In re Sterling Dev. Inc.

Ruling: 
Stay modified for limited purpose of allowing bank to obtain final court approval of foreclosure sale.
Procedural posture: 
Debtor corporation filed a petition under chapter 11 of the Bankruptcy Code, and a bank filed a motion seeking relief from the automatic stay that was imposed, pursuant to 11 U.S.C.S. § 362, when the debtor declared bankruptcy. The debtor opposed the bank's motion, claiming that it should be given the opportunity to propose a plan of reorganization, as contemplated by 11 U.S.C.S. § 362(d)(3).
Issue: 
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Commercial case opionion summary, case decided on January 26,2009, LexisNexis #0309-074