Feb
04
2010
- 11 U.S.C.
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.
Issue:
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Commercial case opionion summary, case decided on February 04,2010, LexisNexis #0410-007