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Bankruptcy Keyed to Bussel, 12th Ed.
Bank of America National Trust & Savings Association v. 203 North LaSalle Street Partnership
Citation:
526 U.S. 434 (1999)Facts
Bank of America held a $93 million nonrecourse loan secured by 15 floors of an office building owned by 203 North LaSalle Street Partnership. When the Partnership defaulted in January 1995, the Bank began foreclosure proceedings. The Partnership filed for Chapter 11 bankruptcy to prevent foreclosure and avoid approximately $20 million in personal tax liabilities. The Bankruptcy Court valued the property at $54.5 million, leaving the Bank with a $38.5 million unsecured deficiency claim. The Partnership proposed a reorganization plan under which certain former partners would contribute $6.125 million in new capital over five years in exchange for the entire ownership of the reorganized entity. The Bank objected to the plan, arguing it violated the absolute priority rule because the old equity holders would receive property while the Bank’s unsecured claim would not be paid in full. Despite this objection, the Bankruptcy Court confirmed the plan through the cramdown process.
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