IN RE KARA HOMES, INC.

Bankruptcy No. 06-19626 (MBK), Adversary No. 06-03101 (MBK).

363 B.R. 399 (2007)

In re KARA HOMES, INC., et al., Debtors. Kara Homes Inc., et al., Plaintiffs, v. National City Bank, et al., Defendants.

United States Bankruptcy Court, D. New Jersey.

March 12, 2007.


Attorney(s) appearing for the Case

David L. Bruck, Esquire, Greenbaum, Rowe, Smith, et al. Woodbridge, NJ, Attorneys for the Debtors.

Thomas R. Dominczyk, Esquire, Maurice & Needleman, PC, Flemington, NJ, Attorneys for Provident Bank of New Jersey.

Timothy P. Duggan, Esquire, Stark & Stark, P.A., Princeton, NJ, Attorneys for Yardville National Bank.

Michael Kahme, Esquire, Hill Wallack, Princeton, NJ, Attorneys for Amboy National Bank.

Douglas J. McGill, Esquire, Drinker, Biddle & Reath, Florham Park, NJ, Attorneys for WCP Real Estate Strategies Fund.

Marc D. Miceli, Esquire, Carella, Byrne, et al., Roseland, NJ, Attorneys for TD Banknorth, NA.

Fran B. Steele, Esquire, Office of the U.S. Trustee, Newark, NJ, U.S. Department of Justice.

Daniel Stolz, Esquire, Wasserman, Jurista & Stolz, Millburn, NJ, Attorneys for Credit Suisse Loan Funding, LLC.

Warren A. Usatine, Esquire, Cole, Schotz, Meisel, Forman & Leonard, Hackensack, NJ, Attorneys for the Official Committee of Unsecured Creditors.

Dean C. Waldt, Esquire, Ballard Spahr Andrews & Ingersoll, Voorhees, NJ, Attorneys for National City Bank.

Jack M. Zackin, Esquire, Sills Cummis Radin Tischman & Epstein, Newark, NJ, Attorneys for Bank of America, N.A.


MEMORANDUM DECISION

MICHAEL B. KAPLAN, Bankruptcy Judge.

I. JURISDICTION

This Court has jurisdiction over this matter pursuant to 28 U.S.C. § 1334. This is a "core proceeding" pursuant to 28 U.S.C. § 157(b)(2)(A). Venue is proper in this Court pursuant to 28 U.S.C. § 1409(a).

II. FACTS AND PROCEDURAL HISTORY

On October 5, 2006 (the "Petition Date"), Kara Homes, Inc. ("Kara") filed whit the...

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