{"id":"court_ctb_678_3","court":"CTB","case_no":"22-50073","doc_number":678,"sub_number":3,"doc_type":"ORDER","filed_date":"2022-09-24","title":"Cose 224 PM 3 BBC 37 3-il Eil 66 99 98 12 € mere 8 0 9 24 2 € 4 8 ° 8 main 1 8 8 can 2 6 ° 8 main 1 8 8 m 6 ° 8 % 5 ° 8","summary_zh":null,"summary_en":null,"body_en":"# Cose 224 PM 3 BBC 37 3-il Eil 66 99 98 12 € mere 8 0 9 24 2 € 4 8 ° 8 main 1 8 8 can 2 6 ° 8 main 1 8 8 m 6 ° 8 % 5 ° 8 % 5 ° % 2 ° % 2 ° % 2 ° % 2 ° % 2 ° % 2 ° % 2 ° % 2 ° Pa 1 of 7\n\n#### UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK\n\nIn re:\n\nChapter 11\n\nGenever Holdings LLC,\n\nCase No. 20-12411 (JLG)\n\nDebtor.\n\n#### DEBTOR'S OMNIBUS SECOND RENEWED MOTION (i) TO APPROVE SECOND AMENDED AND RESTATED SETTLEMENT WITH BRAVO LUCK AND PAX; AND (ii) TO HIRE MELANIE L. CYGANOWSKI AS AN EMPLOYEE ONLY TO ACT AS THE SALES OFFICER FOR THE DEBTOR'S BANKRUPTCY ESTATE\n\nGenever Holdings LLC (the \"Debtor\"), as and for its omnibus and second renewed motion (the \"Renewed Motion\") (i) seeking approval pursuant to Bankruptcy Rule 9019(a) of the Second Amended and Restated Settlement with Pacific Alliance Asia Opportunity Fund L.P. (\"PAX\") and Bravo Luck Limited (\"Bravo Luck\"), a copy of which is annexed hereto as Exhibit \"A\" (the \"Revised Settlement\"); and (ii) to hire Melanie L. Cyganowski (\"Ms. Cyganowski\") as an employee only to act as the Sales Officer for the Debtor's Bankruptcy Estate pursuant to 11 U.S.C. §§ 105 and 363 in accordance with the attached revised Employment Letter annexed hereto as Exhibit \"B\" and pursuant to the respective pre-fixed revised Orders approving the Revised Settlement and the corresponding hiring of Ms. Cyganowski, which are being separately noticed for presentment, represents and shows this Court as follows:\n\n#### Background\n\n1. The Debtor filed a voluntary petition under Chapter 11 of the Bankruptcy Code on October 12, 2020 and thereafter has continued in possession and management of its assets as a debtor-in-possession pursuant to 11 U.S.C. §§ 1107 and 1108.\n\n1\n\n### Cope & & Post & Post & Book & L = n EP B P P = = R = P = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = Pa 2 of 7\n\n2. J The Debtor's chief asset consists of the 18th floor apartment and auxiliary units in the Sherry Netherland Hotel located at 781 Fifth Avenue, New York, New York 10022 (collectively, the \"Residence\").\n\n3. J The Debtor reached a proposed settlement with Pacific Alliance Asia Opportunity Fund L.P. (\"PAX\") and Bravo Luck Ltd. (\"Bravo Luck\") establishing, inter alia, a negotiated framework for the sale of the Residence under the stewardship of a Sales Officer to be employed by the Debtor. The parties agreed upon the selection of Melanie Cyganowski to serve in this capacity, and the Debtor previously moved for Bankruptcy Court approval of the proposed settlement and the retention of Melanie Cyganowski as the Sales Officer (See, ECF Nos. 62 and 72).\n\n4. J The Office of the U.S. Trustee objected to both motions (ECF Nos. 94 and 103). Thereafter, the parties briefed a number of issues in connection therewith (See, ECF Nos. 76, 81, 83, 95, 96, 97, 99, 104, 105 and 106).\n\n5. On September 1, 2021, the Bankruptcy Court issued a comprehensive decision (the \"September 1, 2021 Decision\") relating to the Debtor's motions, finding (i) that the settlement comfortably fell within the range of reasonableness and was in the best interests of the Debtor's estate; (ii) that the Debtor had the right under state law to amend its operating agreement to appoint the Sales Officer; and (iii) that the Debtor had the right to employ Ms. Cyganowski as Sales Officer.\n\n6. The Bankruptcy Court, however, found certain issues with Ms. Cyganowski providing any legal advice to the Debtor or utilizing personnel at her firm (Otterbourg P.C.) to assist her without retention of the firm under 11 U.S.C. §327. Accordingly, the Bankruptcy Court initially did not approve either of the motions on this basis. In the main, however, the proposed settlement appeared acceptable to the Court for purposes of Bankruptcy Rule 9019.\n\n#### Cose:22499973 DB60878-Filed|89/28/24/22-ntEP88199/24/24/24:28:56:08/mbir880 Pa 3 of 7\n\n7. Following receipt of the September 1, 2021 Decision, the Settling Parties have modified the proposed retention of Ms. Cyganowski to address the foregoing, essentially as follows:\n\n- · Ms. Cyganowski shall be hired strictly as an employee of the Debtor and shall not provide any legal advice or counsel to the Debtor.\n- · The Debtor shall not retain the Otterbourg P.C. law firm to assist Ms. Cyganowski or otherwise.\n\nBased upon these modifications, the Settling Parties hereby seek to renew the 8. Debtor's motion for approval of the Revised Settlement with the same corresponding modifications relating to the hiring of Ms. Cyganowski. The Revised Settlement continues to provide an agreed framework for the sale of the Residence under the stewardship of the Sales Officer, who shall direct the sale and marketing process based upon her status as an employee of the Debtor. The Revised Settlement is substantially identical to the prior version of the settlement agreement, but has been modified to remove the provisions outlined in Paragraph 7 above regarding Ms. Cyganowski's status as an employee; (i) that the Otterbourg firm shall not be retained; and (ii) Ms. Cyganowski shall not provide legal advice to the Debtor. Also there were clarifications made regarding the structure of Ms. Cyganowski's indemnity and compensation, plus other non-substantive clean-up. Accordingly, the Debtor has obtained the agreement of the Settling Parties and the Office of the U.S. Trustee to the revised terms, and submits that the Revised Settlement should now be approved by the Court.\n\n#### Renewed Retention of Ms. Cyganowski\n\n9. sense of stability and confidence to the position of Sales Officer. Indeed, there is unanimous agreement among the parties that Ms. Cyganowski is an ideal candidate, as her experience and judgment are beyond reproach.\n\n# Cose 22229933 BBC Store Filed 19929942422 Enterest 669989999424242228099188858888 Pa 4 of 7\n\n#### Scope of Services\n\n10. In keeping with the Court's September 1, 2021 Decision, Ms. Cyganowski will perform the following services as more particular detailed in the renewed settlement agreement solely as an employee of the Debtor':\n\n- a. Ms. Cyganowski shall oversee the sale of the Residence through a conventional bankruptcy-type sale process for the Debtor in consultation with Bravo Luck and PAX. Ms. Cyganowski is not a chapter 11 trustee or examiner and is being hired strictly as an employee of the Debtor and Ms. Cyganowski will not render any legal advice or counsel.\n- b. Ms. Cyganowski shall select the real estate broker (\"Broker\") on behalf of the Debtor, subject to the right of Bravo and PAX to object. The broker shall have expertise selling luxury residential Manhattan real estate and employed by the Debtor's Bankruptcy Estate. Bravo Luck and PAX shall be allowed to recommend and interview parties to fill the role of Broker in conjunction with Ms. Cyganowski.\n- c. Ms. Cyganowski shall also oversee the establishment of a marketing program and sales procedures for the Debtor that are designed to maximize value of the Residence. Procedures and the ultimate approval of any sale shall be subject to further application to the Court to be filed by the Debtor's counsel.\n- 11. In sum, Ms. Cyganowski is being hired as an employee and designated sale\n\nofficer to lead the Debtor's efforts to sell the Residence with delineated functions as set forth in the Renewed Settlement Agreement.\n\n#### Ms. Cyganowski's Disinterestedness\n\n12. Although the hiring of Ms. Cyganowski is being done under 11 U.S.C. § 363, she has no disqualifying relationships involving any creditors or parties in interest, and otherwise qualifies as a \"disinterested person\" within the meaning of Section 101(14) of the Bankruptcy Code to the extent applicable.\n\n13. To the best of the Debtor's knowledge, information, and belief, Ms. Cyganowski: (a) has no prior or current connection with the Debtor, its creditors, any member of the Kwok\n\n### Cope 224 2017 - 12 000 2019 - 11:51 09/98/24 22 - 28:58 : 9 14 : 1 P : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : 0 : Pa 5 of 7\n\nfamily, or other parties in interest; and (b) does not hold any interest adverse to the Debtor, the Debtor's estate, PAX or Bravo Luck.\n\n#### Terms of Compensation\n\n14. As set forth in the renewed Employment Letter, Ms. Cyganowski has requested and will be paid on an hourly basis predicated on a current billing rate of \\$1,400 per hour. Ms. Cyganowski has agreed that her compensation shall be paid from the sale proceeds generated from the sale of the Residence, and the Debtor shall seek authorization to pay her fees and expense in connection with a future application to sell the Residence. Pending a sale of the Residence, Ms. Cyganowski shall accrue her fees and expenses as an administrative expense claim\n\n#### Basis for Granting Application to Hire Ms. Cyganowski\n\n15. The legal predicates for Ms. Cyganowski's hiring have already been extensively briefed and analyzed in this Court's September 1, 2021 Decision. Essentially, the Debtor's authority to hire Ms. Cyganowski flows from the Debtor's ability to sell the Residence pursuant to Section 363 of the Bankruptcy Code. Section 363(b)(1) of the Bankruptcy Code provides, in relevant part, that a debtor in possession, \"after notice and a hearing, may use, sell, or lease, other than in the ordinary course of business, property of the estate.