In re Creekside Senior Apartments, LP
- Citation:
- Case No. 11-8072, B.A.P. No. 10-53019 (6th Cir. E.D. Kentucky)
- Tag(s):
-
- Ruling:
- AFFIRMING bankruptcy court's order setting the market value of the Debtors' low-income housing tax credit properties and overruling the Debtors' and General Partners' Valuation Objection and Motion In Limine.
- Procedural context:
- Appeal by the Debtors' from a bankruptcy court order in determining whether the bankruptcy court erred in including the purported value of the remaining low-income housing tax creditors when valuing the Bank's secured interest in the Debtors' real properties under Section 506(a) of the Bankruptcy Code.
- Facts:
- Debtors are five single-asset real estate (SARE) debtors. The Debtors obtained acquisition and construction loan financing from the bank/creditor, Bank of America, N.A. ("BAC" or "Creditor"). BAC took a first mortgage lien upon the Debtors' real properties. The Debtors' filed bankruptcy petitions in September and October 2010. Thereafter, the creditor filed secured proofs of claim as to each Debtor. On March 4, 2011, the Debtors' filed a motion for hearing to determine the value of the creditor's claim, disputing that each claim filed by the creditor is fully secured, alleging that the claims were substantially undersecured.
- Judge(s):
- Harris, Preston, and Shea-Stonum.
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