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HomeMy WebLinkAboutL 10458 P 372 1045S , KIM DISTRICT SFCTION BLOCK l4T TFT 2 17 21 20 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NEW YORK In re- - ---- - ------------------- - Case No. 882-81962-20 OCT 0 1987 VANTAGE PETROLEUM CORP. , Debtor. A ' ' �. - --------------------------------------- GEORGE HUDTWALKER, Chapter 11 Trustee for VANTAGE PETROLEUM CORP., Adv . No . 887-0155-.20 Plaintiff, -against- JUDGMENT and ORDER' JCAREY RESOURCES, INC. , and COUNTY 0q/,r OF SUFFOLK , `�JJ -Defendants . Adversary proceeding having been commencedon September 18, 1987, by the filing of a summons and complaint and notice '- of trial ,, and a trial having been fixed for October, 29 , i 1987, before the Court, Honorable Robert John Hall , Bankruptcy Judge, ' presiding,' and defendant, Carey Resources, Inc . , having failed to appear in the proceeding or answer the complaint, and defendant, County of Suffolk, - having interposed an answer denying, knowledge or information sufficient to form a 'belief; as to the essential' allegations of the complaint, and an inquest having thereupon been held, and the plaintiff having submitted oral and written proof in support of the essential allegations of the 'compl;aint, and the issues having been duly heard and due 5, Q OCT 30 198 ULtEi fE A4{i<�`�cLll, C �of Suffolk G�tirtty deliberation having been had thereon, it is hereby found that; FINDINGS> OF FACT FIRST: George Hudtwalker , the plaintiff herein, is the Chapter 11 ' Trustee for Vantage Petroleum Corp. , : appointed under court corder' dated September 8 , 1982. SECOND: Prior to May 1 , 19789 Petroleum Combustion International Inc . , a New York corporation, was duly indebted to Vantage Petroleum Corp, in the approximate sum of $750,000 .00 ( "Original Indebtedness" ) THIRD: On or about May 1 , 1978 , defendant, Carey Resources, Inc . , was the owner in fee of a certain parcel of improved real property ( "Premises" ) situated at 'Mattituck Inlet, ' Mattituck, ' Town of Southold , in the County of Suffolk, State of New York, more particularly described as follows: BEGINNING at a monument on the Easterly side of Luther ' s Road distant Northerly 247. 36 'feet as measured along _ the Easterlysideof Luther ' s -Road from the intersection of the Northerly ;side of Naugles Drive with the Easterly side; of Luther 's Road , said monument being also where the division line between the Southerly line of the premises herein described and the Northerly line of lands now or formerly of Dawn Estates, Inc . (formerly of Ward) intersects theEasterly side of Luther ' s Road ; running thence along the Easterly side of Luther' s Road North 0 degrees 47 minutes East a distance of 381 .10 feet to a monument set in an angle point in the ,road; 2 _ OCi SO 1987 LUEML: A. KIN'HLLA RD ) Glut 4 Suffolk D!"!in 10458 K-374 thence still along the Easterly side of Luther' s Road North 18 'degrees 43 minutes West a distance of 60 feet to the Southerly side of land now or formerly of Mattituck Oil' Co. , ;Ind . thence' along the last mentioned hand North 61 degrees 17 minutes East 75 feet to a point in Mattituck Inlet, thence through Mattituck Inlet on a tie line course and distance : South 33 'degrees 45 minutes 40 seconds East 417.47 feettoa point ; thence partially through Mattituck Inlet and partially along the Northerly side of land now or formerly of Dawn Estates Inc. ( formerly of Ward) South 65 degrees 54 minutes 10 seconds West 310 .74 feet to a monument on the Easterly side of Luther' s Road at the point or place of BEGINNING . SAID PREMISES being known on the Tax Map of the County of Suffolk as Section 99 , Block 4 , Lot 1 . FOURTH: On or about May 1 ,' 1978 , in furtherance of an agreed arrangement between Vantage Petroleum Corp. and Petroleum Combustion International , Inc . , to pay the Original