\" 11 U.S.C. § 363(b)(1). Under Section 363(b), courts require only that the debtor \"show that a sound business purpose justifies such actions.\" In re Montgomery Ward Holding Corp., 242 B.R. 147, 153 (D. Del. 1999) (internal citations omitted); see also In re Elpida Memory, Inc., No. 12-10947 (CSS), 2012 WL 6090194, at \\*5 (Bankr. D. Del. Nov. 20, 2012) (noting that it is \"well-settled\" that a debtor may use its assets outside the ordinary course where such use \"represents the sound exercise of\n\n<sup>1</sup> The Court is respectfully referred to the renewed settlement agreement for a complete recitation of the terms.\n\n### C25512229933 DB91973 DB91979-9-1160189/28/24124.989988/24124.98980800000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 Pa 6 of 7\n\nbusiness judgment\"); In re Phoenix Steel Corp., 82 B.R. 334, 335-36 (Bankr. D. Del. 1987) (stating that judicial approval under Section 363 of the Bankruptcy Code requires a showing that the proposed action is fair and equitable, in good faith, and supported by a good business reason). Moreover, \"[w]here the debtor articulates a reasonable basis for its business decisions (as distinct from a decision made arbitrarily or capriciously), courts will generally not entertain objections to the debtor's conduct.\" In re Johns-Manville Corp., 60 B.R. 612, 616 (Bankr. S.D.N.Y. 1986) (citation omitted); see also In re Tower Air, Inc., 416 F.3d 229, 238 (3d Cir. 2005) (stating that \"[o]vercoming the presumptions of the business judgment rule on the merits is a near-Herculean task\").\n\n16. The decision to hire Ms. Cyganowski, having been made with the approval of the Debtor's major creditors, should be approved and authorized because it is based on a sound exercise of the Debtor's business judgment, and her employment is in the best interest of the Debtor's estate and creditors consistent with the Revised Settlement.\n\n#### The Revised Settlement and Revised Order Approving the Debtor's Hiring of Ms. Cyganowski Should Each Be Approved\n\n17. This Court previously found in its September 1, 2021 decision that the initial settlement was reasonable and met the Iridium factors for approval of settlements. As the Court stated:\n\n> The sixth Iridium Factor is not relevant to this matter. The Settlement Agreement falls comfortably within the scope of the remaining factors . . . The Court finds that the Settlement Agreement is fair and equitable and is in the best interests of the Debtor's estate and creditors.\n\n18. However, as noted, the Court declined to approve the settlement because of its concerns relating to Ms. Cyganowski's retention. Since the Revised Settlement fully addresses these concerns, as detailed above, the Debtor respectfully submits that the Revised Settlement should now be approved, together with Ms. Cyganowski's employment.\n\n# C�SE£££££º£º£º£º£º£º£º£º£º£º£º£º£º£º£º£º£º£º£ºº£ºº£ººººººãººººººººººººººº Pa 7 of 7\n\n19. The final terms of the Revised Settlement (including the revised terms relating to hiring of Ms. Cyganowski) have been reviewed with the Office of the U.S. Trustee and all objections have been resolved. Accordingly, the Debtor is seeking Bankruptcy Court approval of these motions based upon a Notice of Presentment as authorized during the hearing on September 22, 2021. Any other creditor or party in interest having an objection may file the same prior to the presentment date, which then will be heard on October 20, 2021\n\nWHEREFORE, the Debtor respectfully prays for the entry of the pre-fixed Orders.\n\nDated: New York, New York September 24, 2021\n\n> GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP Attorney for the Debtor 1501 Broadway, 22nd Floor New York, New York 10036 (212) 221-5700\n\nBy: /s/ Kevin J. Nash, Esq.\n\n## Case 2222222233 Revised Settlement Agreement Pg 1 of 12\n\n#### SECOND AMENDED AND RESTATED SETTLEMENT AGREEMENT\n\nThis Second Amended and Restated Settlement Agreement (the \"Settlement Agreement\") is entered into as of September 24, 2021, by and among Genever Holdings, LLC, (\"Debtor\"), Pacific Alliance Asia Opportunity Fund L.P. (\"PAX\") and Bravo Luck Limited (\"Bravo Luck\") (each a \"Party\" and collectively, the \"Parties\").1\n\n#### WITNESETH:\n\nWHEREAS, on October 12, 2020, Debtor filed its Chapter 11 Case.\n\nWHEREAS, on December 16, 2020, PAX filed its motion to Modify the Automatic Stay to Proceed with State Court Action and Related Relief (the \"Lift Stay Motion\") [Dkts 12-14], which included, inter alia, a request to try PAX's veil piercing claims against the Debtor in the State Court Action.\n\nWHEREAS, on January 5, 2021, the Debtor filed a response to the Lift Stay Motion and Bravo Luck also filed its objection thereto [Dkts 21 and 22].\n\nWHEREAS, on January 12, 2021, PAX filed its motion for an Order Under 11 U.S.C. 1112(b) Converting the Debtor's Case to a Case Under Chapter 7 or, in the Alternative, for an Order Under 11 U.S.C. 1104(a) Appointing a Trustee to Administer the Debtor's Estate (\"Conversion Motion\") [Dkts 35-37].\n\nWHEREAS, on May 10, 2021, the Debtor filed its opposition to the Conversion Motion [Dkt 84] and on January 27, 2021, Bravo Luck filed its opposition to the Conversion Motion [Dkt 44].\n\nWHEREAS, the Debtor, PAX and Bravo Luck entered in a settlement agreement on February 26, 2021 (the \"Initial Agreement\") to resolve the Lift Stay Motion and Conversion Motion, and to establish procedures for the sale of the Residence through the Chapter 11 Case while preserving the rights of all Parties.\n\nWHEREAS, the Debtor moved (the \"Motion\") for approval of the Initial Agreement entered into on February 26, 2021 pursuant to Bankruptcy Rule 9019(a) [Dkt 62].\n\nWHEREAS, with approval from PAX and Bravo Luck, the Debtor also moved to retain Melanie L. Cyganowski (Ret.) (hereinafter, \"Ms. Cyganowski\") as the Sales Officer for purposes of settlement pursuant to 11 U.S.C. §§105 and 363(b) [Dkt 72] (the \"Motion to Appoint Ms. Cyganowski\").\n\n<sup>1</sup> Capitalized terms shall have the meaning provided below, or if not otherwise defined, in the Motions.\n\n# Case 22299973 BBC 533-3 Filed 09/24/22 EMBER 09/24/22-2013.988 September of Agril 2017 12\n\nWHEREAS, in support of the Motion to Appoint Ms. Cyganowski, the Debtor filed the Declaration of Disinterestedness by Melanie L. Cyganowski dated April 12, 2021 [Dkt. 73] (the \"Cyganowski Declaration\").\n\nWHEREAS, the Office of the U.S. Trustee (\"UST\") previously objected to the Initial Agreement, and the Parties thereafter agreed to amend and modify the Initial Agreement to attempt to address the concerns and objections raised by the \"Amended Settlement\").\n\nWHEREAS, the Bankruptcy Court issued a decision dated September 1, 2021 finding, in the main, that the Amended Settlement met the standards of Bankruptcy Rule 9019(a), but denying the Debtor's motions due to certain issues relating to Ms. Cyganowski also providing legal advice directly to the Debtor or with the assistance of the Otterbourg P.C. law firm without retention under 11 U.S.C. § 327.\n\nWHEREAS, the Parties have again further modified the Amended Settlement as provided herein to address the Court's concerns as set forth in its decision dated September 1, 2021 and to address the objections of the UST in a continuing effort to resolve their differences as described herein without resorting to further litigation, and, as a result of negotiations among the Parties, the Parties have agreed to resolve the Lift Stay Motion and the Conversion Motion, as well as establish procedures for the sale of the Residence through the Chapter 11 Case while preserving the rights of all Parties, as set forth below.\n\nNOW, THEREFORE, for the consideration of the promises and the mutual covenants contained herein, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby CONSENT, AGREE, and STIPULATE as follows:\n\n1. Definitions. Capitalized terms used herein but not otherwise defined shall have the following meanings:\n\n\"Approval Order\" shall mean the order entered by the Bankruptcy Court a. granting the Motion and approving this Settlement Agreement.\n\nb. the Southern District of New York.\n\n\"BVI\" shall mean the British Virgin Islands. C.\n\nd. BVI in 2020 under case No. BVIHCM 2020/0137 against: (i) Genever BVI, (ii) Bravo Luck, (iii) Kwok, and (iv) Guo, seeking, among other things, to enforce (a) the Judgment arising in the State Court Action; and (b) the Defense and Counterclaim filed on January, 14, 2021, by Bravo Luck and Guo against PAX.\n\n\"Chapter 11 Case\" shall mean the underlying chapter 11 bankruptcy case captioned GENEVER HOLDINGS LLC., filed by the Debtor in the Bankruptcy Court, case number 20-12411.\n\nf. been entered by the Bankruptcy Court and is a final order.\n\ng. \"Genever BVI\" shall mean Genever Holdings Corporation, a British Virgin Islands corporation and 100% owner of the Debtor.\n\n- h. \"Guo\" shall mean Qiang Guo.\n- i. \"Kwok\" shall mean Kwok Ho Wan aka Miles Kwok.\n\n\"Operating Agreement\" shall mean the Limited Lability Company 1. Agreement of the Debtor dated February 13, 2015, as amended by the Resolution, pursuant to section 23 therein.\n\nk. \"Residence\" shall mean the entire 18th floor apartment and auxiliary units in the Sherry Netherland Hotel located at 781 Fifth Avenue, New York, New York 10022.\n\nl. \" \"Resolution\" shall mean the corporate resolution previously passed by the Debtor as referenced in the Court's September 1, 2021 decision regarding the hiring of Ms. Cyganowski as an employee to serve as the Debtor's Sales Officer as provided hereunder.