The court granted a creditor’s motion to convert this case from Chapter 11 to Chapter 7, finding cause for conversion in the debtors’ inability to formulate a feasible plan because they were unable to find a buyer for their primary asset. The debtors also failed to file a disclosure statement and plan within the time periods established by the Bankruptcy Code, and paid pre-petition expenses and post-petition professional fees without court order.
Date:
Monday, October 22, 2007
Judge:
Judge Thomas L. Saladino