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ORDERED in the Southern District of Florida on September 22, 2010.
A. Jay Cristol, Judge
United States Bankruptcy Court
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
ARROW AIR, INC. AND
ARROW AIR HOLDINGS CORP.1
Case number 10-28831-AJC
Case number 10-28834-AJC
(Joint Administration Requested)
ORDER GRANTING CERTAIN RELIEF RELATED TO THE ORDER REOPENING
BIDDING AND SETTING HEARING TO DETERMINE HIGHEST AND BEST OFFER
THIS CAUSE came before the Court on September 15, 2010, at 2:30 p.m. (the
"Hearing") on the Order Reopening Bidding and Setting Hearing to Determine Highest and Best
Offer [D.E. No. 219] entered in these bankruptcy cases. The Court finds that proper and
adequate notice of the hearing was given in accordance with the Bankruptcy Code
Bankruptcy Rules, and the Local Rules and orders of the Court, and no other or further notice is
Holdings Corp. are 0895. The debtors' address is 7205 Corporate Center Drive, Suite 300, Miami, Florida 33126.
The last four digits of the taxpayer identification number for Arrow Air, Inc. are 9045 and for Arrow Air
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necessary. Based on the law and facts contained in the pleadings, the parties' agreement, and the
entire record in these bankruptcy cases, good and sufficient cause exists for the granting of the
relief described herein.
Accordingly, the Debtors and Leader Jet International Airlines, Inc. ("Leader Jet")
STIPULATE as follows:
On June 30, 2010, the Debtors each filed a voluntary petition for relief under
chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the
Southern District of Florida, Miami Division. The Debtors continue to manage their properties
as debtors-in-possession under 11 U.S.C. §§ 1107(a) and 1108. The Debtors' bankruptcy cases
are being jointly administered for administrative purposes.
Leader Jet International Airlines, Inc. ("Leader Jet") acknowledges that it owes
the Debtors certain accounts receivable for charter and other services provided by the Debtors
prepetition. In connection with Leader Jet's participation in the auction related to the sale of the
Debtors' business, the Debtors and Leader Jet reached an agreement concerning payment of the
claims between the parties, including the accounts receivable and corresponding setoffs. The
Debtors and Leader Jet agree that the outstanding balance of such receivables (net of agreed to
setoffs) is $815,000 (the "Net Receivable").
Based on the foregoing stipulation between the parties, it is ORDERED that:
The Debtors are authorized to apply the $500,000 deposit posted by Leader Jet in
connection with the bid procedures order [D.E. 150] in partial satisfaction of the Net Receivable.
Leader Jet shall pay the remaining $315,000 balance of the Net Receivable (the "Remaining
Balance") in cash on or before September 20, 2010. Effective on the Debtors' receipt of the
Remaining Balance, the Debtors and Leader Jet mutually release each other from any and all
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claims, causes of action, liabilities, or indebtedness, whether liquidated or unliquidated, fixed or
contingent, matured or unmatured, known or unknown, foreseen or unforeseen, existing or
arising on or before the date of this order.
This order shall be effective immediately on execution, notwithstanding the
possible application of any applicable law or procedural rule.
Jordi Guso, Esq.
BERGER SINGERMAN, P.A.
200 S. Biscayne Blvd., Ste. 1000
Miami, FL 33131
Tel: (305) 755-9500
Fax: (305) 714-4340
Jordi Guso, Esq.
(Attorney Guso is directed to mail a conformed copy of this order, immediately on receipt, to all
parties in interest)