\n\nm. \" \"Sale Motion\" shall mean a motion to be filed by the Debtor seeking approval by the Bankruptcy Court to sell the assets of the Debtor, including but not limited to, the Residence, and for approval of sale procedures in connection with same.\n\nn. \" \"Sales Officer Hiring Order\" shall mean the separate order entered by the Bankruptcy Court approving the renewed Motion to hire Ms. Cyganowski pursuant to this Settlement Agreement.\n\no. \"Sherry-Netherland Co-Op Board\" shall mean the cooperative board of the Sherry-Netherland.\n\n2. business judgment to hire and appoint Ms. Cyganowski solely as an employee to serve as the Debtor's Sales Officer (the \"SO\") pursuant to Sections 9.3 and 23 of the Operating Agreement and the Resolution and (ii) designates authority to Ms. Cyganowski as SO solely to control and oversee the sale of the Residence as provided hereunder and without subjecting Ms. Cyganowski to any other duties or responsibilities. Ms. Cyganowski's employment, as set forth in this Settlement Agreement, shall be approved by the Bankruptcy Court pursuant to the Sales Officer Hiring Order. Pursuant to the Operating Agreement, Bankruptcy Code Section 363, and this Settlement Agreement, the Debtor may only revoke or terminate Ms. Cyganowski's hiring upon further Order of the Bankruptcy Court. The Parties believe that Ms. Cyganowski has the requisite expertise selling luxury residential Manhattan real estate and co-ops through a bankruptcy process. Ms. Cyganowski is acceptable to the Debtor, Bravo Luck, and PAX. Ms. Cyganowski as SO will oversee and interface with the retained real estate broker as provided below, and shall have the final authority as delegated by the Debtor hereunder and in the\n\n### Cose 22299973 Book 232-2 Filed 08/24/22 Enterest 08/24/22 18:35:08 Exam 22-0 Revised Settlement Agreement Pg 4 of 12\n\nResolution, subject to Bankruptcy Court approval with right of objection by Bravo Luck and PAX, over the Debtor's decision making, sale process and the selection of (i) Qualified Buyer (defined below) and Qualified Offer (defined below) and (ii) successful and backup offers for the sale of the Residence. In the exercise of such powers, the SO shall consult with the Debtor, Bravo Luck and PAX. The SO is not acting as a lawyer for the Debtor and is not a chapter 11 trustee or examiner but shall have the same type of powers utilized by a trustee in bankruptcy, limited strictly to the terms of employment hereunder and without displacing the Debtor from its role as a debtor in possession.\n\n3. and employed by the Debtor's estate in the SO's business judgment as delegated by the Resolution, in consultation with the Parties, and subject to the right of Bravo Luck and PAX to object. Bravo Luck and PAX shall be allowed to propose/recommend parties to the SO for the role of Broker. Bravo Luck and PAX shall have the right to interview the prospective Brokers. Bravo Luck and PAX shall consult with the Broker and the SO for purposes of establishing the timing and realization of maximum value for the Residence. The Broker will be compensated consistent with market terms, subject to Bankruptcy Court approval with right of objection by Bravo Luck and PAX. The SO will consult Bravo Luck and PAX regarding Broker's compensation. Broker shall be disinterested and free of conflicts, as described below. A draft Broker Agreement and Affidavit of Disinterest shall be provided to Bravo Luck and PAX for review and comment prior to filing by the Debtor, which shall include disclosure of all past and present conflicts, connections, and financial relationships between the Broker, and its representatives, with Miles Kwok, members of Kwok's family and their respective counsel, associates, affiliates and interests, as well as any past connection with Bravo Luck and PAX as well as their respective counsel, associates, affiliates and interests. Broker shall have expertise selling luxury residential Manhattan real estate.\n\n4. Marketing Terms. The Parties agree to the following terms for the marketing of the Residence, with the specific terms to be established by the SO in consultation with the Debtor and as provided below:\n\n Floor price to be set by the SO for minimum offers for any sale in a. consultation with Bravo Luck and PAX.\n\nb. The SO may consider imposing limitations on an insider offer or by PAX or an affiliate thereof, in consultation with Bravo Luck and PAX.\n\nc. The Broker shall fully disclose all fees, costs and any other direct or indirect compensation to be received by the Broker and its representatives.\n\nd. The SO shall coordinate with the Broker in consultation with the Debtor, Bravo Luck and PAX on protocols for sale of the Residence, including staging, marketing strategy and process, identifying prospective buyers, international outreach, setting floor and target sale price, counteroffers, negotiated concessions, etc. and coordination with the Sherry-Netherland, as necessary.\n\nOther protocols and procedures for sale of the Residence shall be e. developed by the SO and the Broker in consultation with the Debtor, Bravo Luck and PAX, including duration, minimum sale price, target sale price, and time, place, and\n\n### Cope 22439973 Doc 1998 2008 2008 2006 22 2005 2008 2000 2000 22 2000 22 000 22 000 22 00 Revised Settlement Agreement Pg 5 of 12\n\nmanner of any sale of the Residence. Notwithstanding anything contained herein to the contrary, the duration of the sale process shall be limited to 180 days from the retention of the Broker, subject to extension upon written agreement of the Debtor, Bravo Luck and PAX, or by further order of the Court for cause shown.\n\nf. Parties residing at the Residence shall make the Residence available for showing upon 24 hours advance notice.\n\nన్. Sales Procedures. The Parties agree to the following regarding the sale of the Residence:\n\na. and better offers. If more than one Qualified Offer is received, the SO, in consultation with the Debtor, Bravo Luck and PAX, shall schedule an auction at which all Qualified Buyers can participate.\n\nSelection of the winning Qualified Buyer shall be made by the SO in b. consultation with the Debtor, the Broker, Bravo Luck and PAX.\n\nc. Sale shall be subject to Bankruptcy Court approval of a Sale Motion to be prepared and filed by the Debtor; draft of such motion to be provided to Bravo Luck and PAX for review and approval prior to filing.\n\nd. Notwithstanding any other provision of this Settlement Agreement, and subject to applicable law, the sale of the Residence shall be subject to assignment of that certain Proprietary Lease by and between the Sherry-Netherland and the Debtor (the \"Proprietary Lease\"); all rights and obligations of the parties, whether under the Proprietary Lease or under applicable law, are expressly reserved.\n\nBravo Luck and PAX shall have access to the SO and the Broker and shall e. be kept fully informed regarding the status of the sale process, all offers received, and all material issues relating to the negotiation and eventual sale of the Residence.\n\nf. The sale process shall include consultation rights for the Debtor, Bravo Luck and PAX, with the SO to have final authority in the event of any dispute pursuant to the authority granted to Ms. Cyganowski as an officer under Section 9.3 of the Operating Agreement.\n\ng. Gross proceeds of sale less customary closing costs and expenses (including fees and expenses of the SO without further order of the Bankruptcy Court and the reasonable fees and expenses of the Broker subject to approval by the Bankruptcy Court upon notice to all Parties), without other deduction, shall be placed in escrow as provided below, subject to release solely with Bankruptcy Court approval on prior notice, including prior notice to Bravo Luck and PAX. Notwithstanding the foregoing, Ms. Cyganowski shall have no control over, or obligations with regard to, the gross proceeds of the sale or the escrow account, which shall be held by an escrow agent in accordance with this paragraph, and only released upon further order of the Bankruptcy Court upon notice to the Parties.\n\n### Cope for a por costs filed of the obsert of the contribution of the color of the collection of Revised Settlement Agreement Pg 6 of 12\n\nh. Gross proceeds of sale, as described above, shall be deposited in a nationally recognized collateralized bank reasonably acceptable to the Debtor, Bravo Luck and PAX and subject to Bankruptcy Court approval.\n\ni. timing for Board approvals necessary to conduct and complete the sale of the Residence.\n\n6. be initially marketed through the Broker in a commercially reasonable manner consistent with the stature of the Residence in an effort to identity one or more acceptable competing offers (each, a \"Qualified Offer\") from one or more acceptable competing buyers (each, a \"Qualified Buyer\"). An auction may be conducted if the SO determines it would result in a higher and better offer or upon further order of the Bankruptcy Court. The SO shall have the final approval power after prior consultation with the Debtor. Bravo Luck and PAX, and subject to Bankruptcy Court approval with right to object by Bravo Luck and PAX, regarding the marketing and sale of the Residence, including the following:\n\na. To decide the sale process, whether through traditional means, private sale, auction, a combination thereof, or other process;\n\nb. To determine which potential buyers are Qualified Buyers;\n\nC. To determine which offers are Qualified Offers;\n\nd. To schedule an auction and determine the auction process, if necessary, including break-up fees, required overbids and other procedures;\n\ne. To determine which Qualified Offer is the highest and otherwise best offer and which is the next highest and otherwise best offer;\n\nf. To reject any offer that is (i) inadequate or insufficient, (ii) not in conformity with the requirements of the Sales Procedures (as set forth in section 5 above) or the requirements of the Bankruptcy Code, or (iii) contrary to the best interests of the Debtor and its estate;\n\ng. To waive any term and condition set forth herein with respect to any potential buyer;\n\nTo impose additional terms and conditions with respect to any potential h. buyer and the successful purchaser;\n\ni. To extend the deadlines set forth herein;\n\n1. To, except, as set forth herein, adjourn or cancel any auction and/or sale hearing without further notice;\n\nk. To modify the Sales Procedures; and/or\n\n1. To withdraw the Sale Motion at any time with or without prejudice.