- 11 U.S.C.
In re Masjid Al Rasood Inc.
Jan
19
2011
Ruling
Relief from stay granted to allow creditor to foreclose on property in which debtor had no equity.
Procedural posture
Before the court was a creditor's motion for an order granting relief from the automatic stay under 11 U.S.C.S. § 362(d)(2) to proceed with the non-judicial foreclosure of debtor's real property ("the Property"). The parties disputed the fair market value of the property and whether the property was necessary to debtor's reorganization. The court held an evidentiary hearing on valuation, and the motion was pending decision.
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Court
:
- 11 U.S.C.
In re Arcadia Enters.
Oct
27
2010
Ruling
Relief from stay granted to allow bank to complete real estate development project.
Procedural posture
Debtor corporation filed a petition under chapter 11, and a savings bank filed a motion for an order granting the bank relief under 11 U.S.C.S. § 362(d)(2) from the stay that was imposed when the debtor declared bankruptcy so it could complete work on a real estate development project. The debtor opposed the motion.
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Court
:
- 11 U.S.C.
In re Lockwood
Apr
16
2010
Ruling
Creditor granted relief from stay to foreclose given lack of equity in properties.
Procedural posture
A creditor secured by a bankruptcy debtor's real properties asserted that the debtor lacked equity in the properties which were not necessary for the debtor's reorganization, but the debtor asserted that the properties had substantial value and were necessary to fund the debtor's plan. The creditor moved for relief from the automatic bankruptcy stay under 11 U.S.C.S. § 362(d)(2) to allow the creditor to foreclose against the properties.
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Court
:
- 11 U.S.C.
In re 2670 West Ridge Rd. LLC
Feb
04
2010
Ruling
Stay pending appeal of relief from stay to foreclose granted given that third party promise to fund plan shortfall was issue of first impression.
Procedural posture
Debtor LLC filed a petition under chapter 11 of the Bankruptcy Code, and a lender that obtained a judgment of foreclosure against the debtor in state court filed a motion for relief under 11 U.S.C.S. § 362(d)(2) so commercial property the debtor owned could be sold at a foreclosure sale. The court granted the lender's motion and denied the debtor's motion for reconsideration, and the debtor filed a motion for a stay pending appeal.
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Court
:
- 11 U.S.C.
In re North End Props. LLC
Jan
22
2010
Ruling
Relief from stay denied as to 29 of 30 properties absent showing of lack of value in excess of indebtedness or that the properties were not necessary for an effective reorganization.
Procedural posture
On December 30, 2009, forty-five separate Motions for Relief From Stay filed by a mortgage company (creditor) came on for hearing, after proper notice. As a consequence of the entry of a Consent Order with regard to 15 properties, there remained for hearing, on December 30, 2009, thirty (30) additional Motions (the Contested Motions).
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Court
:
- 11 U.S.C.
In re Schofield-Johnson LLC
Jan
13
2010
Ruling
Bad faith dismissal denied where debtor's chapter 11 case was not futile.
Procedural posture
The United States moved to dismiss a chapter 11 debtor's case for lack of good faith pursuant to 11 U.S.C.S. § 1112(b). Alternatively, it moved to lift the automatic stay pursuant to 11 U.S.C.S. § 362(d)(2).
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Court
:
- 11 U.S.C.
In re Appleridge Ret. Cmty. Inc.
Jan
12
2010
Ruling
Relief from stay granted due to lack of equity in property which was not necessary to reorganization and improper PILOT classification.
Procedural posture
Movant creditor sought relief from the automatic stay under 11 U.S.C.S. § 362(d). The issues were whether the property is necessary to an effective reorganization under 11 U.S.C.S. § 362(a)(2)(B), whether the debtor's plan was patently unconfirmable, because it improperly classified the PILOT creditor class as a separate class, and no other plan could be confirmed without the consent of the moving creditor.
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Court
:
- 11 U.S.C.
Emigrant Mortg. Co. v. Vice
Oct
13
2009
Ruling
Bankruptcy court's refusal to lift stay affirmed given adequate protection.
Procedural posture
Appellant mortgage company challenged the United States Bankruptcy Court for the Northern District of Mississippi's ruling denying its motion to lift the automatic bankruptcy stay so that it might foreclose upon property owned by appellees, debtors. After filing for bankruptcy, the debtors did not make any payments until they were ordered to be made by the bankruptcy court as adequate protection during the pendency of the bankruptcy stay.
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Court
:
- 11 U.S.C.
In re Knight Energy Corp.
Jun
26
2009
Ruling
Debtor authorized to use cash collateral subject to provision of adequate protection to creditors.
Procedural posture
In a core proceeding pursuant to 28 U.S.C.S. § 157(b)(2), the court issued post-hearing findings of fact and conclusions of law on chapter 11 debtors' emergency motion to authorize the debtors to use cash collateral. Movant secured creditor sought to lift the automatic stay imposed by 11 U.S.C.S. § 362(d)(2) and to prohibit the debtors' use of cash collateral.
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Court
:
- 11 U.S.C.
In re 3H River Turf Farm LLC
Jun
05
2009
Ruling
Relief from stay granted based on lack of equity in property after consideration of all liens and encumbrances.
Procedural posture
Before the court was a motion by secured creditors for relief from the automatic stay pursuant to 11 U.S.C.S. § 362(d)(2).
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Court
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