- 11 U.S.C.
In re Erie Playce LLC
Dec
07
2010
Ruling
Chapter 11 debtors could pay contract rate of interest to mortgagee pending confirmation of plan within reasonable time.
Procedural posture
Debtor was a single asset real estate debtor. It filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. An assignee from a secured creditor holding a mortgage on real estate owned by debtor filed an objection to debtor's Motion to Direct the Receiver to Make Payments to the Assignee and Related Relief (Motion) under 11 U.S.C.S. § 362(d)(3).
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Court
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- 11 U.S.C.
In re Northern Outer Banks Assocs. LLC
Nov
08
2010
Ruling
Relief from stay granted in single asset real estate case where debtor had not filed plan or commenced interest payments.
Procedural posture
Debtor, a North Carolina limited liability company, filed a petition under Chapter 11 of the Bankruptcy Code, and a bank filed a motion for relief from the stay that was imposed pursuant to 11 U.S.C.S. § 362 when the debtor declared bankruptcy or, in the alternative, for adequate protection. The debtor opposed the bank's motion.
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Court
:
- 11 U.S.C.
In re Spencer Creek Props.
Oct
25
2010
Ruling
Creditor bank granted relief from stay in single asset real estate case.
Procedural posture
A creditor bank sought a determination whether the case was a "single asset real estate" (SARE) case as defined in the 11 U.S.C.S. § 101(51B), thus whether relief from the automatic stay was applicable under 11 U.S.C.S. § 362(d)(3).
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Court
:
- 11 U.S.C.
In re RIM Dev. LLC
Aug
13
2010
Ruling
Relief from stay granted allow creditor to enforce security interest where debtor failed to propose plan with reasonable possibility of confirmation.
Procedural posture
A debtor in a single asset real estate case proposed successive plans for completion of the debtor's planned residential and commercial development with payments to secured creditors. A creditor secured by certain town homes in the development moved for relief from the automatic bankruptcy stay pursuant to 11 U.S.C.S. § 362(d)(3)(A) to allow the creditor to enforce its security interest.
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Court
:
- 11 U.S.C.
In re Crown Ohio Invs. LLC
Mar
12
2010
Ruling
Relief from stay granted conditioned upon debtor's default under interest payment agreement.
Procedural posture
Movant, a creditor mortgagee, filed a motion for relief from the automatic stay pursuant to 11 U.S.C.S. § 362(d). The respondent, a single-asset real estate chapter 11 debtor, filed an opposition to the motion. However, the parties stipulated to a monthly interest payment pursuant to 11 U.S.C.S. § 362(d)(3)(B)(ii) of $ 9,474.95.
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Court
:
- 11 U.S.C.
In re Harmony Holdings LLC
Jun
23
2008
Ruling
Project encompassing several tracts of land and two entities as owners qualified as "single asset real estate."
Procedural posture
Creditors filed motions to determined whether the cases were single asset real estate cases for purposes of 11 U.S.C.S. § 362(d)(3).
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Court
:
- 11 U.S.C.
In re Webb MTN LLC
Mar
06
2008
Ruling
Multiple development projects planned for five tracts of land were actually part of one large development which constituted single asset real estate.
Procedural posture
Creditors of a chapter 11 debtor sought a determination that the assets of the debtor constituted single asset real estate under 11 U.S.C.S. § 362(d)(3).
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Court
:
- 11 U.S.C.
In re Windwood Heights Inc.
Feb
25
2008
Ruling
Relief from stay to allow foreclosure in "single asset real estate" case denied where possibility for equitable plan existed.
Procedural posture
Debtor developer filed a petition under chapter 11 of the Bankruptcy Code in the State of New Jersey, and the case was transferred to the Northern District of West Virginia. A judgment creditor filed a motion for relief from the automatic stay, pursuant 11 U.S.C.S. § 362(d)(3). The debtor opposed the motion.
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Court
:
- 11 U.S.C.
HOC Group of Timber Noteholders v. Pacific Lumber Co. (In re Scotia Pac. Co. LLC)
Nov
13
2007
Ruling
Debtor engaged in timber sales was not a single asset real estate debtor and was not subject to expedited proceedings.
Procedural posture
The bankruptcy court denied a motion by creditors to expedite bankruptcy proceedings under 11 U.S.C. § 362(d)(3), finding the chapter 11 debtor was not a "single asset real estate" ("SARE") under 11 U.S.C. § 101(51B). The creditors appealed, then sought certification from the bankruptcy court to the court of appeals under 28 U.S.C. § 158(d)(2). The District Court for the Southern District of Texas then certified the appeal.
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Judge or Jurisdiction information not available
- 11 U.S.C.
Four J Funding LLC v. Land Pres. LLC (In re Land Pres. LLC)
Jul
02
2007
Ruling
Relief from stay to allow foreclosure granted in single asset case.
Procedural posture
Secured creditor filed a motion for relief from the automatic stay to permit the creditor to continue with a pending state-court foreclosure action. The motion asserted that the debtor's case was a single asset real estate case under 11 U.S.C. § 362(d)(3), that the debtor lacked equity in the property; and that the property was not necessary for a reorganization.
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Court
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