\n\n#### Costs 22299973 Book 232-2 Filled 08/24/22 Enterest 09/24/222088 222888 25.01 Revised Settlement Adreement Pa 7 of 12\n\n#### 7. Stay Relief, Maintenance, Fees and Other Terms.\n\nStay relief is granted to allow PAX to prosecute, and the Debtor to defend, a. the state court action currently pending in the New York Supreme Court under Docket No. 652077/2017 (the \"State Court Action\"), with the stay to otherwise remain in place for all other purposes, including relating to enforcement or collection of any judgment entered against the Debtor in the State Court Action, pending further order of the Bankruptcy Court upon further notice to all Parties. Nothing herein shall be construed as an acknowledgment of the appropriate forum outside the bankruptcy court to address any such issues, with all Parties' rights expressly reserved.\n\nb. Nothing herein shall prejudice the rights of any party, including Bravo Luck and PAX to proceed with the BVI Litigation, provided that PAX, Bravo Luck, Kwok, Guo or any of his or its affiliates reserve the right to assert claims in the Bankruptcy Court relating to its status as a creditor of the Debtor, and PAX reserves all rights to oppose such claims on any grounds. In addition, notwithstanding anything contained herein to the contrary, nothing in this Agreement shall prejudice the rights of any Party, including Bravo Luck and PAX, from proceeding with any and all claims, if any, against anyone, including Bravo Luck, Kwok, Guo, or any of his or its affiliates, and PAX or any of its affiliates, in BVI, State Court, or otherwise, and Bravo Luck and PAX reserve all rights to oppose such claims in the applicable forum.\n\nC. PAX shall withdraw its Conversion Motion expressly as provided below. PAX will not support or encourage a motion for the appointment of a trustee or conversion by any other party herein. However, notwithstanding anything contained herein to the contrary, to the extent any substantive term of this Settlement is breached by the Debtor, Bravo Luck, Kwok, Guo, or any of their related entities, there shall be no limitation on PAX's right to renew or file its Conversion Motion, including appointment of a trustee, nor will there be any limitation upon the Debtor's or Bravo Luck's right to oppose such action on any ground, including inter alia, that such breach did not occur. To the extent PAX breaches any substantive term under this Agreement, then PAX shall have no further right to renew or file its Conversion Motion, including appointment of a trustee, provided however, that there shall be no limitations upon PAX's right to seek a Bankruptcy Court declaration that such breach did not occur. Other than as expressly provided for under this Agreement, all Parties' rights and remedies are expressly reserved.\n\nd. Recommendation and Appointment of the SO: In connection with execution of this Settlement Agreement, the Debtor, Bravo Luck and PAX have previously agreed upon Ms. Cyganowski as the designed SO. In the event that paragraph 27(D)(f) is triggered, then Bravo Luck and PAX shall designate a total of four candidates for consideration as the designed SO, two by Bravo Luck and two by PAX (total of four by all Parties) (the \"List\"). The Parties shall confer to select an agreed SO from such List. If an agreement on selection of an SO cannot be reached by the Parties, then the Bankruptcy Court shall appoint the SO from such List, unless the Court finds an irreconcilable conflict to exist, after which the Office of the United States Trustee, after\n\nconsultation with Bravo Luck and PAX, may submit recommendations to the Court for other independent and disinterested persons to serve as SO.\n\nStay relief is confirmed to allow the Sherry-Netherland to apply all accrued and owing post-petition maintenance fees and assessments as of the date hereof, and thereafter on a monthly basis, from the current security deposit, with the stay to otherwise remain in place for all other purposes.\n\n8. Bankruptcy Court Approval. This Settlement Agreement is subject to approval by the Bankruptcy Court and shall only be effective and binding on and from the Effective Date. The Parties hereby agree to waive the 14-day appeal period with respect to the effect of the Approval Order. The Debtor shall request that the Bankruptcy Court make the Approval Order a final, non-appealable order immediately upon entry. Bravo Luck and PAX have and shall continue to take all reasonable steps to seek approval of the Settlement Agreement and entry of the Approval Order and defend against any objections to this Settlement Agreement or appeals from the Approval Order.\n\n9. Agreement are subject to the occurrence of the Effective Date. If the Bankruptcy Court declines to enter the Approval Order, or if the Approval Order is vacated or reversed on appeal, this Settlement Agreement shall be of no further force or effect, and each of the Parties' respective interests, rights, remedies and defenses shall be restored without prejudice as if this Settlement Agreement had never been formed and concluded/entered.\n\n10. Representations and Warranties. Each Party represents and warrants to the other Parties that: (a) it is authorized to execute and deliver this Settlement Agreement and perform its obligations hereunder; (b) each believes its own best interests are served by settling the matters encompassed by this Settlement Agreement, as provided in this Settlement Agreement; (c) no promise, agreement, inducement, representation, or warranty has been offered to any Party except as expressly provided in this Settlement Agreement; (d) this Settlement Agreement is not in violation of or in conflict with any other agreement of any Party; (e) this Settlement Agreement is executed voluntarily with full knowledge of the consequences and implications of the terms and obligations contained herein: (t) each Party has been represented by counsel of that Party's choice throughout the negotiations that preceded the execution of this Settlement Agreement, and in connection with the preparation and execution of this Settlement Agreement; (g) each Party has carefully and thoroughly reviewed this Settlement Agreement in its entirety and has resolved all questions concerning the meaning, legal nature, and binding effect of this Settlement Agreement with counsel of each Party's choosing; and (h) this Settlement Agreement is contractual and not merely recital, and that each Party has read, understands, and fully agrees to the terms of this Settlement Agreement.\n\n11. No Admission of Liability. Nothing in this Settlement Agreement shall be construed as an admission of liability or fault by any Party, and such liability and fault are expressly denied.\n\n### Cope for a por color control of the observed by 2012 08:36 08 - 23 000 00 000 000 Revised Settlement Agreement Pg 9 of 12\n\n12. Further Assurances. Each Party shall execute and deliver any document or instrument reasonably requested by another Party after the date of this Settlement to effectuate the intent of this Settlement Agreement.\n\n13. Assignment. No Party may assign any of its respective benefits, obligations or liabilities under or in respect of this Settlement Agreement without (a) the prior written consent of each other Party, which may be withheld in its absolute discretion, or (b) by order of the Bankruptcy Court.\n\n14. Successors. This Agreement shall be binding upon and inure to the benefit of each Party and its respective successors, heirs, estates and personal representatives.\n\n15. Amendments. This Agreement may be modified or amended only by a writing signed by a duly authorized representative of each Party hereto.\n\n16. Integration. The provisions of this Settlement Agreement are integrated, essential and non-severable terms of this Settlement Agreement.\n\n17. Counterparts; Facsimile Signatures. This Settlement Agreement may be executed in counterparts, each such counterpart will constitute an original document and such counterparts, taken together, will constitute one and the same document. Electronically transmitted or facsimile copies shall be deemed to be originals.\n\n18. Headings. The headings of this Settlement Agreement are inserted solely as a matter of convenience and for reference and do not define, limit or describe the scope of this Settlement Agreement or the scope or content of any of its provisions.\n\n19. Governing Law. This Settlement Agreement shall be governed by and construed in accordance with the Bankruptcy Code.\n\n20. Continuing Jurisdiction. The Bankruptcy Court shall retain jurisdiction to resolve any dispute relating to the interpretation or enforcement of this Settlement Agreement.