UST-Form 101-7-NFR (5/1/2011)

UNITED STATES BANKRUPTCY COURT

NORTHERN DISTRICT OF ILLINOIS

EASTERN DIVISION

In re: §

§

§

§

§

§

 Case No. 10-01192-DRC

MICHAEL SHIELDS

 Debtor(s)

NOTICE OF TRUSTEE’S FINAL REPORT AND

APPLICATION FOR COMPENSATION

AND DEADLINE TO OBJECT (NFR)

Pursuant to Fed. R. Bankr. P. 2002(a)(6) and 2002(f)(8), please take notice that David E. 

Grochocinski, trustee of the above styled estate, has filed a Final Report and the trustee and the 

trustee’s professionals have filed final fee applications, which are summarized in the attached 

Summary of Trustee’s Final Report and Applications for Compensation.

The complete Final Report and all applications for compensation are available for 

inspection at the Office of the Clerk, at the following address:

Clerk of U.S. Bankruptcy Court, 219 Dearborn Street, Chicago, IL 60604

Any person wishing to object to any fee application that has not already been approved or 

to the Final report, must file a written objection within 20 days from the mailing of this notice, 

serve a copy of the objections upon the trustee, any party whose application is being challenged 

and the United States Trustee. A hearing on the fee applications and any objection to the Final 

Report will be held at 9:30 a.m. on 08/24/2012, in Courtroom 4016, United States Courthouse, 

DuPage County Courthouse, 505 N. County Farm Road, DuPage, IL 60187. If no objections are 

filed, upon entry of an order on the fee applications, the trustee may pay dividends pursuant to 

FRBP 3009 without further order of the Court.

Date Mailed: 07/24/2012 By: /s/ David E. Grochocinski

(Trustee)

David E. Grochocinski

1900 Ravinia Place

Orland Park, IL, 60451

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UST-Form 101-7-NFR (5/1/2011)

UNITED STATES BANKRUPTCY COURT

NORTHERN DISTRICT OF ILLINOIS

EASTERN DIVISION

In re: §

§

§

§

§

§

 Case No. 10-01192-DRC

MICHAEL SHIELDS

 Debtor(s)

SUMMARY OF TRUSTEE’S FINAL REPORT

AND APPLICATIONS FOR COMPENSATION

The Final Report shows receipts of $460,189.36

and approved disbursements of $12,987.76

leaving a balance on hand of1: $447,201.60

Claims of secured creditors will be paid as follows: NONE

Total to be paid to secured creditors: $0.00

Remaining balance: $447,201.60

Applications for chapter 7 fees and administrative expenses have been filed as follows: 

Reason/Applicant Total 

Requested

Interim 

Payments to 

Date

Proposed 

Payment

David E. Grochocinski, Trustee Fees $26,259.47 $0.00 $26,259.47 

GROCHOCINSKI, GROCHOCINSKI & 

LLOYD, LTD., Attorney for Trustee Fees 

$6,583.50 $0.00 $6,583.50 

GROCHOCINSKI, GROCHOCINSKI & 

LLOYD, LTD, Attorney for Trustee Expenses 

$401.49 $0.00 $401.49 

SCOTT HOREWITCH PIDGEON & 

ABRAMS, LLC, Accountant for Trustee Fees 

$5,335.00 $0.00 $5,335.00 

Total to be paid for chapter 7 administrative expenses: $38,579.46

Remaining balance: $408,622.14

 

1

The balance of funds on hand in the estate may continue to earn interest until disbursed. The interest earned prior to disbursement will be 

distributed pro rata to creditors within each priority category. The trustee may receive additional compensation not to exceed the maximum 

compensation set forth under 11 U.S.C. § 326(a) on account of disbursement of the additional interest.

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UST-Form 101-7-NFR (5/1/2011)

Applications for prior chapter fees and administrative expenses have been filed as 

follows: NONE

Total to be paid to prior chapter administrative expenses: $0.00

Remaining balance: $408,622.14

In addition to the expenses of administration listed above as may be allowed by the 

Court, priority claims totaling $0.00 must be paid in advance of any dividend to general 

(unsecured) creditors.

Allowed priority claims are: NONE

Total to be paid to priority claims: $0.00

Remaining balance: $408,622.14

The actual distribution to wage claimants included above, if any, will be the proposed 

payment less applicable withholding taxes (which will be remitted to the appropriate taxing 

authorities).

Timely claims of general (unsecured) creditors totaling $35,531,119.90 have been 

allowed and will be paid pro rata only after all allowed administrative and priority claims have 

been paid in full. The timely allowed general (unsecured) dividend is anticipated to be 1.2 

percent, plus interest (if applicable).

Timely allowed general (unsecured) claims are as follows: 

Claim 

No. 

Claimant Allowed Amt. 

of Claim 

Interim 

Payments to 

Date 

Proposed 

Amount 

1OF 1 Bank of America National Assoc $19,577,248.2

1 

$0.00 $225,146.21 

1OF2 Bank of America National Assoc $10,587,394.5

8 

$0.00 $121,759.28 

2 Bank of America National Assoc $804,951.49 $0.00 $9,257.27 

3 Bank of America National Assoc $3,379,750.62 $0.00 $38,868.49 

6 Kenneth A. Fixler, Individually $450,000.00 $0.00 $5,175.18 

7 Hyde Park Bank $731,775.00 $0.00 $8,415.71 

Total to be paid to timely general unsecured claims: $408,622.14

Remaining balance: $0.00

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UST-Form 101-7-NFR (5/1/2011)

Tardily filed claims of general (unsecured) creditors totaling $0.00 have been allowed 

and will be paid pro rata only after all allowed administrative, priority and timely filed general 

(unsecured) claims have been paid in full. The tardily filed claim dividend is anticipated to be 0.0 

percent, plus interest (if applicable).

Tardily filed general (unsecured) claims are as follows: 

Total to be paid to tardily filed general unsecured claims: $0.00

Remaining balance: $0.00

Subordinated unsecured claims for fines, penalties, forfeitures, or damages and claims 

ordered subordinated by the Court totaling $0.00 have been allowed and will be paid pro rata

only after all allowed administrative, priority and general (unsecured) claims have been paid in 

full. The dividend for subordinated unsecured claims is anticipated to be 0.0 percent, plus 

interest (if applicable).

Subordinated unsecured claims for fines, penalties, forfeitures or damages and claims 

ordered subordinated by the Court are as follows: NONE

Total to be paid for subordinated claims: $0.00

Remaining balance: $0.00

Prepared By: /s/ David E. Grochocinski

Trustee

David E. Grochocinski

1900 Ravinia Place

Orland Park, IL, 60451

STATEMENT: This Uniform Form is associated with an open bankruptcy case, therefore, Paperwork Reduction Act 

exemption 5 C.F.R. § 1320.4(a)(2) applies.

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