Indebtedness,' Vantage ' Petroleum Corp,. , and Petroleum ' Combustion International , Inc. , entered into a written agreement, called the ",Overall Agreement" , wherein and whereby Petroleum Combustion International , Inc . , promised, among other things, to partially satisfy and 'collateralize the Original Indebtedness by causing defendant, Carey Resources, Inc . , to issue its bond, secured ' by a mortgage of the Premises , in favor of. Vantage Petroleum Corp. in the amount of $200,0.00 . FIFTH: On or about May , 1 , 1978 , in furtherance of the said Overall Agreement and simultaneously with its 3 * OCT 3O 1987 71iLJ A KiNSELL�. 1, _ , .-..4., c1 `Qr sbftG11; CIjnt; 10458 , RM furtherance of specific performance of contract, and the Court has jurisdiction under the Bankruptcy Code, as amended . ' SECOND: The plaintiff is entitled to . judgment directing defendant, Carey Resources, Inc . , to specifically perform the so-called "Reduction Agreement" of May 1 , 197$9 by conveying ownership in fee simple of the Premises no Vantage Petroleum Corp. , in consideration of the sum of $150 ,000 to be applied to reduction of the indebtedness due on thee -said bond and mortgage. NOW , upon motion of Margiotta & .Ricigliano , Of Counsel to Harvis -& Zeichner, attorneys for plaintiff, it is ORDERED, ADJUDGED and DECREED , that the plaintiff, as Chapter -11 Trustee -of Vantage Petroleum Corp . , is entitled to 'specific enforcement of the agreement set forth; in the complaint, described therein as the "Reduction Agreement" , and is. thereby entitled to ownership in fee simple of the following described premises: ALL that certain plot, piece or parcel of land , with the buildings and improvements thereon erected, situate, lying and being at Mattituck Inlet, Mattituck , in the Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a ,monument 'on the Easterly side of Luther' s Road distant Northerly 247 .36- feet as measured along the Easterly side 'of Luther' s Road from the intersection of the Northerly side of Naugles Drive with the Easterly side of Luther' s - Road , said monumentbeingalso where the division' line 'between the Southerly ;line of the premises herein described and the Northerly 7 i OCT0 1587 ?NL119ff A, ?QIP!ELLS RRD GDir€ S folk G~��nts 1 5 . F 7 line of lands now or formerly of Dawn Estates,; Inc. - (formerly of Ward) intersects the Easterly side of Luther ' s Road; running thence along the Easterly side of Luther' s Road North 0 degrees X47 minutes East a distance of 381 . 10 feet to a monument set in an angle point in the road; thence still along the Easterly side of Luther's Road North 18 degrees 43 'minutes West a distance of 60 feet to the Southerly side of land now or formerly of Mattituck Oil Co . , Inc . thence along the last mentioned land North 61 degrees - 17 minutes East 75 feet to a point in Mattituck Inlet; thence through Mattituck Inlet on -a tie line course and distance South 33 degrees 45 minutes 40 Seconds East 417 ,47 feet to _ a _point; thence partially through Mattituck Inlet and partially along the Northerly side of land now or formerly of Dawn Estates Inc. (formerly of Ward) South 65 degrees 54 minutes 10 seconds West 310 .74 feet to a monument on the Easterly of Luther' s Road at the point or _place SAID PREMISES being known on the Tax Map of the County of Suffolk as Section 99 , Block 4 , Lot 1 , and it is further i ADJUDGED and DECREED,' that Vantage ORDERED, Petroleum Corp. is hereby declared to be the rightful owner of the said real property , and that the defendant, Carey Resources , and ' all persons claiming under it, be and are hereby Inc . , , it is barred and foreclosed upon all claim to said premises , and ' further ORDERED , ADJUDGED and DECREED , that the amount of CR indebtedness due under the said bond and mortgage is declared to 8 ELL DW� OCT 30 1987 x C11uik County ..