7/28/2019 Hrazanek/VMP Inc. Statement About Flood Mitigation Program

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UNITED STATES BANKRUPTCY COURTNORTHERN DISTRICT OF NEW YORK____________________________________________

VWP, Inc. Case No.13-60282Chapter 11

Debtor.

____________________________________________

Debtors Response To Motion BY Creditor To Modify The AutomaticStay Pursuant to Section 362(a)

The debtor through its attorney does hereby appear and allege asfollows:

1. The debtor filed for relief under chapter 11 of the bankruptcycode on February 36, 2013.

2. The debtor is a company that holds two pieces of real estatethat were damaged in the flood following Hurricane Irene.

3. The debtors parent corporation operated a Volkswagen partsbusiness using the properties as part of its continuing business.

4. The Debtors principal place the two properties owned by thedebtor into the FEMA Hazard Mitigation Grant Program. The programis designed to remove properties from private use for a publicpurpose.

5. The letter attached dated December 21, 2012 form Delaware CountyChief Planner indicates that 102 Depot Street is part of the Grantprogram and scheduled for an appraisal to determine the amount tobe paid by the government for the purchase of the property.

6. The letter dated November 27, 2012 indicates that the purchaseprice will be based on the fair market value pre-flood condition.

7. The debtor, therefore, is in a position to obtain a purchase

price for the property which exceeds the current value of the flooddamaged property without regard to the future condition of theproperty or the future market price.

Accordingly the debtor requests that the relief requested bedenied.

Dated: April 18, 2013

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7/28/2019 Hrazanek/VMP Inc. Statement About Flood Mitigation Program

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/s/ Richard Croak__________________Richard Croak

Attorney For Debtor314 Great Oaks Blvd.

Albany, NY 12203Tel 518-690-4410fax 518-690-4435rcroak@richardcroak.com

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