Lurgi, Inc. v. Northeast Biofuels, LP et al
| Lurgi, Inc. |
| Northeast Biofuels, LP, BNP Paribas and Wilmington Trust, FSB |
| 5:2009mc00024 |
| March 23, 2009 |
| US District Court for the Northern District of New York |
| George H. Lowe |
| Glenn T. Suddaby |
| Other |
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Filing
20
DECISION & ORDER: that Lurgi's # 5 Motion, pursuant to Federal Rules of Bankruptcy Procedure 7062 and 8005, for a stay (pending an appeal to this Court) of the Memorandum-Decision and Order of the Bankruptcy Court of March 21, 2009 is DENIED i n part and GRANTED in part, Ordered that NEB may draw down on the referenced Letter of Credit; and it is further Ordered that, to the extent that NEB draws down on the Letter of Credit in excess of $4,308,100 (the "excess amount"), NEB must immediately deposit that excess amount with the commercial registry interest-bearing account of the Clerk of this Court. If the Order of the Bankruptcy Court is affirmed, the Court shall promptly release that excess amount to NEB. If the Order of the Bankruptcy Court is reversed, that excess amount will remain with the Court pending the decision in the arbitration proceeding. Signed by Judge Glenn T. Suddaby on 4/2/09. (jmb)
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