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IN RE PROBULK INC.

Bankruptcy No. 09-14014-ALG. Adversary No. 09-01315.

407 B.R. 56 (2009)

In re PROBULK INC., et al., Debtors. Salvatore LaMonica, Esq., as Interim Chapter 7 Trustee of the Estates of Probulk Inc., et al., Plaintiff, v. North of England Protecting and Indemnity Association Limited and UK P & I Club d/b/a United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited and The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited, Defendants.

United States Bankruptcy Court, S.D. New York.

July 7, 2009.

Attorney(s) appearing for the Case

Lamonica Herbst & Maniscalco LLP by Salvatore LaMonica, Esq., Gary E. Herbst, Esq., Adam P. Wofse, Esq., Wantagh, NY, Attorneys for the Chapter 7 Trustee.

Pillsbury Winthrop Shaw Pittman LLP by Karen Dine, Esq., New York, NY, Attorneys for the Debtors.

Burke & Parsons by Christopher H. Dillon, Esq., New York, NY, Attorneys for the United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited and The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited.

Freehill Hogan & Mahar LLP by Michael E. Unger, Esq., Susan Lee, Esq., New York, NY, Attorneys for North of England Protecting and Indemnity Association Limited.

Schulte Roth & Zabel LLP by Lawrence V. Gelber, Esq., New York, NY, Attorneys for Aozora Bank, Ltd.

MEMORANDUM OF DECISION AND ORDER

ALLAN L. GROPPER, Bankruptcy Judge.

On June 23, 2009, 57 of the above-captioned debtors filed Chapter 7 petitions in this Court, and on June 25, 2009 another 16 companies filed similar petitions. The 73 cases have been consolidated for procedural purposes, and Salvatore LaMonica has been appointed and is serving as interim trustee (the "Trustee"). The Trustee has been given authority to operate the debtors' business for a...

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