\n\n21. Entire Agreement. This Settlement Agreement constitutes the entire agreement and understanding of the Parties regarding this Settlement and the subject matter thereof.\n\n22. Dual Construction. If any provision of this Settlement Agreement may be construed in two or more ways, one of which would render the provision invalid or otherwise voidable or unenforceable and another of which would render the provision valid and enforceable, such provision shall have the meaning that renders it valid and enforceable.\n\n23. provides that ambiguities in a contract shall be construed against the drafter shall not apply to this Settlement Agreement because each Party drafted its terms, and all Parties waive applicability of such rule of construction in interpreting this Settlement Agreement.\n\n# Case 22499973\n\n24. Conferring Benefits. Nothing in this Settlement Agreement shall be construed to confer any benefit upon any person or entity, other than the Parties.\n\n25. Recitals. The recitals are true and correct and are incorporated herein as if set forth at length.\n\n26. Time Is of the Essence. Time is of the essence in relation to this Settlement Agreement.\n\n27.\n\nA. J The Debtor is authorized to hire Ms. Cyganowski as an employee to serve as the designated SO under its Operating Agreement as amended and bylaws to carry out the specific duties and obligations set forth in this Settlement Agreement, and has hired Ms. Cyganowski pursuant to the Resolution.\n\nB. J. Ms. Cyganowski will be paid on an hourly basis predicated on a current billing rate of \\$1,400 per hour with all of her compensation to be treated as an administrative expense claim in accordance with Section 503 of the Bankruptcy Code. The Debtor shall seek authorization to pay Ms. Cyganowski her fees and expenses in connection with an application to sell the Residence.\n\nC. The rights, duties and obligations of the SO shall be carried out without the necessity for further approvals from the Debtor's member(s) and manager(s) as such approvals have already been given by the Debtor in the exercise of its business judgment; provided, that, the SO shall report periodically to the Debtor's member(s) and manager(s); and approval of the highest and best offer for the sale of the Residence shall be subject to further order of the Bankruptcy Court upon notice.\n\nD. The Debtor's hiring of Ms. Cyganowski as the SO in accordance with this Settlement Agreement, as approved by the Bankruptcy Court, shall be subject to the following general limitations.\n\na. Ms. Cyganowski (and any agent and/or related entity) shall not act in any other capacity (for example, and without limitation, as a lawyer, counsel, financial advisor, examiner, trustee or investor/acquirer) in connection with the Chapter 11 Case.\n\nb. Solely upon written consent of the Debtor, Bravo Luck and PAX and by written motion to the Bankruptcy Court upon notice, the Debtor may seek to (i) have Ms. Cyganowski assume duties that are different than the functions envisioned in the Settlement Agreement, (ii) materially change the terms of the engagement, (iii) modify the functions provided thereunder, (iv) add new executive officers, or (v) altering or expanding the scope of the engagement (except neither Ms. Cyganowski nor Otterbourg P.C. shall provide legal services to the Debtor).\n\nNo principal or employee associated with Ms. Cyganowski shall serve as a C. director of the Debtor during the pendency of the above-captioned case.\n\nd. any payment hereunder, the Debtor shall file or cause to be filed with the Bankruptcy Court and provide notice to parties having filed notices of appearance (the UST, Bravo Luck, and PAX) in this Chapter 11 Case, reports of Ms. Cyganowski's earned compensation and expenses.\n\ne. Ms. Cyganowski, and her agents, shall be entitled to advancement and indemnification by the Debtor's estate in like manner as any of the Debtor's officers for all judgments, costs, and expenses, including reasonable legal fees (which shall be paid under the indemnity after court approval as they arising from or related to any and all claims of whatsoever type brought against any of them in their capacity as SO or her agent, except for gross negligence, willful misconduct, fraud, or breach of fiduciary duty determined by a final order no longer subject to appeal. Nothing herein shall limit any defenses of Ms. Cyganowski allowed by law or deprive her of indemnity for any act or omission for which she has a defense. Ms. Cyganowski shall be added to the Debtor's existing liability policy with AIG Property and Consulting Company as an additional insured.\n\nf. In the event of death, incapacity, resignation, or removal, a replacement SO shall be selected through the same process as the initial selection of the SO in accordance with this Settlement Agreement and further order of the Bankruptcy Court.\n\nE. J. Ms. Cyganowski, in consultation with the Debtor, PAX and Bravo Luck, shall make decisions in accordance with the terms of this Settlement Agreement regarding the sale and marketing of the Residence, utilizing her business judgment and subject to Bankruptcy Court approval of the sale of the Residence pursuant to 11 U.S.C. §363(b) and (f), and 1123. The Debtor has amended the Operating Agreement to and hereby reconfirm (i) the hiring of Ms. Cyganowski as SO to carry out all of the duties and responsibilities as provided herein; (ii) that the Debtor cannot revoke Ms. Cyganowski's hiring and/or authority as SO without Bankruptcy Court approval; and (iii) that in the event of death, incapacity, resignation, or removal, a replacement SO shall be selected in accordance with this Settlement Agreement. Notwithstanding the foregoing, nothing contained herein shall divest the Debtor from its duties as a debtor-in-possession.\n\nF. To the extent there is inconsistency between the terms of this Settlement Agreement, the Motion, the Engagement Letter and the Order approving this Settlement Agreement, the terms of this Settlement Agreement shall govern.\n\n[Signatures on the following page]\n\n# Case 22299973 Book Corporation 2012 Enterest 2019-02-2018 12:50 Portuge 2019-01-20 12\n\nDated: September 24, 2021\n\nGenever Holdings LLC\n\nBy: /s/Kevin J. Nash Kevin J. Nash Goldberg Weprin Finkel Goldstein LLP 1501 Broadway, 22nd Floor New York, NY 10022-5520 212-301-6944 KNash@gwfglaw.com Attorneys for Debtor, Genever Holdings, LLC\n\nPacific Alliance Asia Opportunity Fund L.P.\n\nBy: /s/ Douglas E Spelfogel Douglas E. Spelfogel Foley & Lardner LLP 90 Park Avenue New York, NY 10016-1314 212-682-7474 dspelfogel(@foley.com Attorneys for Pacific Alliance Asia Opportunity Fund I . P\n\nBravo Luck Limited\n\nBy: /s/ Fran J. Lawall Francis J. Lawall Troutman Pepper Hamilton Sanders LLP 3000 Two Logan Square Eighteenth and Arch Streets Philadelphia, PA 19103-2799 215-981-4000 Francis.lawall@troutman.com Attorneys for Bravo Luck Limited\n\n### Case 22240273 BBC 532-2 Eiled 08/24/22 Enterest 68/24/22 18:56:08 East 12 2016/02/2017 Engagement Eetter Pg 1 of 5\n\n![](_page_20_Picture_1.jpeg)\n\n230 Park Avenue New York, NY 10169 otterbourg.com 212 661 9100\n\nMelanie L. Cyganowski Member of the Firm mcyganowski@otterbourg.com 212 905 3677\n\nSeptember 24, 2021\n\nYanping Wang Duly Authorized Representative of Genever Holdings LLC The Sherry-Netherland 781 Fifth Avenue Unit 1801 New York, New York 10022\n\n#### Re: Genever Holdings LLC; Case No. 20-12411 (JLG)\n\nDear Mr. Wang:\n\nOn October 12, 2020, Genever Holdings LLC (the \"Company\") filed for bankruptcy relief with the United States Bankruptcy Court for the Southern District of New York (the \"Court\"), Case No. 20-12411 (JLG) (the \"Bankruptcy Case\"). The Company is currently operating as a debtor in possession under Chapter 11 of the United States Code (the \"Bankruptcy Code\"). It is my understanding that on March 5, 2021, the Company filed a motion with the Court to approve a proposed settlement agreement by and among the Company, Pacific Alliance Asia Opportunity Fund L.P. (\"PAX\") and Bravo Luck Limited (\"Bravo Luck\") |Dkt. No. 62] (the \"First Settlement Motion\") and also filed a motion to retain me as a designated Sales Officer on behalf of the Company's bankruptcy estate [Dkt. Nos. 72, 73] (the \"First Retention Motion\"). On September 1, 2021, the Court denied the First Settlement Motion and the First Retention Motion. [Dkt. No. 123].\n\nIn accordance with my discussions with Kevin J. Nash, Esq., bankruptcy counsel for the Company, I have been informed that the Company will be filing a second revised motion seeking approval of a second amended and revised settlement agreement (the \"Proposed Settlement\") by and among the Company, PAX, and Bravo Luck Limited, and that the Company seeks to hire me as the Sales Officer in connection with the Bankruptcy Case pursuant to a revised employment letter. This letter serves to confirm the revised understanding and agreement \") between the Company and me concerning my employment as the Sales Officer and also serves to set forth the terms and conditions of the employment, including the scope of services to be performed and the structure of compensation for those services.\n\n#### Description of Services\n\n· In connection with this employment, I will serve as the Sales Officer on behalf of the Company with respect to the proposed sale (the \"Proposed Sale\") of the Company's ownership interest in the entire 18th floor apartment and auxiliary Costs 22.000 g Book 23.2 Filed 08/24/22 Enterest 09/24/22 108:58:00 Examer 201 Engagement Eetter Pg 2 of 5\n\nOtterbourg\n\nSeptember 24, 2021 Yanping Wang Page 2\n\n> units located at The Sherry-Netherland, 781 Fifth Avenue, New York, New York 10022 (the \"Residence\"), which interest according to the Debtor's Declaration Pursuant to Local Bankruptcy Rule 1007-2, dated October 6, 2020 [Dkt. No. 1], is \"memorialized by approximately 3,000 shares of Sherry Netherland cooperative stock and corresponding proprietary leases\".