Exhibit 10.44
IN THE UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF ARKANSAS
LITTLE ROCK DIVISION
IN RE: CAPITOL DEVELOPMENT CASE NO. 4:00-bk-43142M
OF ARKANSAS, INC. (CHAPTER 11)
ORDER DISMISSING CHAPTER 11 PROCEEDING
On this day comes on for hearing the Motion to Dismiss Chapter 11
Proceeding ("Motion") filed by Debtor on August 23, 2002. Upon the pleadings,
statements of counsel and other matters of proof and law, finds and orders as
follows:
1. This proceeding was commenced by the filing of a voluntary petition
for relief pursuant to Chapter 11, Title 11, United States Code on July 21,
2000.
2. The Court has jurisdiction over the subject matter pursuant to 28
U.S.C. ss.1334. This matter is a core proceeding pursuant to 28
U.S.C.ss.157(b)(2). The Court has the authority and power to enter a final order
in this matter.
3. All claims of non-insiders of Debtor, except for the claim of the
Arkansas Department of Finance & Administration ("DFA"), have been satisfied or
released. Besides DFA, the only remaining claims are those of insider creditors
and the court approved professionals of Debtor. These remaining claims can be
satisfied outside of the context of a reorganization proceeding.
4. Notice of the Debtor's motion has been provided to the United States
Trustee and all remaining creditors and parties in interest. Pursuant to the
Court's order shortening notice, the notice provided that objections, if any,
Entered on docket on 9/6/02 by PB
were to be filed and served within five (5) days of the date of the notice.
Pursuant to Bankruptcy Rule 9006, objections were due to be filed before the
close of business on September 3, 2002. Such notice is proper under the
Bankruptcy Rules and the circumstances of this case.
5. No objections were timely filed with the Clerk or received by
Debtor's attorney.
6. Debtor is indebted for quarterly fees due the United States Trustee
for the period beginning July 1, 2002 and ending as of the date of the entry of
this order in an amount to be determined.
7. The Court finds that good and sufficient cause exists to grant
Debtor's motion to dismiss its Chapter 11 proceeding. Dismissal of this Chapter
11 proceeding is in the best interest of the Debtor, the bankruptcy estate and
its remaining creditors.
IT IS THEREFORE CONSIDERED, ORDERED, AND ADJUDGED, that Debtor's
voluntary proceeding filed pursuant to Chapter 11, Title 11, United States Code,
on July 21, 2000, should be and hereby is dismissed. It is further
CONSIDERED, ORDERED, AND ADJUDGED, that Debtor pay the United States
Trustee all sums due it pursuant to 28 U.S.C. ss.1930(a)(6) within ten (10) days
of the entry of this order. If the fee is not paid as set out herein, the United
States Trustee will have judgment against the Debtor for the full amount of the
quarterly fees after ten (10) days from the entry of this order.
ORDER DISMISSING CHAPTER 11 PROCEEDING PAGE 2 OF 3
IT IS SO ORDERED.
/s/ James G. Mixon
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HONORABLE JAMES G. MIXON
U.S. BANKRUPTCY JUDGE
Date: 9/6/02
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APPROVED AND ENTRY REQUESTED:
QUATTLEBAUM, GROOMS,
TULL & BURROW, PLLC
111 Center Street, Suite 1900
Little Rock, AR 72201
Telephone: (501) 379-1735
Telecopier: (501) 379-1701
By: /s/ Geoffrey B. Treece
------------------------
Geoffrey B. Treece
Ark. Bar No. 84-146
cc:
Jim Hollis All creditors and parties in interest
UNITED STATES TRUSTEE per matrix
500 S. Broadway, Suite 201
Little Rock, AR 72201
G. Robert Hardin, Esq.
HARDIN & GRACE, P.A.
410 W. Third Street, Suite 200
Little Rock, AR 72201
Mr. Scott B. Bankler
COX & SMITH INCORPORATED
112 E. Pecan Street, Suite 1800
San Antonio, TX 78205
ORDER DISMISSING CHAPTER 11 PROCEEDING 3 OF 3