Kirk trustee asks court to OK transfer of proceeds to satisfy claims

By Lisa Kerner

Charlotte, N.C., June 18 - Kirk Corp.'s Chapter 7 trustee Richard M. Fogel asked the court for authorization to transfer proceeds from the sale of real property to an account for the benefit of mechanics' lien claimants and also to transfer the remaining proceeds of sales under the approved settlement with the debtors' secured lender, according to a filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

A hearing is scheduled for June 24.

Fogel asked the court to authorize the transfer of $48,449.31 from sale proceeds to the lien claim account for specific claims.

The sales of certain model homes are slated to close before June 30 for net proceeds of $2 million.

Kirk, an employee-owned homebuilder based in Streamwood, Ill., filed for bankruptcy on May 12, 2009. Its Chapter 7 case number is 09-17236.

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