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    Wells Fargo'S Objection To Fritts Ford'S Motion For Relief From Stay

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    Chapter 11 Dockets
    1. Wells Fargo Bank filed an objection to Fritts Ford's motion for relief from the automatic stay in the bankruptcy cases of National R.V. Holdings, Inc. and National R.V., Inc. 2. Wells Fargo has a perfected security interest in the debtors' inventory, including 19 Ford motorhome chassis that Fritts Ford seeks to repossess, by filing UCC financing statements. 3. Fritts Ford's security interest in the chassis, if any, is unperfected because Fritts Ford did not file a UCC financing statement and is therefore avoidable, while Wells Fargo has the first priority perfected security interest.

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    Wells Fargo'S Objection To Fritts Ford'S Motion For Relief From Stay

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    Chapter 11 Dockets
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    1. Wells Fargo Bank filed an objection to Fritts Ford's motion for relief from the automatic stay in the bankruptcy cases of National R.V. Holdings, Inc. and National R.V., Inc. 2. Wells Fargo has a perfected security interest in the debtors' inventory, including 19 Ford motorhome chassis that Fritts Ford seeks to repossess, by filing UCC financing statements. 3. Fritts Ford's security interest in the chassis, if any, is unperfected because Fritts Ford did not file a UCC financing statement and is therefore avoidable, while Wells Fargo has the first priority perfected security interest.

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    1. Wells Fargo Bank filed an objection to Fritts Ford's motion for relief from the automatic stay in the bankruptcy cases of National R.V. Holdings, Inc. and National R.V., Inc. 2. Wells Fargo has a perfected security interest in the debtors' inventory, including 19 Ford motorhome chassis that Fritts Ford seeks to repossess, by filing UCC financing statements. 3. Fritts Ford's security interest in the chassis, if any, is unperfected because Fritts Ford did not file a UCC financing statement and is therefore avoidable, while Wells Fargo has the first priority perfected security interest.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    59 views5 pages

    Wells Fargo'S Objection To Fritts Ford'S Motion For Relief From Stay

    Uploaded by

    Chapter 11 Dockets
    1. Wells Fargo Bank filed an objection to Fritts Ford's motion for relief from the automatic stay in the bankruptcy cases of National R.V. Holdings, Inc. and National R.V., Inc. 2. Wells Fargo has a perfected security interest in the debtors' inventory, including 19 Ford motorhome chassis that Fritts Ford seeks to repossess, by filing UCC financing statements. 3. Fritts Ford's security interest in the chassis, if any, is unperfected because Fritts Ford did not file a UCC financing statement and is therefore avoidable, while Wells Fargo has the first priority perfected security interest.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    of 5

    1 GREENBERG TRAURIG, LLP PAUL R. GLASSMAN (CA Bar No. 76536) 2 ADAM M. STARR (CA Bar No.

    222440) 3 2450 Colorado Avenue, Suite 400E Santa Monica, California 90404 (310) 586-7700 4 Telephone: Facsimile: (310) 586-7800 5 Email: glassmanp@gtlaw.com Email: starra@gtlaw.com 6 DAVID B. KURZWEIL (GA Bar No. 621843) 7 JOHN J. DYER (GA Bar No. 236844) Greenberg Traurig, LLP 8 The Forum 3290 Northside Parkway, Suite 400 9 Atlanta, GA 30327 (678) 553-2100 10 Telephone: Facsimile: (678) 553-2269 11 12 Attorneys for Secured Creditor: Wells Fargo Bank, National Association 13 14 15 16 17 In re: 18 19 20 21 22 23 24 25 26 27 28 NATIONAL R.V. HOLDINGS, INC.; a Delaware corporation; and NATIONAL R.V., INC., a California corporation Debtors. WELLS FARGOS OBJECTION TO FRITTS FORDS MOTION FOR RELIEF FROM STAY Hearing Date: January 10, 2008 Time: 9:30 a.m. Place: Courtroom 303 U.S. Bankruptcy Court 3420 Twelfth Street Riverside, CA 92501 UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF CALIFORNIA RIVERSIDE DIVISION CASE NO. 6:07-17941-PC CHAPTER 11 Jointly Administered with Case No.: 6:07-17937-PC

    WELLS FARGOS OBJECTION TO FRITTS FORDS MOTION FOR RELIEF FROM STAY
    LA 127,163,887v2

    1 COMES NOW, Wells Fargo Bank, National Association (Wells Fargo) and files this 2 Objection to the Motion for Relief from Stay (the Motion) filed by Fritts Ford (the e consent of 3 Movant). In support of this Objection, Wells Fargo states as follows: 4 I. 5 1. 6 their voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the 7 Bankruptcy Code) on November 30, 2007 (the Petition Date). 8 2. 9 throughout the United States and Canada. 10 3. 11 from third parties such as the Movant. 12 4. 13 to seeking to repossess and sell nineteen (19) Ford Motorhome Stripped (bare) Chassis (the Chassis) 14 in which the Movant contends it has an ownership interest and a security interest. 15 II. 16 A. 17 5. 18 business of building and distributing RVs, and therefore, the Chassis constitute inventory as defined by 19 section 9101(a)(48) of the California Commercial Code. 20 6. 21 statement with the appropriate authority. See Cal. Comm. Code 9310. 22 7. 23 Security Agreement executed by the Debtors on or about August 12, 2005. 24 8. 25 financing statements filed with the Delaware Secretary of State and the California Secretary of State. 26 9. 27 in time to that of Wells Fargo. 28
    2