\n\n- · As Sales Officer, I will have the powers and duties set forth in the Proposed Settlement (as approved by the Court), solely to control and oversee the sale of the Residence as provided under the Proposed Settlement without subjecting me to any other duties or responsibilities.\n- · Solely upon written consent of the Company, Bravo Luck and PAX, and on notice to the Office of the U.S. Trustee with an opportunity to object, the Company may seek to have me assume duties that are different than the functions provided herein, or to expand into other areas or altering or expanding the scope of the employment, which relief shall be sought by motion to modify the retention filed with the Court;\n- · The Company expressly authorizes the Sales Officer to carry out all such duties and obligations as provided under the Settlement Agreement without further action by the Company.\n\n#### Cooperation\n\n· The Company shall furnish to me and my agents all information in its possession or control relating to the Residence that the Company believes is relevant to the Proposed Sale of the Residence and shall furnish all information that I shall request in connection with my duties as Sales Officer.\n\n#### Limitation of Duties\n\n- · I do not make any representation or guarantee of the amount of sale proceeds, if any, that could be or will be generated from the sale of the Residence.\n- · I shall not be responsible, obligated or liable for the payment of any taxes, fees, costs, expenses, maintenance or charges related to the Residence or the Company, and such taxes, fees, costs, expenses, maintenance or charges shall be solely the responsibility, obligation and liability of the Company's bankruptcy estate.\n\nOtterbourg.\n\nSeptember 24, 2021 Yanping Wang Page 3\n\n- · I (and any agent and/or related entity) shall not act in any other capacity (for example, and without limitation, as a lawyer, counsel, financial advisor, examiner, trustee or investor/acquirer) in connection with the Chapter 11 Case. I shall not provide any legal advice to the Debtor\n- · The firm of Otterbourg P.C. is not being retained. Otterbourg P.C. makes no representations hereunder and will not incur any obligations hereunder.\n\n#### Compensation\n\n- · My services will be paid on an hourly basis predicated on my current billing rate of \\$1,400 per hour. The Company shall seek authorization to pay my fees and expenses in connection with an application for the sale of the Residence. In connection with any increases in my rates, I shall file a supplemental declaration with the Court and provide ten business days' notice to the U.S. Trustee prior to any increase in rates. The supplemental declaration shall set forth the requested rate increases, explain the basis for the requested rate increase, and certify that the Company has consented to the requested rate increases.\n- · Disbursements to be billed to the Company include, but are not limited to, nonlocal telephone calls, facsimile and other telecommunication charges, transportation, copying, delivery and messenger services, computerized research (billed at the actual cost of such research) if required, and other disbursements.\n- · All fees and expenses incurred by me will be based upon my actual time charges and disbursements recorded or incurred. For purposes of this employment, such fees and expenses shall accrue pending a sale of the Residence and will be promptly paid from the sale proceeds generated from the sale of the Residence following the filing of an application.\n- · All fees and expenses incurred and accrued by me will be treated and allowed in this Bankruptcy Case as administrative expenses in accordance with the Bankruptcy Code. A summary of all such charges as accrued, shall be filed with the Court, and provided to any parties having filed notices of appearance and the U.S. Trustee on a periodic basis.\n- · I (and my agents) shall be entitled to advancement and indemnification by the Company's bankruptcy estate in like manner as any of the Debtor's other officers for all judgments, costs, reasonable expenses, including legal fees (which shall be paid under the indemnity after court approval as they arising from or\n\nCase . 22 claug go book on Eiled 09/24/22 . Enteried 09/24/22 12 : 20:00 : Exploiter of Engagement Eetter Pg 4 of 5\n\nOtterbourg.\n\nSeptember 24, 2021 Yanping Wang Page 4\n\n> related to any and all claims of whatsoever type brought against me in my capacity as Sales Officer, or my agents, except for gross negligence, willful misconduct, fraud, or breach of fiduciary duty determined by a final order no longer subject to appeal. Nothing herein shall limit any defenses allowed by law or deprive me of indemnity for any act or omission for which I have a defense. I shall be added to the Debtor's existing liability policy with AIG Property and Consulting Company as an additional insured.\n\n#### Term\n\n· The employment will commence effective as of the date on which the Court enters an order approving my employment as Sales Officer on behalf of the Company and shall terminate upon the earlier of (i) the entry of a Court order dismissing the Bankruptcy Case, (ii) the entry of a Court order converting the Company's chapter 11 bankruptcy case to a case under chapter 7 of the Bankruptcy Code, and (iii) the entry of a Court order terminating my services as Sales Officer.\n\n#### Court Approval\n\n· The Company shall use commercially reasonable efforts to obtain prompt approval from the Court of my employment as Sales Officer on behalf of the Company. Such Court approval shall provide for the employment to be effective as of the date on which the Court enters an order approving my employment as Sales Officer and shall incorporate all of the terms herein.\n\n#### Miscellaneous\n\n· This Agreement, including, without limitation, the construction and interpretation thereof, and all claims, controversies and disputes arising under or relating thereto, shall be governed and construed in accordance with the laws of the State of New York, without regard to principles of conflict of law that would defer to the laws of another jurisdiction. The parties hereto agree to waive trial by jury in any action, proceeding or counterclaim brought by or on behalf of the parties hereto with respect to any matter relating to or arising out of the employment or the performance or non-performance of the Sales Officer hereunder. The parties hereto agree that the Bankruptcy Court shall retain exclusive jurisdiction to hear any dispute arising under this agreement and waive any and all personal rights under the law of any jurisdiction to object on any basis (including, without limitation, inconvenience of forum) to jurisdiction or venue in the Bankruptcy\n\n# Case 22299973 0906 5382 Filler 09924924922 Entered 099241224088 Exem Boot\nEngagement Eeter\n\nOtterbourg.\n\nSeptember 24, 2021 Yanping Wang Page 5\n\n> Court SDNY for any disputes and/or litigation arising in connection with this Agreement.\n\n· This Agreement shall be binding upon the parties hereto, their respective heirs, successors, and assignees, including, without limitation, any Chapter 11 or Chapter 7 Trustee appointed.\n\nOn behalf of the Company, please confirm your agreement to this employment letter, by signing a copy of this letter on behalf of the Company and returning it to me. Of course if you have any questions or comments please call me to discuss them.\n\nVery truly yours,\n\n/s/ Melanie L. Cyganowski\n\nAGREED AND ACCEPTED:\n\n/s/ YANPING WANG\n\nDuly Authorized Representative of Genever Holdings LLC\n\nCC: Kevin J. Nash, Esq. (KNash(@GWFGLaw.com)","body_zh":"美国纽约南区联邦破产法院\n\n关于：\n\n第11章\n\nGenever Holdings LLC（Genever控股有限责任公司），\n\n案号：20-12411 (JLG)\n\n债务人。\n\n债务人综合第二次续期动议：(i) 请求批准与 Bravo Luck（博瑞运气有限公司）及 PAX（太平洋联盟亚洲机会基金有限合伙企业）达成的第二次修订及重述和解协议；以及 (ii) 仅聘用 Melanie L. Cyganowski（梅拉妮·L·西加诺夫斯基）作为雇员，担任债务人破产财产的销售官\n\nGenever Holdings LLC（以下简称“债务人”）就其综合第二次续期动议（以下简称“续期动议”）向本院陈述并说明如下：(i) 根据《联邦破产程序规则》9019(a)请求批准与 Pacific Alliance Asia Opportunity Fund L.P.（“PAX”）及 Bravo Luck Limited（“Bravo Luck”）达成的第二次修订及重述和解协议，其副本作为附件“A”附于本动议之后（以下简称“修订和解协议”）；以及 (ii) 根据 11 U.S.C. §§ 105 and 363，按照作为附件“B”附于本动议之后的经修订聘用函，仅聘用 Melanie L. Cyganowski（“Cyganowski 女士”）作为雇员，担任债务人破产财产的销售官，并根据分别预先拟定的经修订命令——即批准修订和解协议及相应聘用 Cyganowski 女士的命令——提出该项聘用；该等命令正另行通知以供呈请：\n\n背景\n\n1. 债务人于 October 12, 2020 根据《破产法典》第11章提交了自愿申请，此后根据 11 U.S.C. §§ 1107 and 1108，作为占有中债务人继续占有和管理其资产。\n\n2. 债务人的主要资产包括位于 781 Fifth Avenue, New York, New York 10022 的 Sherry Netherland Hotel（谢里内德兰酒店）第18层公寓及附属单元（统称“住宅”）。\n\n3. 债务人与 Pacific Alliance Asia Opportunity Fund L.P.（“PAX”）及 Bravo Luck Ltd.（“Bravo Luck”）达成拟议和解协议，其中确立了由债务人聘用的销售官监督出售住宅的协商框架等事项。各方同意选择 Melanie Cyganowski（梅拉妮·西加诺夫斯基）担任该职务，债务人此前已申请破产法院批准该拟议和解协议以及聘用 Melanie Cyganowski 担任销售官（见 ECF Nos. 62 and 72）。\n\n4. 美国受托人办公室对两项动议均提出异议（ECF Nos. 94 and 103）。其后，各方就相关事项提交了数份书面意见（见 ECF Nos. 76, 81, 83, 95, 96, 97, 99, 104, 105 and 106）。\n\n5. 于 September 1, 2021，破产法院就债务人的动议作出一项全面裁决（以下简称“September 1, 2021 Decision”），认定：(i) 该和解协议显然处于合理性范围内，并符合债务人破产财产的最佳利益；(ii) 债务人有权根据州法修订其经营协议以任命销售官；以及 (iii) 债务人有权聘用 Cyganowski 女士担任销售官。\n\n6. 然而，破产法院认定，对于 Cyganowski 女士向债务人提供任何法律意见，或在未根据 11 U.S.C. §327 聘用其律所 Otterbourg P.C.（奥特伯格专业公司）的情况下使用该律所人员协助她，存在某些问题。因此，破产法院最初基于该理由未批准任何一项动议。然而，主要而言，为适用《联邦破产程序规则》9019 之目的，拟议和解协议似乎可为法院接受。\n\n7. 在收到 September 1, 2021 Decision 后，和解各方已对拟议聘用 Cyganowski 女士作出修改，以处理前述问题，实质如下：\n\n- Cyganowski 女士应被严格作为债务人的雇员聘用，不得向债务人提供任何法律意见或法律顾问服务。