LBR 5095-1. INVESTMENT OF ESTATE FUNDS

LBR 5095-1. INVESTMENT OF ESTATE FUNDS

(a) Notice.
(1) The trustee or debtor in possession must give not less than 14 days written notice
of a proposed investment of bankruptcy estate funds in a Designated Fund to the
United States trustee, the debtor (if a trustee has been appointed), the creditors’
committee or the 20 largest unsecured creditors if no committee has been appointed, any other committee appointed in the case, counsel for any of the foregoing, and any other party in interest entitled to notice under FRBP 2002, unless the court for cause shown shortens the time or otherwise modifies or limits notice pursuant to a motion under LBR 9075-1.
(2) The notice must state that any objection or request for hearing must be filed and
served not more than 14 days after service of the notice, unless the notice specifies
a longer period, or unless otherwise ordered by the court.
(3) If an objection and request for hearing is not filed and served within such 14-day
period, the trustee or debtor in possession may proceed with the investment. An
order is not required nor will an order be entered under this rule.
(b) Objection and Request for Hearing. If a timely objection and request for hearing is filed and served, the trustee or debtor in possession must, within 21 days from the date of service of such objection, obtain and give not less than 14 days notice of the hearing to each objecting party and to the United States trustee.
(c) Designated Fund. For purposes of this rule, a “Designated Fund” is an open-end
management investment company registered under the Investment Company Act of 1940 and regulated as a “money market fund” pursuant to Rule 2a-7 under the Investment Company Act of 1940, that:
(1) Invests exclusively in United States Treasury bills and United States Treasury
Notes owned directly or through repurchase agreements;
(2) Has received the highest money market fund rating from a nationally recognized
statistical rating organization, such as Standard & Poor’s or Moody’s;
(3) Has agreed to redeem fund shares in cash, with payment being made no later than
the business day following a redemption request by a shareholder, except in the
event of an unscheduled closing of Federal Reserve Banks or the New York Stock
Exchange; and
(4) Has adopted a policy that it will notify its shareholders 60 days prior to any change in its investment and redemption policies under subsections (c)(1) and (3) of this rule.
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