HTML Document View

Full title: Certification of Counsel Regarding Order Approving Stipulation By and Between the Liquidating Trustee and 375 HH, LLC (related document(s)573) Filed by Gavin Solmonese LLC. (Attachments: # 1 Exhibit A # 2 Exhibit B) (Waxman, Jeffrey) (Entered: 07/21/2021)

Document posted on Jul 20, 2021 in the bankruptcy, 2 pages and 0 tables.

Bankrupt11 Summary (Automatically Generated)

On August 20 and August 21, 2020, 375 HH, LLC (“Landlord”) timely filed five proofs of claim (Claim Nos. 314, 316, 367, 368, and 369) (the “Proofs of Claim”) against PQ New York, Inc. and LPQ King & Hudson, Inc. Each of the Proofs of Claim asserts (i) a secured claim to the extent of a security deposit in the amount of $41,666.66 (the “Security Deposit”) and any right of setoff and/or recoupment (the “Secured Claim”), (ii) an unsecured, non-priority claim in the amount of $360,134.01 (contingent and unliquidated) (the “Unsecured Claim”), of $401,800.67. Further, the Landlord also asserted that it holds the benefit of a guarantee agreement against PQ New York, Inc. for all obligations and damages due under the Lease.Among other things, the Debtors objected to the Landlord’s Claims, docketed as proof of claim numbers 314, 367, 368, and 369, all as being redundant. Since the filing of the Omnibus Objection, the Trustee (in his capacity as successor to the Debtors) and the Landlord have negotiated a resolution to the claim objection and entered into a stipulation (the “Stipulation”), a copy of which is attached hereto as Exhibit B, by and through which the parties agreed as follows: (i) the Landlord shall be permitted to apply the Security Deposit to its claim, (ii) Claim Nos.

List of Tables

Document Contents

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ---------------------------------------------------------------x ) In re: ) Chapter 11 ) Daily Bread Winddown, LLC, ) Case No. 20-11266 (JTD) ) Reorganized Debtor. ) ---------------------------------------------------------------x CERTIFICATION OF COUNSEL The undersigned counsel for Edward T. Gavin (the “Liquidating Trustee”), Liquidating Trustee for the above-referenced Debtors (the “Debtors”), hereby certifies as follows: On August 20 and August 21, 2020, 375 HH, LLC (“Landlord”) timely filed five proofs of claim (Claim Nos. 314, 316, 367, 368, and 369) (the “Proofs of Claim”) against PQ New York, Inc. and LPQ King & Hudson, Inc. Each of the Proofs of Claim asserts (i) a secured claim to the extent of a security deposit in the amount of $41,666.66 (the “Security Deposit”) and any right of setoff and/or recoupment (the “Secured Claim”), (ii) an unsecured, non-priority claim in the amount of $360,134.01 (contingent and unliquidated) (the “Unsecured Claim”), of $401,800.67. Further, the Landlord also asserted that it holds the benefit of a guarantee agreement against PQ New York, Inc. for all obligations and damages due under the Lease. On September 21, 2020, the Debtors filed the Second Omnibus Objection (Substantive) of the Debtors to Certain (I) Misclassified Claims, (II) Overstated Claims, (III) Overstated and Misclassified Claims, (IV) No Liability Claims and (V) Redundant Claims [Docket No. 573] (the “Omnibus Objection”). Among other things, the Debtors objected to the Landlord’s Claims, docketed as proof of claim numbers 314, 367, 368, and 369, all as being redundant.

1

Since the filing of the Omnibus Objection, the Trustee (in his capacity as successor to the Debtors) and the Landlord have negotiated a resolution to the claim objection and entered into a stipulation (the “Stipulation”), a copy of which is attached hereto as Exhibit B, by and through which the parties agreed as follows: (i) the Landlord shall be permitted to apply the Security Deposit to its claim, (ii) Claim Nos. 314, 316, 367, 368, and 369 shall be modified and reduced as follows to allow Claim No. 314 shall be deemed allowed and satisfied, (iii) Claim No. 316 shall be allowed as a general unsecured claim in the amount of $360,134.01, and (iv) Claim Nos. 367, 368, and 369 (as well as any other claims asserted by the Landlord as against the Debtors) shall be disallowed and expunged in their entirety. Attached hereto as Exhibit A is a form of order approving the Stipulation (the “Proposed Order”). The Trustee respectfully requests that the Court enter the Proposed Order at its earliest convenience. Dated: July 21, 2021 MORRIS JAMES LLP /s/ Jeffrey R. Waxman Jeffrey R. Waxman (DE Bar No. 4159) 500 Delaware Avenue, Suite 1500 Wilmington, DE 19801 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 E-mail: jwaxman@morrisjames.com Counsel for Edward T. Gavin, Liquidating Trustee

2