    FACTUAL AND PROCEDURAL BACKGROUND

    National R.V. Holdings, Inc. and National R.V., Inc. (collectively, the Debtors) filed

    Prior to the Petition Date, the Debtors built and distributed recreational vehicles (RVs)

    As part of their business, the Debtors purchased chassis, along with other raw materials,

    On December 14, 2007, the Movant filed the Motion seeking relief from automatic stay

    OBJECTION

    The Chassis Are Subject to Wells Fargos Perfected Security Interest At all times, the Chassis constituted raw materials to be used by the Debtors in their

    A security interest in inventory is perfected by filing the filing of UCC-1 financing

    Wells Fargo has a security interest in all of the Debtors inventory pursuant to that certain

    Wells Fargos security interest in the Debtors inventory is perfected via UCC-1

    Upon information and belief, there are no perfected security interests in the Chassis prior

    WELLS FARGOS OBJECTION TO FRITTS FORDS MOTION FOR RELIEF FROM STAY
    LA 127,163,887v2

    1 10. 2 statement with respect to the Chassis, and therefore, any security interest in the Chassis held by the 3 Movant is unperfected and avoidable pursuant to 11 U.S.C. 544. 4 11. 5 Fargos consent when Wells Fargo holds the first priority perfected security interest in the Chassis and 6 the Movants security interest, to the extent Movant has a security interest, is potentially avoidable. 7 WHEREFORE, Wells Fargo respectfully request the Court deny the relief requested in the 8 Motion, and provide such other and further relief as the Court deems just and proper. 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
    3

    Further, upon information and belief, the Movant failed to file a UCC-1 financing

    The Court should not allow the Movant to repossess and sell the Chassis without Wells

    Respectfully submitted this 28th day of December, 2007.

    GREENBERG TRAURIG, LLP /s/Adam M. Starr_______________ Paul R. Glassman (CA Bar No. 76536) Adam M. Starr (CA Bar No. 222440) Greenberg Traurig, LLP 2450 Colorado Avenue, Suite 400E Santa Monica, California 90404 Telephone: (310) 586-7700 Facsimile: (310) 586-7800 - and David B. Kurzweil (GA Bar No. 621843) John J. Dyer (GA Bar No. 236844) Greenberg Traurig, LLP The Forum 3290 Northside Parkway, Suite 400 Atlanta, GA 30327 Telephone: (678) 553-2100 Facsimile: (678) 553-2269

    WELLS FARGOS OBJECTION TO FRITTS FORDS MOTION FOR RELIEF FROM STAY
    LA 127,163,887v2

    PROOF OF SERVICE

    2 STATE OF CALIFORNIA, COUNTY OF LOS ANGELES 3 I am employed in the aforesaid county, State of California; I am over the age of 18 years and not a party to the within action; my business address is 2450 Colorado Avenue, Suite 400E, Santa 4 Monica, CA 90404. 5 On January 2, 2008, I served the WELLS FARGOS OBJECTION TO FRITTS FORDS MOTION FOR RELIEF FROM STAY on the interested parties in this action by placing the true copy 6 thereof, enclosed in a sealed envelope, postage prepaid, addressed as follows: 7 Please see attached service list 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 /s/Christine Pesis Christine Pesis (FEDERAL) I declare under penalty of perjury that the foregoing is true and correct, and that I am employed at the office of a member of the bar of this Court at whose direction the service was made. (BY MAIL) I am readily familiar with the business practice of my place of employment in respect to the collection and processing of correspondence, pleadings and notices for mailing with United States Postal Service. The foregoing sealed envelope was placed for collection and mailing this date consistent with the ordinary business practice of my place of employment, so that it will be picked up this date with postage thereon fully prepaid at Santa Monica, California, in the ordinary course of such business. (BY FACSIMILE) On January 2, 2008, I transmitted the foregoing document(s) by facsimile sending number. Pursuant to rule 2009(i)(4), I caused the machine to print a transmission record of the transmission, a true and correct copy of which is attached to this declaration.

    Executed on January 2, 2008, at Santa Monica, California.

    WELLS FARGOS OBJECTION TO FRITTS FORDS MOTION FOR RELIEF FROM STAY
    LA 127,163,887v2

    SERVICE LIST
    2 3 4 In re: NATIONAL R.V. HOLDINGS, INC.; and NATIONAL R.V., INC. 5 Case No: 6:07-17941-PC 6 7 Office of the U.S. Trustee Attn: Timothy J. Farris, Esq. 8 3685 Main Street, Suite 300 Riverside, CA 92501 9 Fax: (951) 276-6973 10 Debtor 11 National R.V. Holdings, Inc. Attn: Tomas J. Martini 12 3411 N. Perris Blvd. Perris, CA 92571 13 Fax: (951) 943-8498 14 Attorneys for Debtor 15 David M. Guess Klee, Tuchin, Bogdanoff & Stern 16 1999 Avenue of the Stars, 39th Floor Los Angeles, CA 90067 17 Fax: (310) 407-9090 18 Attorneys for Official Committee of Unsecured Creditors 19 Hamid R. Rafatjoo Pachulski Stang Zieho & Jones 20 10100 Santa Monica Blvd., 11th Floor Los Angeles, CA 90067-4100 21 Fax: (310) 201-0760 22 23 24 25 26 27 28 WELLS FARGOS OBJECTION TO FRITTS FORDS MOTION FOR RELIEF FROM STAY

    WELLS FARGOS OBJECTION TO FRITTS FORDS MOTION FOR RELIEF FROM STAY
    LA 127,163,887v2

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