Prudential Mortgage Capital Co., L.L.C. v. Faidi
- Citation:
- No. 10-20134 (June 24, 2011) (per curiam) (Pursuant to 5th Cir. Rule 47.5, this opinion should not be published and is not precendent except under limited circumtances)
- Tag(s):
-
- Ruling:
- The Fifth Circuit ruled that the bankruptcy court did not err in refusing to grant a stay of or continuing the trial of a dischargeability proceeding while the debtor appealed an adverse judgment from the district court involving the underlying debt to same creditor.
- Procedural context:
- Appeal from final judgment in federal court suit in favor of lender against debtor and from bankruptcy court's judgment against the debtor re: the dischargeability of his debt to lender.
- Facts:
- Prudential loaned $13,860,000 to Seawall I, Ltd. for the development of a shopping center. Debtor personally guaranteed the loan. Seawall never made a payment on the loan, and Prudential eventually foreclosed on the property and sought a deficiency judgment against Debtor for $3.2MM. Four days before trial, Debtor filed for personal bankruptcy. Prudential obtained relief from the automatic stay to liquidate its claims in the district court and filed a dischargeability complaint in the bankruptcy court. The district court and the bankruptcy court each entered judgments in favor of Prudential. The bankruptcy court's judgment was certified for direct appeal to the Fifth Circuit and consolidated with the Debtor's appeal of the district court's judgment.
ABI Membership is required to access the full summary. Please Sign In using your ABI Member credentials. Not a Member yet? Join ABI now - it is absolutely worth it!
