A.B.C. Learning Centres Ltd. v. RCS Capital Development, LLC (In re RCS Capital Development, LLC; American Childcare Properties, LLC)

Citation:
(In re: RCS Capital Development) 9th Cir. B.A.P. No. AZ-12-1626-JuTaAh (July 16, 2013) NOT FOR PUBLICATION
Tag(s):
Ruling:
Affirmed--In an unpublished opinion, the 9th Circuit Bankruptcy Appellate Panel upheld the ruling by the bankruptcy court to confirm the Chapter 11 plan of RCS Capital Development. A.B.C. Learning Centres appealed the bankruptcy court's confirmation of the 5th amended plan of RCS Capital Development, because the plan would permit RCS to setoff A.B.C's substantial claim. The 9th Circuit Bankruptcy Appellate Panel upheld the ruling by the bankruptcy court to confirm the plan and its treatment of all classes of creditors.
Procedural context:
A.B.C. filed a timely notice of appeal from confirmation of RCS's plan. A.B.C. also filed a motion for stay pending appeal and a motion for expedited hearing on the stay. The bankruptcy court denied A.B.C.'s motion for stay pending appeal. A.B.C. filed a motion for stay of the confirmation order with the Bankruptcy Appellate Panel. The Bankruptcy Appellate Panel granted the stay on distribution under the plan. RCS filed a motion for reconsideration. The panel granted RCS's reconsideration motion and vacated the stay on distribution pending appeal. A.B.C. appealed the Bankruptcy Appellate Panel's vacation of the stay on distribution under the confirmed plan. A.B.C. also filed related appeals on the bankruptcy courts confirmation of the plan, the order granting RCS's motion for summary judgment and the denial of A.B.C.'s motion for summary judgment.
Facts:
On June 21, 2012 the bankruptcy court approved the disclosure statement filed by RCS. On August 14th, 2012 A.B.C objected to the confirmation of the debtor's plan. On October 10, 2012 a hearing was held on the objections to confirmation. The bankruptcy court overruled most of A.B.C's objections. RCS filed their 5th amended plan. At the November 13, 2013 continued evidentiary hearing on A.B.C's objections, the court considered evidence on the remaining objections and the 5th amended plan. On November 29, 2012 the court confirmed the 5th amended plan.
Judge(s):
Bankruptcy Judges: Alan Ahart, Meredith Jury, Laura Taylor

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