\n- 债务人不得聘用 Otterbourg P.C. 律师事务所协助 Cyganowski 女士或以其他方式提供协助。\n\n基于上述修改，和解各方特此寻求续期债务人请求批准修订和解协议的动议，并对聘用 Cyganowski 女士作出相同的相应修改。修订和解协议继续规定由销售官监督出售住宅的约定框架，该销售官应基于其作为债务人雇员的身份指导出售及营销程序。修订和解协议与先前版本的和解协议基本相同，但已作出修改，以删除上文第7段所列关于 Cyganowski 女士作为雇员身份的规定；(i) 不得聘用 Otterbourg 律所；以及 (ii) Cyganowski 女士不得向债务人提供法律意见。另就 Cyganowski 女士的赔偿及报酬结构作出了澄清，并进行了其他非实质性的整理。因此，债务人已获得和解各方及美国受托人办公室对修订条款的同意，并主张本院现应批准修订和解协议。\n\n续期聘用 Cyganowski 女士\n\n9. 为销售官职位带来稳定感和信心。事实上，各方一致同意 Cyganowski 女士是理想候选人，因为其经验和判断力无可指摘。\n\n服务范围\n\n10. 根据本院 September 1, 2021 Decision，Cyganowski 女士将仅作为债务人的雇员，按照续期和解协议中更具体详述的内容，提供以下服务：\n\n- a. Cyganowski 女士应在与 Bravo Luck 及 PAX 协商后，通过常规破产类出售程序监督债务人出售住宅。Cyganowski 女士并非第11章受托人或审查人，且其受聘严格作为债务人的雇员，Cyganowski 女士不得提供任何法律意见或法律顾问服务。\n- b. Cyganowski 女士应代表债务人选择房地产经纪人（以下简称“经纪人”），但 Bravo 及 PAX 有权提出异议。该经纪人应具备出售曼哈顿高端住宅房地产的专业经验，并由债务人破产财产聘用。Bravo Luck 及 PAX 应获准与 Cyganowski 女士一同推荐并面试填补经纪人职务的人选。\n- c. Cyganowski 女士还应监督为债务人建立旨在最大化住宅价值的营销计划及销售程序。相关程序以及对任何出售的最终批准，均应以债务人律师将向本院提交的进一步申请为准。\n\n11. 总而言之，Cyganowski 女士受聘为雇员并被指定为销售官，以按照续期和解协议中规定的明确职能，领导债务人出售住宅的工作。\n\nCyganowski 女士的无利害关系性\n\n12. 虽然对 Cyganowski 女士的聘用是根据 11 U.S.C. § 363 进行的，但她与任何债权人或利害关系方之间不存在使其不具资格的关系，并且在适用范围内，她在《破产法典》第101(14)条的含义下符合“无利害关系人”的资格。\n\n13. 据债务人所知、所掌握的信息及所信，Cyganowski 女士：(a) 与债务人、其债权人、Kwok（郭）家族任何成员或其他利害关系方不存在既往或现有联系；以及 (b) 不持有任何与债务人、债务人破产财产、PAX 或 Bravo Luck 利益相冲突的利益。\n\n报酬条款\n\n14. 如续期聘用函所述，Cyganowski 女士请求并将按小时获得报酬，依据现行计费标准为每小时 \\$1,400。Cyganowski 女士已同意，其报酬应从出售住宅所得的出售收益中支付，债务人应在未来提出出售住宅申请时请求授权支付其费用和开支。在出售住宅之前，Cyganowski 女士的费用和开支应作为行政费用债权累计。\n\n准许聘用 Cyganowski 女士申请的依据\n\n15. 聘用 Cyganowski 女士的法律依据已在本院 September 1, 2021 Decision 中得到广泛论证和分析。实质上，债务人聘用 Cyganowski 女士的权限源于债务人根据《破产法典》第363条出售住宅的能力。《破产法典》第363(b)(1)条的相关部分规定，占有中债务人“在通知及听证后，可以使用、出售或出租不属于正常营业过程中的破产财产。”11 U.S.C. § 363(b)(1)。根据第363(b)条，法院仅要求债务人“证明存在正当商业目的支持该等行为。”In re Montgomery Ward Holding Corp., 242 B.R. 147, 153 (D. Del. 1999) (internal citations omitted)；另见 In re Elpida Memory, Inc., No. 12-10947 (CSS), 2012 WL 6090194, at *5 (Bankr. D. Del. Nov. 20, 2012)（指出，债务人可在正常营业过程之外使用其资产，只要该等使用“体现了对商业判断的合理行使”，此点已属“确定无疑”）；In re Phoenix Steel Corp., 82 B.R. 334, 335-36 (Bankr. D. Del. 1987)（指出，根据《破产法典》第363条获得司法批准，需要证明拟议行动公平、公正、善意，且具有充分的商业理由）。此外，“若债务人阐明其商业决定具有合理依据（有别于任意或反复无常作出的决定），法院通常不会受理对债务人行为的异议。”In re Johns-Manville Corp., 60 B.R. 612, 616 (Bankr. S.D.N.Y. 1986) (citation omitted)；另见 In re Tower Air, Inc., 416 F.3d 229, 238 (3d Cir. 2005)（指出，“要在实体上推翻商业判断规则的推定，几乎是一项赫拉克勒斯式的任务”）。\n\n1 本院谨请参阅续期和解协议，以了解条款的完整陈述。\n\n16. 聘用 Cyganowski 女士的决定已获得债务人主要债权人的批准，应予批准和授权，因为该决定基于债务人商业判断的合理行使，并且根据修订和解协议，其聘用符合债务人破产财产及债权人的最佳利益。\n\n修订和解协议及批准债务人聘用 Cyganowski 女士的修订命令均应获批准\n\n17. 本院此前在其 September 1, 2021 Decision 中认定，初始和解协议合理，并符合批准和解协议的 Iridium 因素。正如本院所述：\n\n第六项 Iridium 因素与本事项无关。和解协议显然符合其余因素的范围……本院认定，和解协议公平、公正，并符合债务人破产财产及债权人的最佳利益。\n\n18. 然而，如前所述，法院因其对Cyganowski女士留任的担忧而拒绝批准该和解方案。由于经修订和解方案已如上文详述般充分解决这些担忧，债务人谨此提交，经修订和解方案现应连同Cyganowski女士的聘用一并获批准。\nC�SE£££££º£º£º£º£º£º£º£º£º£º£º£º£º£º£º£º£º£º£ºº£ºº£ººººººãººººººººººººººº 第7页，共7页\n\n19. 经修订和解方案的最终条款（包括有关聘用Cyganowski女士的经修订条款）已与美国受托人办公室（Office of the U.S. Trustee）审阅，且所有异议均已解决。因此，债务人正根据2021年9月22日听证会期间获授权的提交通知，寻求破产法院批准这些动议。任何其他债权人或利害关系方如有异议，可在提交日期之前提出，该等异议随后将于2021年10月20日审理。\n\n因此，债务人谨请求作出预先拟定的命令。\n\n日期：New York, New York，2021年9月24日\n\nGOLDBERG WEPRIN FINKEL GOLDSTEIN LLP\n债务人代理律师\n1501 Broadway, 22nd Floor\nNew York, New York 10036\n(212) 221-5700\n\n签署人：/s/ Kevin J. Nash, Esq.\n案件 2222222233 经修订和解协议 第1页，共12页\n第二次修订及重述和解协议\n\n本第二次修订及重述和解协议（以下简称“和解协议”）由Genever Holdings, LLC（Genever Holdings有限责任公司，以下简称“债务人”）、Pacific Alliance Asia Opportunity Fund L.P.（太平洋联盟亚洲机会基金有限合伙企业，以下简称“PAX”）及Bravo Luck Limited（Bravo Luck有限公司，以下简称“Bravo Luck”）于2021年9月24日订立（各称“一方”，合称“各方”）。1\n\n兹证明：\n\n鉴于，债务人于2020年10月12日提起其第11章案件。\n\n鉴于，PAX于2020年12月16日提出其修改自动停止以继续进行州法院诉讼及相关救济的动议（以下简称“解除停止动议”）[Dkts 12-14]，其中包括但不限于请求在州法院诉讼中审理PAX针对债务人的刺破公司面纱请求。\n\n鉴于，债务人于2021年1月5日提交对解除停止动议的答复，Bravo Luck亦对该动议提出异议[Dkts 21 and 22]。\n\n鉴于，PAX于2021年1月12日提出其动议，请求依据11 U.S.C. 1112(b)作出命令，将债务人的案件转换为第7章案件，或作为替代请求，依据11 U.S.C. 1104(a)作出命令，任命一名受托人管理债务人的财产（以下简称“转换动议”）[Dkts 35-37]。\n\n鉴于，债务人于2021年5月10日提交其对转换动议的反对意见[Dkt 84]，Bravo Luck于2021年1月27日提交其对转换动议的反对意见[Dkt 44]。\n\n鉴于，债务人、PAX及Bravo Luck于2021年2月26日订立和解协议（以下简称“初始协议”），以解决解除停止动议及转换动议，并在保留各方权利的同时，确立通过第11章案件出售该住宅的程序。\n\n鉴于，债务人依据《破产程序规则》9019(a)提出动议（以下简称“该动议”），请求批准于2021年2月26日订立的初始协议[Dkt 62]。\n\n鉴于，经PAX及Bravo Luck批准，债务人亦提出动议，依据11 U.S.C. §§105 and 363(b)，为和解目的聘用Melanie L. Cyganowski (Ret.)（梅拉妮·L·赛格诺夫斯基，以下简称“Cyganowski女士”）担任销售负责人[Dkt 72]（以下简称“任命Cyganowski女士动议”）。\n\n1 大写术语具有下文规定的含义，或如未另有定义，则具有动议中规定的含义。\n案件 22299973 BBC 533-3 已提交 09/24/22 EMBER 09/24/22-2013.988 September of Agril 2017 12\n\n鉴于，为支持任命Cyganowski女士动议，债务人提交了Melanie L. Cyganowski于2021年4月12日作出的无利害关系声明[Dkt. 73]（以下简称“Cyganowski声明”）。\n\n鉴于，美国受托人办公室（以下简称“UST”）此前对初始协议提出异议，其后各方同意修订和修改初始协议，以尝试解决所提出的关切及异议（以下简称“经修订和解方案”）。\n\n鉴于，破产法院于2021年9月1日作出裁决，主要认定经修订和解方案符合《破产程序规则》9019(a)的标准，但因Cyganowski女士亦直接向债务人提供法律意见，或在未经11 U.S.C. § 327聘用的情况下通过Otterbourg P.C.律师事务所提供法律意见的若干问题，而驳回债务人的动议。\n\n鉴于，各方已按本协议规定再次进一步修改经修订和解方案，以解决法院在其2021年9月1日裁决中提出的关切，并解决UST的异议，以持续努力按照本协议所述在不诉诸进一步诉讼的情况下解决其分歧；并且，作为各方谈判的结果，各方已同意解决解除停止动议及转换动议，并在保留各方权利的同时，确立通过第11章案件出售该住宅的程序，如下所述。\n\n因此，鉴于本协议所载承诺及相互约定，兹确认已收到且充分的对价，各方现同意、约定并规定如下：\n\n1. 定义。本协议所用但未另行定义的大写术语具有下列含义：\n\n“批准命令”系指破产法院作出的命令：\na. 准予该动议并批准本和解协议。\n\nb. 纽约南区（Southern District of New York）。\n\n“BVI”系指英属维尔京群岛。C。\n\nd. 于2020年在英属维尔京群岛提起的案件，案号为BVIHCM 2020/0137，被告为：(i) Genever BVI，(ii) Bravo Luck，(iii) Kwok，及(iv) Guo；该案件寻求包括但不限于执行：(a) 州法院诉讼产生的判决书；及(b) Bravo Luck及Guo于2021年1月14日针对PAX提出的抗辩及反诉。\n\n“第11章案件”系指债务人在破产法院提起、案名为GENEVER HOLDINGS LLC.的基础第11章破产案件，案件编号为20-12411。\n\nf. 已由破产法院作出并为终局命令。\n\ng. “Genever BVI”系指Genever Holdings Corporation，一家英属维尔京群岛公司及债务人的100%所有者。\n\nh. “Guo”系指Qiang Guo（郭强）。\n\ni. “Kwok”系指Kwok Ho Wan（郭文贵），又名Miles Kwok。\n\n“经营协议”系指债务人于2015年2月13日订立的有限责任公司协议，经该决议依其第23条修订。\n\nk. “住宅”系指位于781 Fifth Avenue, New York, New York 10022的Sherry Netherland Hotel（谢里内瑟兰酒店）第18层整层公寓及附属单元。\n\nl. “决议”系指债务人此前通过的公司决议，如法院2021年9月1日关于聘用Cyganowski女士为债务人雇员并按本协议规定担任债务人销售负责人的裁决中所述。\n\nm. “出售动议”系指债务人将提出的动议，请求破产法院批准出售债务人的资产，包括但不限于该住宅，并批准与此有关的出售程序。\n\nn. “销售负责人聘用命令”系指破产法院作出的单独命令，批准根据本和解协议重新提出的聘用Cyganowski女士的动议。\n\no. “Sherry-Netherland合作公寓董事会”系指Sherry-Netherland的合作公寓董事会。\n\n2. 根据经营判断聘用并任命Cyganowski女士，仅作为雇员依据经营协议第9.3条及第23条和该决议担任债务人的销售负责人（以下简称“SO”），并仅授权Cyganowski女士作为SO控制及监督按本协议规定进行的住宅出售，而不使Cyganowski女士承担任何其他职责或责任。Cyganowski女士按本和解协议规定的聘用，应由破产法院依据销售负责人聘用命令批准。根据经营协议、《破产法典》第363条及本和解协议，债务人仅可经破产法院进一步命令撤销或终止对Cyganowski女士的聘用。各方相信，Cyganowski女士具备通过破产程序出售曼哈顿豪华住宅房地产及合作公寓所需的专业知识。Cyganowski女士为债务人、Bravo Luck及PAX所接受。SO将按下文规定监督并与获聘房地产经纪人联络，并将拥有债务人在本协议及该决议中授予的最终权限，但须经破产法院批准，且Bravo Luck及PAX有权提出异议，以决定债务人的决策、出售程序，以及选择：(i) 合格买方（定义见下文）和合格报价（定义见下文）；及(ii) 出售该住宅的成功报价及备选报价。SO在行使该等权力时，应与债务人、Bravo Luck及PAX协商。SO并非作为债务人的律师行事，亦非第11章受托人或审查员，但应拥有破产受托人所使用的同类权力，严格限于本协议项下聘用条款，且不取代债务人作为占有中债务人的角色。\n案件 22299973 Book 232-2 已提交 08/24/22 Enterest 08/24/22 18:35:08 Exam 22-0 经修订和解协议 第4页，共12页\n\n3. 由债务人财产根据SO按该决议授予的经营判断予以聘用，并与各方协商，且须服从Bravo Luck及PAX提出异议的权利。Bravo Luck及PAX应获准向SO提议／推荐担任经纪人角色的各方。Bravo Luck及PAX有权面谈潜在经纪人。Bravo Luck及PAX应为确定该住宅出售的时机及实现最大价值之目的，与经纪人及SO协商。经纪人的报酬应符合市场条款，但须经破产法院批准，且Bravo Luck及PAX有权提出异议。SO将就经纪人报酬与Bravo Luck及PAX协商。经纪人应无利害关系且不存在利益冲突，如下文所述。经纪人协议草案及无利害关系宣誓书应在债务人提交前提供给Bravo Luck及PAX审阅及评论，其中应披露经纪人及其代表与Miles Kwok（郭文贵）、Kwok家族成员及其各自律师、关联人士、关联方及利益之间的所有过去及现时利益冲突、关联关系及财务关系，以及与Bravo Luck及PAX及其各自律师、关联人士、关联方及利益之间的任何既往关联关系。经纪人应具备出售曼哈顿豪华住宅房地产的专业知识。\n\n4. 营销条款。各方同意就该住宅的营销适用下列条款，具体条款由SO与债务人协商并按下文规定确定：\n\na. SO应与Bravo Luck及PAX协商，为任何出售的最低报价设定底价。\n\nb. SO可与Bravo Luck及PAX协商，考虑对内部人士报价、PAX或其关联方的报价施加限制。\n\nc. 经纪人应充分披露经纪人及其代表将获得的所有费用、成本及任何其他直接或间接报酬。\n\nd. SO应与经纪人协调，并与债务人、Bravo Luck及PAX协商制定出售该住宅的程序，包括布置、营销策略及程序、识别潜在买方、国际推广、设定底价和目标售价、还价、协商让步等，以及在必要时与Sherry-Netherland协调。\n\n该住所的其他出售协议和程序应由SO和经纪人在与债务人、Bravo Luck和PAX协商后制定，包括期限、最低售价、目标售价，以及该住所任何出售的时间、地点和方式。\n\n尽管本协议有任何相反规定，出售程序的期限应限于自聘用经纪人之日起180天，但经债务人、Bravo Luck和PAX书面同意，或法院因有正当理由而另行作出命令的，可予延长。\n\nf. 居住在该住所的各方应在提前24小时通知后开放该住所供人看房。\n\n销售程序。各方就出售该住所同意如下：\n\na. 以及更高和更优的报价。如收到一份以上合格报价，SO应在与债务人、Bravo Luck和PAX协商后安排拍卖，所有合格买方均可参加。\n\nb. 中标合格买方应由SO在与债务人、经纪人、Bravo Luck和PAX协商后选定。\n\nc. 出售须经破产法院对由债务人准备并提交的出售动议予以批准；该动议草案应于提交前提供给Bravo Luck和PAX审阅和批准。\n\nd. 尽管本和解协议有任何其他规定，并在适用法律允许的范围内，该住所的出售须受Sherry-Netherland（雪莉-荷兰酒店）与债务人之间的该等专有租约（“专有租约”）转让的约束；各方在专有租约项下或适用法律项下的一切权利和义务均明确保留。\n\ne. Bravo Luck和PAX应可接触SO和经纪人，并应充分获知出售程序的状况、收到的所有报价，以及与该住所谈判及最终出售有关的所有重大事项。\n\nf. 出售程序应包括债务人、Bravo Luck和PAX的协商权；如发生任何争议，SO应根据《经营协议》第9.3条授予Cyganowski女士（西加诺夫斯基女士）作为高级管理人员的权限，享有最终决定权。\n\ng. 出售总收益扣除惯常交割成本和费用（包括无需破产法院进一步命令的SO费用和支出，以及经向所有各方通知后由破产法院批准的经纪人合理费用和支出）后，不作其他扣除，应按下文规定存入托管账户；该等款项仅可在事先通知后经破产法院批准而予以释放，包括事先通知Bravo Luck和PAX。尽管有上述规定，Cyganowski女士对出售总收益或托管账户不享有控制权，亦不承担相关义务；该等款项应由托管代理人依照本款持有，并仅可在通知各方后经破产法院进一步命令予以释放。\n\nh. 如上所述的出售总收益应存入一家在全国范围内获得认可、提供担保且为债务人、Bravo Luck和PAX合理接受，并经破产法院批准的银行。\n\ni. 获得进行并完成该住所出售所必需的董事会批准的时间安排。\n\n6. 该住所应首先通过经纪人以符合该住所地位的商业上合理方式进行营销，以寻求识别一份或多份来自一名或多名可接受的竞争买方（各称“合格买方”）的可接受竞争报价（各称“合格报价”）。如SO认定拍卖将产生更高和更优的报价，或破产法院另行作出命令，可以进行拍卖。SO应在事先与债务人、Bravo Luck和PAX协商后，并在破产法院批准以及Bravo Luck和PAX有权提出异议的前提下，就该住所的营销和出售享有最终批准权，包括以下事项：\n\na. 决定出售程序，无论通过传统方式、私下出售、拍卖、其组合或其他程序；\n\nb. 确定哪些潜在买方属于合格买方；\n\nc. 确定哪些报价属于合格报价；\n\nd. 如有必要，安排拍卖并确定拍卖程序，包括终止费、要求的加价报价及其他程序；\n\ne. 确定哪一份合格报价为最高且在其他方面最优的报价，以及哪一份为次高且在其他方面最优的报价；\n\nf. 拒绝任何以下报价：(i) 不足或不充分的；(ii) 不符合销售程序（如上文第5节所述）的要求或《破产法典》要求的；或(iii) 违背债务人及其财产最佳利益的；\n\ng. 就任何潜在买方豁免本协议所载任何条款和条件；\n\nh. 就任何潜在买方和成功买受人施加额外条款和条件；\n\ni. 延长本协议所载期限；\n\nj. 除本协议另有规定外，延期或取消任何拍卖和/或出售听证，无需进一步通知；\n\nk. 修改销售程序；和/或\n\nl. 随时有偏见或无偏见地撤回出售动议。\n\n7. 暂停救济、维护费、费用及其他条款。\n\na. 准许暂停救济，以允许PAX提起诉讼程序，并允许债务人在目前于纽约州最高法院（New York Supreme Court，纽约州最高法院）案卷号652077/2017项下待决的州法院诉讼（“州法院诉讼”）中进行抗辩；暂停在其他一切目的上仍然有效，包括与执行或收取州法院诉讼中针对债务人作出的任何判决有关的事项，直至在进一步通知所有各方后破产法院另行作出命令。本协议任何内容均不得解释为承认破产法院以外处理任何该等事项的适当审理地；各方的一切权利均明确保留。\n\nb. 本协议任何内容均不得损害任何一方的权利，包括Bravo Luck和PAX继续进行英属维尔京群岛诉讼（“BVI Litigation”）的权利，但PAX、Bravo Luck、Kwok（郭文贵）、Guo（郭）或其任何关联方保留在破产法院就其作为债务人债权人的地位提出请求的权利，且PAX保留以任何理由反对该等请求的一切权利。