Bankruptcy court errs in valuing creditor's interest in light of debtor's proposed use of the property as affordable housing, resulting in greatly diminished value.
Cite as
2016 DJDAR 3847Published
Apr. 22, 2016Filing Date
Apr. 21, 2016IN THE MATTER OF:
SUNNYSLOPE HOUSING LIMITED PARTNERSHIP,
Debtor,
FIRST SOUTHERN NATIONAL BANK,
Plaintiff-Appellant,
v.
SUNNYSLOPE HOUSING LIMITED
PARTNERSHIP,
Defendant-Appellee.
No. 12-17241
D.C. No.2:11-cv-02579-HRH
IN THE MATTER OF:
SUNNYSLOPE HOUSING LIMITED PARTNERSHIP,
Debtor,
SUNNYSLOPE HOUSING LIMITED PARTNERSHIP,
Plaintiff-Appellant,
v.
FIRST SOUTHERN NATIONAL BANK,
Defendant-Appellee.
No. 12-17327
D.C. No.2:11-cv-02579-HRH
IN THE MATTER OF:
SUNNYSLOPE HOUSING LIMITED PARTNERSHIP,
Debtor,
FIRST SOUTHERN NATIONAL BANK,
Plaintiff-Appellant,
v.
SUNNYSLOPE HOUSING LP,
Defendant-Appellee.
No. 13-16164
D.C. No. 2:12-cv-02700-HRH
IN THE MATTER OF:
SUNNYSLOPE HOUSING LIMITED PARTNERSHIP,
Debtor,
SUNNYSLOPE HOUSING LP,
Plaintiff-Appellant,
v.
FIRST SOUTHERN NATIONAL BANK,
Defendant-Appellee.
No. 13-16180
D.C. No. 2:12-cv-02700-HRH
United States Court of Appeals
Ninth Circuit
Filed April 21, 2016
Before: Alex Kozinski,
Richard A. Paez, and
Richard R. Clifton,
Circuit Judges.
ORDER
The slip opinion filed on April 8, 2016, is hereby amended as follows:
1. On page 6 of the slip opinion, line 4, change <section1325(a)(5)(B) of the Code> to <section 1129(b) of the Code>.
2. On page 11 of the slip opinion, lines 6?7, change <11 U.S.C. § 1325(a)(5)(B)> to <11 U.S.C. § 1129(b)>.
3. On page 25 of the slip opinion, lines 1?7, change <Under section 1325(a)(5) of the Code, a plan?s treatment of a secured claim can be confirmed if one of three conditions is satisfied: the creditor accepts the plan, the debtor surrenders the property, or the debtor invokes the cram down power. Rash, 520 U.S. at 957.> to <Under section 1129(b) of the Code, a plan can be confirmed even without the consent of all impaired classes of creditors if the debtor invokes the cram down power.>.
With these amendments, the petition for panel rehearing is DENIED as moot. Future petitions for panel rehearing and rehearing en banc may be filed from this Order.
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