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Waterstone at Panama City Apartments, LLC, Ch. 11, BK13-80751-TJM (Oct. 18, 2013)

The first lien holder of a single-asset real estate debtor moved to dismiss the case for cause under § 1112(b)(4), alleging that the president of the debtor’s owner was acting in the interests of himself and his other related companies, and not those of the debtor. Because the court found no evidence of cause such as illegal dealings, poor maintenance, lack of equity, or significant cash flow problems, it denied the motion to dismiss.

Friday, October 18, 2013