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Bankruptcy Keyed to Bussel, 12th Ed.
In re Arnold & Baker Farms
Citation:
85 F.3d 1415 (1996)Facts
Arnold & Baker Farms, an Arizona general partnership formed for farming and land transactions, experienced financial difficulties and filed for Chapter 11 bankruptcy in 1986. FmHA held a first priority lien on Arnold & Baker’s property, with a claim of approximately $3.8 million. After several failed reorganization attempts, Arnold & Baker proposed a second amended plan that would transfer 566.5 acres of land (out of the 1,320 acres securing FmHA’s claim) to FmHA in full satisfaction of its secured claim. The bankruptcy court valued the land at $7,300 per acre, making the proposed transfer worth approximately $4.1 million. Despite FmHA’s objection and its much lower valuation of the property ($1,381 per acre), the bankruptcy court confirmed the plan, finding it provided FmHA with the “indubitable equivalent” of its secured claim. The BAP reversed, holding that the partial transfer of collateral did not provide the indubitable equivalent because it forced FmHA to assume the risk of receiving less upon sale without recourse to the remaining collateral.
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