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In re East 81st LLC

In re East 81st LLC

Ruling
Case dismissed for cause due to negative cash flow and no likelihood of rehabilitation.
Issue(s)
Should case of debtor that owned several condominium units be converted or dismissed due to lack of equity, inability to propose feasible plan and failure to provide creditor with adequate protection or, alternatively, should creditor be granted relief from stay?

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Commercial opinion summary, case decided on March 17, 2014 , LexisNexis #0414-065