ULLMAN & ULLMAN, P.A.

7700 W. Camino Real · Suite 401 · Boca Raton, Florida 33433

(561) 338-3535 · (561) 338-3581

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF FLORIDA

FORT LAUDERDALE DIVISION

IN RE: CASE NO. 20-13304-PGH

ADVANCED POWER TECHNOLOGIES, LLC CHAPTER 11 CASE

Debtor.

___________________________________/

TBK BANK, SSB’s, LIMITED CONDITIONAL OBJECTION TO: DEBTOR’S

MOTION TO DISMISS CHAPTER 11 CASE

TBK Bank, SSB (“TBK”), the Debtor’s post-petition DIP lender files this Limited 

Conditional Objection to Debtor’s Motion to Dismiss Chapter 11 Bankruptcy Case, and 

in support thereof states as follows:

1. On March 11, 2020, the Debtor filed its petition under chapter 11 of the 

Bankruptcy Code.

2. On April 15, 2020, the Court entered a Final Order Authorizing Debtor To: (I) 

Enter into Accounts Receivable, Inventory Finance and Security Agreement and Inventory Rider 

Supplanting Its Existing Prepetition Loan Agreement in Order to Sell Accounts Post-Petition and

To Incur Credit; (Ii) Granting TBK Bank, SSB Adequate Protection in the Form of First Priority 

Replacement Liens on Property of the Debtor’s Estate Pursuant to Bankruptcy Code Sections 

361, 363 and 364; (Iii) Modifying the Automatic Stay; And (Iv) Granting Related Relief Nunc 

Pro Tunc To the Petition Date [D.E. 45] (“Final Financing Order”).

3. Pursuant to the Final Financing Order, the dismissal of the Bankruptcy Case 

constitutes an Event of Default.

4. TBK, due to the extraordinary difficulties that have arisen in connection with the 

COVID-19 pandemic, is more than willing work with the Debtor and accordingly consents to 

waive the Event of Default and further consents to the Debtor’s request to dismiss its chapter 11 

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In Re: Advanced Power Technologies, LLC

Case No. 20-13304

Limited Conditional Objection 

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bankruptcy case, subject only to and conditioned only upon the Debtor’s inclusion of language in 

any Order entered granting the Motion to the effect that “the entry of this Order shall neither 

negate nor adversely affect any of those rights and interests given to TBK under and in respect to 

the Court’s Final Financing Order and the Post-Petition Agreements; including, but not limited 

to, all senior and first priority post-petition liens and security interests granted to TBK, and the 

Debtor’s prepetition and post-petition monetary and non-monetary obligations to TBK shall 

remain in full force and effect post-dismissal. In accordance herewith, TBK shall be entitled to 

continue collecting directly from any account debtors all payments made on any accounts.” 

5. The Debtor has notified TBK that the purpose for seeking to dismiss the chapter 

11 bankruptcy case is to enable the Debtor to seek and properly certify and apply (through any 

lender other than TBK) and in connection therewith qualify for a small business SBA loan under

the Paycheck Protection Program offered under the CARES Act.

6. The Debtor’s counsel has notified TBK’s counsel that the Debtor will not, in 

connection with the seeking of any dismissal order, seek to limit or otherwise prejudice the 

Debtor’s right to exercise its discretion to file a subsequent petition for relief under chapter 11 of 

the Bankruptcy Code, and in any subsequent chapter 11 case TBK shall receive and the Debtor 

will request that TBK be provided similar rights and protections that are afforded to TBK under 

the Final Financing Order and Post-Petition Agreements.

7. The entry of an Order that grants the Motion and incorporates the protections 

requested in paragraph 4 above would resolve this Limited Conditional Objection.

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In Re: Advanced Power Technologies, LLC

Case No. 20-13304

Limited Conditional Objection 

Page 3 of 3

CERTIFICATE OF SERVICE

I HEREBY CERTIFY that a true and correct copy of the foregoing has been filed and 

served electronically to all interested parties via the Court CM/ECF System, this 23

rd day of 

April 2020. 

Respectfully submitted, 

ULLMAN & ULLMAN, P.A.

Attorneys for TBK Bank, SSB

7700 W. Camino Real, Suite 401

Boca Raton, Florida 33433

Telephone: (561) 338-3535

Facsimile: (561) 338-3581

BY: /s/ Michael W. Ullman

MICHAEL W. ULLMAN

Florida Bar No. 259667

Email: michael.ullman@uulaw.net

JARED A. ULLMAN

Florida Bar No. 90500

Email: jared.ullman@uulaw.net

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