Note of the same date (the “Note”). A copy of the Note is attached
hereto as Exhibit A.
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2. To secure the payment of the Note, the Debtor executed a Deed of Trust dated
May 10, 2010, which is recorded in the Office of the Register of Deeds for Knox County,
Tennessee as Instrument No. 201005110070743 (the “Deed of Trust”). A copy of the Deed of
Trust is attached hereto as Exhibit B.
3. The Deed of Trust encumbers the Debtor’s real property, which is more
particularly described in the Deed of Trust (the “Property”). The value of the Property is
approximately $850,000 (See Schedule A).
4. The contract rate and the default rate of interest on the Note is 6%. A late charge
of 5% of overdue principal and interest applies to any payment under the Note which is not paid
by the end of fifteen calendar days after the date it is due.
5. As of December 7, 2011, the date of the Debtor’s petition, the principal balance
owed on the Note was $876,462.80; accrued but unpaid interest was in the amount of $8,356.41;
attorney’s fees were in the amount of 2,500.00; and late charges were in the amount of $698.52,
for a total amount due of $888,017.73 as of the petition date. From and after the petition date,
interest has accrued in the amount of $144.08 per day and late charges have accrued in the
amount of $349.26 per month on the 10th
of each month.
6. In addition to the amount owed under the Note, the debtor also owes Knox
County real property taxes in the amount of $8,239.03. The real property taxes constitute a lien
on the Property which is superior to CCMT’s lien.
7. Based upon the amount owed on the real property taxes and the Note, there is no
equity in the Property, and the Property is not necessary for an effective reorganization of the
debtor’s financial affairs.
WHEREFORE, because CCMT’s interest is not adequately protected, because there is no
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equity in the Property securing CCMT’s claim, and because the Property is not necessary for an
effective reorganization, CCMT requests modification of the automatic stay to permit it to
enforce its Deed of Trust in accordance with applicable state law. CCMT also requests the
waiver of the 14-day stay period provided for in Rule 4001(a)(3) of the Federal Rules of