Hewlett-Packard Financial Services Co. v. Alternate Graphics, Inc. (In re Alternate Graphics, Inc.)

Citation:
9th Cir. BAP No. CC-14-1193-DTaKu (Oct. 29, 2015) (unpublished)
Tag(s):
Ruling:
BAP affirmed Debtor's $90,000 valuation of printing press in Chapter 11 plan as basis for payment of secured debt, affirmed award of discovery sanctions against creditor, and dismissed as equitably moot creditor's appeal that it was a lessor and not a secured creditor.
Procedural context:
The bankruptcy court confirmed the Debtor's Chapter 11 plan following an evidentiary hearing. Creditor appealed its treatment in the plan, the valuation of its collateral, and certain monetary sanctions. The BAP, finding that the plan was substantially consummated, dismissed portions of the appeal and affirmed on the portions not dismissed.
Facts:
The Debtor valued a printing press subject to a financing lease at $90,000. Creditor contended it was worth about twice that much or more, and that it was a lessor and not a secured creditor. In the process of seeking information relating to valuation and to Creditor's experience with this type of printing press, the Debtor also obtained discovery sanctions of about $17,000. Creditor unsuccessfully opposed confirmation of the plan. The court valued the printing press at $45,000, but held that the Debtor was stuck with the $90,000 number in its plan.
Judge(s):
DUNN, TAYLOR AND KURTZ, Bankruptcy Judges.

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