HTML Document View

Full title: Order Granting Debtors' Motion To Amend Order Granting Substantive Consolidation Of Non-Debtor Affiliates Professional Investors 28, LLC And PFI Glenwood, LLC With Debtors (Related Doc # 712) (bg) (Entered: 07/12/2021)

Document posted on Jul 11, 2021 in the bankruptcy, 4 pages and 0 tables.

Bankrupt11 Summary (Automatically Generated)

Affiliates Professional Investors 28, LLC and PFI Glenwood, LLC with Debtors (the “Motion”)1 3 filed by the Debtors on June 28, 2021, as Docket No. 712 came before the Court for consideration4 Based upon the Court’s review of the Motion, all documents filed in support of the Motion, notic5 given of the Motion, and all other pleadings and evidence of record in the above-captioned jointly6 administered chapter 11 bankruptcy cases, 7 IT IS HEREBY ORDERED that: 8 1. Investors 28, LLC (“LLC 28”) and PFI Glenwood, LLC (“PFI Glenwood”) with the Debtors.LLC 28 and PFI Glenwood are hereby substantively consolidated with the Debtors16 pursuant to the terms set forth in the Plan, provided that such substantive consolidation is 17 authorized to occur immediately upon entry of this Order rather than be delayed until the Effectiv18 Date of the Plan.Immediately following the substantive consolidation of LLC 28 and PFI Glenwoo20 with the Debtors, the Chief Restructuring Officer of debtors Professional Financial Investors, Inc. 21 and Professional Investors Security Fund, Inc. has the authority and power to act on behalf of LL22 28 and PFI Glenwood.To the extent Rules 4001 and 6004 of the Federal Rules of Bankruptcy Procedure 24 are applicable, any fourteen-day stay of the relief granted by this Order as provided by Bankruptc25 Rules 4001(a)(3) and 6001(h) is hereby waived such that, upon entry of this Order, LLC 28 and 26 PFI Glenwood are authorized to immediately enter in to the Stalking Horse APA, and the 27 1 Capitalized terms not otherwise defined herein shall have the same meaning ascribed to them in 1 properties and assets owned by LLC 28 and PFI Glenwood may immediately be included in the 2 Stalking Horse APA and the proposed sale as set forth the in the Bid Procedures Motion filed by 3 the Debtors on June 28, 2021, as Docket No. 713.

List of Tables

Document Contents

1 SHEPPARD, MULLIN, RICHTER & Signed and Filed: July 12, 2021HAMPTON LLP 2 A Limited Liability Partnership Including Professional Corporations 3 ORI KATZ, Cal. Bar No. 209561 J. BARRETT MARUM, Cal. Bar No. 4 228628 JEANNIE KIM, Cal. Bar No. 270713 __________________________________________ HANNAH L. BLUMENSTIEL 5 MATT R. KLINGER, Cal. Bar No. 307362 U.S. Bankruptcy Judge GIANNA SEGRETTI, Cal. Bar No. 323645 6 Four Embarcadero Center, 17th Floor San Francisco, California 94111-4109 7 Telephone: 415.434.9100 Facsimile: 415.434.3947 8 Email: okatz@sheppardmullin.com bmarum@sheppardmullin.com 9 jekim@sheppardmullin.com mklinger@sheppardmullin.com 10 gsegretti@sheppardmullin.com Counsel for Debtors 11 12 UNITED STATES BANKRUPTCY COURT 13 NORTHERN DISTRICT OF CALIFORNIA, SAN FRANCISCO DIVISION 14 In re Case No. 20-30604 15 PROFESSIONAL FINANCIAL (Jointly Administered) INVESTORS, INC., et al., 16 Debtors. Chapter 11 17 ORDER GRANTING DEBTORS’ 18 MOTION TO AMEND ORDER GRANTING SUBSTANTIVE 19 CONSOLIDATION OF NON-DEBTOR AFFILIATES PROFESSIONAL 20 INVESTORS 28, LLC AND PFI GLENWOOD, LLC WITH DEBTORS 21 Hearing Held: 22 Date: July 9, 2021 23 Time: 10:00 a.m. Place: Telephonic/Video Appearances 24 Only 450 Golden Gate Avenue, 16th Floor 25 Courtroom 19 San Francisco, CA 94102 26 Judge: Hon. Hannah L. Blumenstiel 27

1

1 The Debtors’ Motion to Amend Order Granting Substantive Consolidation of Non-Debtor2 Affiliates Professional Investors 28, LLC and PFI Glenwood, LLC with Debtors (the “Motion”)1 3 filed by the Debtors on June 28, 2021, as Docket No. 712 came before the Court for consideration4 Based upon the Court’s review of the Motion, all documents filed in support of the Motion, notic5 given of the Motion, and all other pleadings and evidence of record in the above-captioned jointly6 administered chapter 11 bankruptcy cases, 7 IT IS HEREBY ORDERED that: 8 1. The Motion is GRANTED. 9 2. Pursuant to Bankruptcy Code section 105(a) and Rule 60(b)(1) of the Federal Rule10 of Civil Procedure, as made applicable to these proceedings under Rule 9024 of the Federal Rules11 of Bankruptcy Procedure, the Substantive Consolidation Order entered as Docket No. 666 on Ma12 28, 2021, and the Final Confirmation Order entered as Docket No. 678 on June 6, 2021, are 13 amended and modified to allow for the immediate substantive consolidation of Professional 14 Investors 28, LLC (“LLC 28”) and PFI Glenwood, LLC (“PFI Glenwood”) with the Debtors. 15 3. LLC 28 and PFI Glenwood are hereby substantively consolidated with the Debtors16 pursuant to the terms set forth in the Plan, provided that such substantive consolidation is 17 authorized to occur immediately upon entry of this Order rather than be delayed until the Effectiv18 Date of the Plan. 19 4. Immediately following the substantive consolidation of LLC 28 and PFI Glenwoo20 with the Debtors, the Chief Restructuring Officer of debtors Professional Financial Investors, Inc. 21 and Professional Investors Security Fund, Inc. has the authority and power to act on behalf of LL22 28 and PFI Glenwood. 23 5. To the extent Rules 4001 and 6004 of the Federal Rules of Bankruptcy Procedure 24 are applicable, any fourteen-day stay of the relief granted by this Order as provided by Bankruptc25 Rules 4001(a)(3) and 6001(h) is hereby waived such that, upon entry of this Order, LLC 28 and 26 PFI Glenwood are authorized to immediately enter in to the Stalking Horse APA, and the 27 1 Capitalized terms not otherwise defined herein shall have the same meaning ascribed to them in

2

1 properties and assets owned by LLC 28 and PFI Glenwood may immediately be included in the 2 Stalking Horse APA and the proposed sale as set forth the in the Bid Procedures Motion filed by 3 the Debtors on June 28, 2021, as Docket No. 713. 4 * * * END OF ORDER * * * 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

3

1 Court Service List 2 Registered ECF Participants only. 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

4