此外，尽管本协议有任何相反规定，本协议任何内容均不得损害任何一方的权利，包括Bravo Luck和PAX在英属维尔京群岛、州法院或其他地点，就针对任何人（包括Bravo Luck、Kwok、Guo或其任何关联方，以及PAX或其任何关联方）的任何和所有请求（如有）继续进行程序的权利；Bravo Luck和PAX保留在适用审理地反对该等请求的一切权利。\n\nc. PAX应按如下明确规定撤回其转换动议。PAX不会支持或鼓励本协议任何其他方提出指定受托人或转换的动议。但是，尽管本协议有任何相反规定，如债务人、Bravo Luck、Kwok、Guo或其任何关联实体违反本和解协议的任何实质性条款，PAX恢复或提交其转换动议（包括指定受托人）的权利不受任何限制；债务人或Bravo Luck以任何理由反对此类行动的权利亦不受任何限制，包括但不限于主张该等违约未发生。如PAX违反本协议项下任何实质性条款，则PAX不再有权恢复或提交其转换动议，包括指定受托人；但前提是，PAX寻求破产法院作出该等违约未发生之声明的权利不受任何限制。除本协议明确规定外，各方的一切权利和救济均明确保留。\n\nd. SO的推荐和指定：在签署本和解协议时，债务人、Bravo Luck和PAX此前已同意指定Cyganowski女士为SO。如第27(D)(f)款被触发，则Bravo Luck和PAX应各自指定两名候选人，共指定四名候选人，供考虑作为指定SO（所有各方合计四名）（“名单”）。各方应协商从该名单中选定一名经一致同意的SO。如各方未能就SO的选定达成协议，则破产法院应从该名单中指定SO，除非法院认定存在不可调和的利益冲突；此后，美国受托人办公室（Office of the United States Trustee，美国受托人办公室）可在与Bravo Luck和PAX协商后，向法院提交由其他独立且无利害关系人士担任SO的建议。\n\n确认准许暂停救济，以允许Sherry-Netherland自本协议之日起，以及此后按月，从现有保证金中支付所有已累计且应付的破产申请后维护费和评估费；暂停在其他一切目的上仍然有效。\n\n8. 破产法院批准。本和解协议须经破产法院批准，并仅自生效日起生效并对各方具有约束力。各方特此同意放弃有关批准命令效力的14日期上诉期限。债务人应请求破产法院在批准命令录入后立即将其作出终局性、不可上诉的命令。Bravo Luck和PAX已经并应继续采取一切合理措施，以寻求本和解协议的批准和批准命令的录入，并对针对本和解协议的任何异议或针对批准命令的上诉进行抗辩。\n\n9. 协议须以生效日发生为条件。如破产法院拒绝作出批准命令，或批准命令在上诉中被撤销或推翻，本和解协议不再具有任何效力，各方各自的利益、权利、救济和抗辩应在不受损害的情况下恢复，如同本和解协议从未形成和订立/录入。\n\n10. 陈述与保证。各方分别向其他各方陈述并保证：(a) 其有权签署并交付本和解协议，并履行其项下义务；(b) 各方均认为，按照本和解协议的规定，就本和解协议所涵盖的事项达成和解符合其自身最佳利益；(c) 除本和解协议明确规定外，未向任何一方作出任何承诺、协议、诱导、陈述或保证；(d) 本和解协议不违反亦不冲突于任何一方的任何其他协议；(e) 本和解协议是在充分知悉本协议所载条款及义务的后果和影响的情况下自愿签署的；(f) 各方在本和解协议签署前进行的谈判期间，以及在本和解协议的拟备和签署过程中，始终由该方自行选择的律师代理；(g) 各方均已认真、全面地审阅本和解协议全文，并已与各方自行选择的律师解决了有关本和解协议之含义、法律性质及约束力的所有问题；以及 (h) 本和解协议具有合同性质，并非仅为陈述，且各方均已阅读、理解并完全同意本和解协议的条款。\n\n11. 不承认责任。本和解协议中的任何内容均不得解释为任何一方承认责任或过错，且该等责任和过错均被明确否认。\n由 2012 于 08:36 08 - 23 000 00 000 000 对所观察到的内容进行颜色控制的副本 经修订的和解协议 第 9 页，共 12 页\n\n12. 进一步保证。各方应在本和解日期之后，签署并交付任何其他方为实现本和解协议之意图而合理要求的任何文件或文书。\n\n13. 转让。未经(a)其他各方事先书面同意（该等同意可由其全权酌情拒绝），或(b)破产法院（Bankruptcy Court）命令，任何一方不得转让其在本和解协议项下或与本和解协议有关的任何利益、义务或责任。\n\n14. 继受人。本协议对各方及其各自的继受人、继承人、遗产和遗产代理人均具有约束力，并使其受益。\n\n15. 修订。本协议仅可经各方经正式授权的代表签署书面文件予以修改或修订。\n\n16. 完整性。本和解协议的条款构成本和解协议一体、必要且不可分割的条款。\n\n17. 副本；传真签名。本和解协议可签署多份副本，每一该等副本均构成正本文件，且该等副本合并构成同一份文件。经电子传输或传真传输的副本应视为正本。\n\n18. 标题。本和解协议的标题仅为便利和参考而设，不界定、限制或描述本和解协议的范围，或其任何条款的范围或内容。\n\n19. 准据法。本和解协议应受《破产法典》（Bankruptcy Code）管辖，并依其解释。\n\n20. 持续管辖权。破产法院应保留管辖权，以解决与本和解协议的解释或执行有关的任何争议。\n\n21. 完整协议。本和解协议构成各方就本和解及其标的事项达成的完整协议和谅解。\n\n22. 双重解释。如本和解协议的任何条款可作两种或以上解释，其中一种解释会使该条款无效、可撤销或不可执行，而另一种解释会使该条款有效且可执行，则该条款应具有使其有效且可执行的含义。\n\n23. 关于合同中的歧义应作不利于起草人解释的规定，不适用于本和解协议，因为各方均参与起草其条款，且各方均放弃在解释本和解协议时适用该解释规则。\n案件 22499973\n\n24. 授予利益。本和解协议中的任何内容均不得解释为向各方以外的任何个人或实体授予任何利益。\n\n25. 鉴于条款。鉴于条款真实且正确，并通过援引纳入本协议，如同在本协议中完整列明。\n\n26. 时间至关重要。时间对本和解协议至关重要。\n\n27.\n\nA. 债务人获授权聘用 Cyganowski 女士（西加诺夫斯基女士）作为雇员，依其经修订的《经营协议》（Operating Agreement）和章程担任指定销售官（SO），以履行本和解协议所列明的特定义务和职责，并且债务人已根据该决议聘用了 Cyganowski 女士。\n\nB. Cyganowski 女士将按小时获得报酬，按目前每小时 \\$1,400 的计费费率计算，其全部报酬均应根据《破产法典》第 503 条作为行政费用债权处理。债务人应在提交出售该住宅的申请时，寻求授权向 Cyganowski 女士支付其费用和开支。\n\nC. 销售官的权利、职责和义务应在无须债务人成员和经理进一步批准的情况下履行，因为债务人已在行使其商业判断时作出该等批准；但销售官应定期向债务人的成员和经理报告；而对出售该住宅的最高及最佳报价的批准，应在通知后受破产法院进一步命令的约束。\n\nD. 经破产法院批准，债务人根据本和解协议聘用 Cyganowski 女士担任销售官，应受以下一般限制的约束。\n\na. Cyganowski 女士（以及任何代理人和/或关联实体）不得就第 11 章案件以任何其他身份行事（例如但不限于作为律师、法律顾问、财务顾问、审查人、受托人或投资者/收购人）。\n\nb. 仅在债务人、Bravo Luck（布拉沃·勒克）和 PAX 的书面同意下，并在通知后向破产法院提交书面动议，债务人可寻求：(i)由 Cyganowski 女士承担不同于本和解协议所预期职能的职责，(ii)实质性变更聘用条款，(iii)修改其项下规定的职能，(iv)增设新的高级管理人员，或(v)变更或扩大聘用范围（但 Cyganowski 女士和 Otterbourg P.C.（奥特堡律师事务所）均不得向债务人提供法律服务）。\n\n在上述案件未决期间，与 Cyganowski 女士有关联的任何负责人或雇员均不得担任债务人的董事。\n\nd. 在根据本协议作出任何付款之前，债务人应向破产法院提交或促使提交 Cyganowski 女士已赚取的报酬和开支报告，并向在本第 11 章案件中提交出庭通知的当事人（UST、Bravo Luck 和 PAX）发出通知。\n\ne. Cyganowski 女士及其代理人应有权由债务人遗产以与债务人任何高级管理人员相同的方式预付费用并获得赔偿，包括所有判决、费用和开支，以及合理律师费（该等费用应在法院批准后根据赔偿条款支付），该等费用因针对其任何一人以销售官或其代理人身份提出的任何及所有类型的索赔而产生或与之有关；但经不再可上诉的终局命令认定的重大过失、故意不当行为、欺诈或违反信义义务除外。本协议中的任何内容均不得限制 Cyganowski 女士依法享有的任何抗辩，或剥夺其就任何其具有抗辩理由的作为或不作为获得赔偿的权利。Cyganowski 女士应被增列为债务人与 AIG Property and Consulting Company（AIG 财产与咨询公司）现有责任保险单下的附加被保险人。\n\nf. 如发生死亡、丧失行为能力、辞任或被免职，应根据本和解协议及破产法院的进一步命令，依照销售官初次遴选的相同程序选定替代销售官。\n\nE. Cyganowski 女士在与债务人、PAX 和 Bravo Luck 协商后，应根据本和解协议的条款，就该住宅的出售和营销作出决定，运用其商业判断，并受破产法院根据 11 U.S.C. §363(b) 和 (f) 及 1123 批准出售该住宅的约束。债务人已修订《经营协议》，并特此再次确认：(i)聘用 Cyganowski 女士担任销售官，以履行本协议规定的所有职责和责任；(ii)未经破产法院批准，债务人不得撤销对 Cyganowski 女士的聘用和/或其作为销售官的权限；以及 (iii)如发生死亡、丧失行为能力、辞任或被免职，应根据本和解协议选定替代销售官。尽管有上述规定，本协议中的任何内容均不得免除债务人作为占有中债务人的职责。\n\nF. 如本和解协议、该动议、聘用函及批准本和解协议的命令之间的条款存在不一致，应以本和解协议的条款为准。\n\n[签名见下一页]\n案件 22299973 Book Corporation 2012 Enterest 2019-02-2018 12:50 Portuge 2019-01-20 12\n\n日期：September 24, 2021\n\nGenever Holdings LLC（杰内弗控股有限责任公司）\n\n签署人：/s/Kevin J. Nash\nKevin J. Nash（凯文·J·纳什）\nGoldberg Weprin Finkel Goldstein LLP（戈德伯格·韦普林·芬克尔·戈德斯坦律师事务所）\n1501 Broadway, 22nd Floor\nNew York, NY 10022-5520\n212-301-6944\nKNash@gwfglaw.com\n债务人 Genever Holdings, LLC 的律师\n\nPacific Alliance Asia Opportunity Fund L.P.（太平洋联盟亚洲机会基金 L.P.）\n\n签署人：/s/ Douglas E Spelfogel\nDouglas E. Spelfogel（道格拉斯·E·斯佩尔福格尔）\nFoley & Lardner LLP（福利与拉德纳律师事务所）\n90 Park Avenue\nNew York, NY 10016-1314\n212-682-7474\ndspelfogel(@foley.com\nPacific Alliance Asia Opportunity Fund I . P 的律师\n\nBravo Luck Limited（布拉沃·勒克有限公司）\n\n签署人：/s/ Fran J. Lawall\nFrancis J. Lawall（弗朗西斯·J·拉沃尔）\nTroutman Pepper Hamilton Sanders LLP（特劳特曼·佩珀·汉密尔顿·桑德斯律师事务所）\n3000 Two Logan Square\nEighteenth and Arch Streets\nPhiladelphia, PA 19103-2799\n215-981-4000\nFrancis.lawall@troutman.com\nBravo Luck Limited 的律师\n案件 22240273 BBC 532-2 于 08/24/22 提交 于 68/24/22 18:56:08 录入 东部 12 2016/02/2017 聘用函 第 1 页，共 5 页\n\n230 Park Avenue\nNew York, NY 10169\notterbourg.com\n212 661 9100\n\nMelanie L. Cyganowski（梅拉妮·L·西加诺夫斯基）\n本所成员\nmcyganowski@otterbourg.com\n212 905 3677\n\nSeptember 24, 2021\n\nYanping Wang（王燕平）\nGenever Holdings LLC 的正式授权代表\nThe Sherry-Netherland\n781 Fifth Avenue Unit 1801\nNew York, New York 10022\n事由：Genever Holdings LLC；案件编号 20-12411 (JLG)\n\n尊敬的 Wang 先生：\n\n于 October 12, 2020，Genever Holdings LLC（下称“公司”）向 United States Bankruptcy Court for the Southern District of New York（纽约南区美国破产法院）（下称“法院”）申请破产救济，案件编号为 20-12411 (JLG)（下称“破产案件”）。公司目前根据 United States Code（美国法典）第 11 章（下称“破产法典”）作为占有中债务人经营。据我了解，于 March 5, 2021，公司向法院提交动议，请求批准公司、Pacific Alliance Asia Opportunity Fund L.P.（下称“PAX”）与 Bravo Luck Limited（下称“Bravo Luck”）之间拟议的和解协议 [Dkt. No. 62]（下称“第一次和解动议”），并提交动议，请求以公司破产遗产指定销售官的身份聘用本人 [Dkt. Nos. 72, 73]（下称“第一次聘用动议”）。于 September 1, 2021，法院驳回了第一次和解动议和第一次聘用动议。[Dkt. No. 123]。\n\n根据我与公司破产法律顾问 Kevin J. Nash, Esq.（凯文·J·纳什）的讨论，我获悉，公司将提交一项经第二次修订的动议，请求批准由公司、PAX（PAX）及 Bravo Luck Limited（布拉沃幸运有限公司）之间达成的第二份经修订和重述的和解协议（“拟议和解协议”），且公司拟根据一份经修订的聘任函，就该破产案件聘任我担任出售专员。本函旨在确认公司与我就我受聘担任出售专员所达成的经修订谅解和协议，并载明该项聘任的条款和条件，包括将履行的服务范围及该等服务的报酬结构。\n\n服务说明\n\n· 就该项聘任而言，我将代表公司，就拟议出售（“拟议出售”）公司对位于 The Sherry-Netherland（谢里-内瑟兰酒店公寓）、781 Fifth Avenue（第五大道781号）、New York, New York 10022（纽约州纽约市10022）的第18层整套公寓及附属单元（“住所”）所享有的所有权权益，担任出售专员。根据债务人于 October 6, 2020（2020年10月6日）作出的、依据地方破产规则1007-2提交的声明 [Dkt. No. 1]，该权益“由约3,000股 Sherry Netherland cooperative stock（谢里-内瑟兰合作公寓股份）及相应的专有租约予以证明”。\n\n· 作为出售专员，我将享有经法院批准的拟议和解协议所规定的权力并承担其中规定的职责，但仅限于在不使我承担任何其他职责或责任的情况下，按照拟议和解协议的规定控制和监督住所的出售。\n\n· 仅在获得公司、Bravo Luck及PAX的书面同意，并通知 U.S. Trustee（美国受托人办公室）且给予其提出异议机会后，公司方可请求我承担不同于本函所规定职能的职责，或扩展至其他领域，或变更或扩大该项聘任的范围；该等救济应通过向法院提交动议修改该项聘任而寻求。\n\n· 公司明确授权出售专员按照和解协议的规定履行所有该等职责和义务，无需公司采取进一步行动。\n\n合作\n\n· 公司应向我及我的代理人提供其占有或控制的、公司认为与住所拟议出售有关的所有信息，并应提供我就履行出售专员职责所要求的全部信息。\n\n职责限制\n\n· 我不就住所出售可能或将会产生的出售所得金额（如有）作出任何陈述或保证。\n\n· 我不负责、无义务且不承担与住所或公司有关的任何税款、费用、成本、开支、维护费或收费的支付责任；该等税款、费用、成本、开支、维护费或收费应完全由公司的破产财产负责、承担义务并承担责任。\n\n· 我（以及任何代理人和/或关联实体）不得就 Chapter 11 Case（第11章案件）以任何其他身份行事（例如但不限于律师、法律顾问、财务顾问、审查员、受托人或投资者/收购人）。我不得向债务人提供任何法律意见。\n\n· Otterbourg P.C.（奥特堡专业公司）未被聘任。Otterbourg P.C.不在本函项下作出任何陈述，亦不在本函项下承担任何义务。\n\n报酬\n\n· 我的服务将按小时计费，依据我目前每小时 \\$1,400 的收费标准。公司应就住所出售的申请寻求授权支付我的费用和开支。如我的收费标准有所提高，我应向法院提交补充声明，并在任何收费标准提高前十个工作日通知美国受托人。补充声明应列明所请求的收费标准提高，说明请求提高收费标准的依据，并证明公司已同意所请求的收费标准提高。\n\n· 向公司计费的代垫费用包括但不限于非本地电话、传真及其他通信费用、交通、复制、递送和专递服务、如有需要的计算机检索费用（按该等检索的实际成本计费），以及其他代垫费用。\n\n· 我所发生的一切费用和开支将以我记录或发生的实际工时费用及代垫费用为基础。就该项聘任而言，该等费用和开支应在住所出售完成前持续产生，并将在提交申请后，从住所出售所产生的出售所得中及时支付。\n\n· 我所发生和累积的一切费用和开支，应依照《破产法》在该破产案件中作为管理费用处理并获准许。该等已累积收费的摘要应定期向法院提交，并提供给已提交出庭通知的任何当事人及美国受托人。\n\n· 对于因针对我以出售专员身份或针对我的代理人提出的任何及一切任何类型的请求而产生或与之相关的所有判决、成本及合理开支，包括律师费（该等律师费应在其发生时经法院批准后依赔偿安排支付），我（及我的代理人）应有权按照债务人其他高级职员同等方式获得公司破产财产的预付及赔偿；但经不再可上诉的最终命令认定属于重大过失、故意不当行为、欺诈或违反信义义务的情形除外。本函的任何内容均不限制法律允许的任何抗辩，亦不剥夺我就任何我享有抗辩的作为或不作为获得赔偿的权利。我应作为附加被保险人加入债务人与 AIG Property and Consulting Company（AIG财产与咨询公司）现有的责任保险保单。\n\n期限\n\n· 该项聘任应自法院作出命令批准我代表公司担任出售专员之日起生效，并应于下列最早发生者终止：(i) 法院作出驳回该破产案件的命令；(ii) 法院作出命令将公司的第11章破产案件转换为《破产法》第7章案件；以及 (iii) 法院作出命令终止我作为出售专员所提供的服务。\n\n法院批准\n\n· 公司应作出商业上合理的努力，迅速获得法院对我代表公司担任出售专员的批准。该等法院批准应规定，该项聘任自法院作出命令批准我担任出售专员之日起生效，并应纳入本函全部条款。\n\n其他\n\n· 本协议，包括但不限于其解释和释义，以及本协议项下产生或与本协议有关的一切请求、争议和纠纷，均应受纽约州法律管辖并依其解释，不考虑会适用其他辖区法律的法律冲突原则。本协议各方同意，就各方或代表各方提起的、与本项聘任或出售专员在本函项下履行或未履行职责有关或由此产生的任何事项所涉任何诉讼、程序或反诉，放弃陪审团审判。本协议各方同意，SDNY Bankruptcy Court（纽约南区破产法院）应保留审理本协议项下产生的任何争议的专属管辖权，并放弃依任何辖区法律享有的、以任何理由（包括但不限于法院不便）对与本协议有关而产生的任何争议和/或诉讼在纽约南区破产法院的管辖权或审判地提出异议的任何及一切个人权利。\n\n· 本协议对本协议各方及其各自的继承人、承继人和受让人具有约束力，包括但不限于任何获任命的第11章或第7章受托人。\n\n请代表公司签署本函副本并返还给我，以确认贵方同意本聘任函。当然，如有任何问题或意见，请致电我与我讨论。\n\n谨致，\n\n/s/ Melanie L. Cyganowski（梅拉妮·L·西加诺夫斯基）\n\n同意并接受：\n\n/s/ YANPING WANG（王燕平）\n\nGenever Holdings LLC（吉尼弗控股有限责任公司）的正式授权代表\n\n抄送：Kevin J. Nash, Esq.（凯文·J·纳什） (KNash(@GWFGLaw.com)","key_entities":["Je","Kwok","Guo","Yanping Wang","Finkel","CIPA"],"ecf_references":[{"doc_number":1,"court":"CTB"},{"doc_number":44,"court":"CTB"},{"doc_number":62,"court":"CTB"},{"doc_number":72,"court":"CTB"},{"doc_number":73,"court":"CTB"},{"doc_number":84,"court":"CTB"},{"doc_number":123,"court":"CTB"},{"doc_number":1998,"court":"CTB"}],"word_count":9084,"status":"published","published_at":"2022-09-24 00:00:00","created_at":"2022-09-24","updated_at":"2026-08-23 20:42:05"}