Case Information
ORDERED.
Dated: December 19, 2024
UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA ORLANDO DIVISION
www.flmb.uscourts.gov
In re:
Case No. 6:24-bk-06734-GER DEALER SALES SOLUTIONS LLC, Chapter 11
Subchapter V Debtor. EIN: 45-3304358 /
PRELIMINARY ORDER GRANTING MOTION BY DEBTOR-IN-POSSESSION FOR AUTHORITY TO USE CASH
COLLATERAL AND EMERGENCY HEARING REQUESTED
THIS CASE came on for hearing on December 17, 2024, at 2:00 p.m., to consider the Motion for Authority to Use Cash Collateral and Emergency Hearing Requested (Doc. 5, “Motion”) filed by Debtor, DEALER SALES SOLUTIONS LLC (“Debtor”), seeking authorization to use cash collateral and to provide adequate protection to the U.S. SMALL BUSINESS ADMINISTRATION (“SBA” or “Senior Creditor”); and, to the extent necessary, the following inferior interests: FASANARA SECURITISATION S.A., acting on behalf of its Compartment L, as assignee of SELLERSFUNDING CORP. (collectively, the “Inferior Interests”). The Court, having reviewed the Motion, having found the Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 1334 and 157, and being otherwise fully advised in the premises, finds that it is appropriate to grant the relief requested on and interim basis. Accordingly, it is
ORDERED: The Motion (Doc. 5) is GRANTED on an interim basis through and
including January 14, 2025. Cash Collateral Authorization. Subject to the provisions of this Order, the Debtor
is authorized to use cash collateral to pay: (a) amounts expressly authorized by this Court, including payments to the United States Trustee for quarterly fees; (b) the current and necessary expenses set forth in the budget attached as Exhibit A [1] plus an amount not to exceed ten (10) percent for each line item ; and (c) such additional amounts as may be expressly approved in writing by Creditor (which approval shall not be unreasonably withheld) within 48 hours of the Debtor’s request. The Debtor shall be entitled to prompt court hearings on any disputed proposed expenditures. This authorization will continue until January 14, 2025. Debtor Obligations. Debtor shall timely perform all obligations of a debtor-in-
possession required by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and the Orders of this Court. Replacement Lien. The Senior Creditor and Inferior Interests shall each have a
perfected, postpetition lien against cash collateral with the same validity, priority, extent, and value as their respective pre-petition liens (if any), without the need to file or execute any documents as may otherwise be required under applicable nonbankruptcy law.
Insurance. The Debtor shall maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with Secured Creditors.
6. Without Prejudice. This order is without prejudice to (i) any subsequent request by a party in interest for modified adequate protection or restrictions on use of cash collateral or (ii) any other right or remedy which may be available to the Debtor or Secured Creditors. Creditors’ Committee. The provisions of this Order are without prejudice to the rights of the United States Trustee to appoint a committee or any rights of a duly-appointed committee to challenge the validity, priority, or extent of any lien(s) asserted against cash collateral. Enforcement. The Court shall retain jurisdiction to enforce the terms of this Order. A continued preliminary hearing on this matter will be held at the George C. Young
Courthouse, 400 West Washington Street, Courtroom 6D, Orlando, FL 32801 on January 14, 2025, at 9:45 am, at which time continued use of cash collateral will be addressed.
# # # Attorney for Debtor, Jeffrey S. Ainsworth, is directed to serve a copy of this order on interested parties who do not receive service by CM/ECF and file a proof of service within three days of entry of this order.
Ex. A -Cash Collateral
Dealer Sale Solutions
GROSS RECEIPTS Dec Jan-25 Feb-25 Sales $ 457,143 $ 525,000 $ 550,000 Beginning Cash Balance $ 65,726 $ 68,672 $ 72,807 (Marketplace Fees) $ (57,143) $ (65,625) $ (68,750) Gross Sales $ 465,726 $ 528,047 $ 554,057 COST OF GOODS SOLD
purchases $ 265,857 $ 315,250 $ 330,500 Shipping $ 54,857 $ 63,000 $ 66,000 supplies $ 5,029 $ 5,029 $ 5,775 Total Cost of Goods Sold $ 325,743 $ 383,279 $ 402,275 Gross Profit $ 139,983 $ 144,769 $ 151,782 EXPENSES
Payroll $ 35,734 $ 35,734 $ 35,734 Officer Comp $ 16,963 $ 16,963 $ 16,963 Payroll Taxes and Benefits $ 5,328 $ 5,328 $ 5,328 Customer Return Costs $ 2,286 $ 2,625 $ 2,750 Office Expense $ 1,000 $ 1,313 $ 1,375 Non Healthcare Ins $ 2,000 $ 2,000 $ 2,000 Utilities $ 500 $ 500 $ 500 Accounting Services 750 $ 750 $ 750 $ Other (supplies, office, etc) 750 $ 750 $ 750 $ Software Development $ 1,000 $ 1,000 $ 1,000 Sub V Trustee $ 1,000 $ 1,000 $ 1,000 Software Expense $ 4,000 $ 4,000 $ 4,000 Total Operating Expenses $ 71,310 $ 71,962 $ 72,150 Net Operating Income $ 68,672 $ 72,807 $ 79,632 - $ - - $ Total Debt Service $ ENDING CASH BALANCE (LOSS) $ 68,672 $ 72,807 $ 79,632
[1] Expenses contained in Exhibit A that relate to the payments to professionals and the SubChapter V Trustee require separate final court approval.