Bankruptcy Law Case Summary – In re Sunnyslope Hous. Ltd. P’ship
On behalf of Furr & Cohen, P.A. posted in News on Friday, April 29, 2016.
In a bankruptcy action, arising after debtor’s publicly-financed affordable housing project collapsed, the bankruptcy court’s confirmation of the chapter 11 reorganization plan is reversed where the value of creditor First Southern National Bank’s secured interest in real property should not be reduced by the impact of the affordable housing restrictions after the debtor has exercised the ‘cram down’ option under 11 U.S.C. section 1325(a)(5)(B).