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Bankruptcy Keyed to Bussel, 12th Ed.
Matter of Greystone III Joint Venture
Citation:
995 F.2d 1274 (1991)Facts
Phoenix Mutual Life Insurance Corporation loaned Greystone III Joint Venture $8.8 million, secured by a first lien on Greystone’s office building. When Greystone defaulted on the loan, missing four payments, Phoenix posted the property for foreclosure. Greystone responded by filing for Chapter 11 bankruptcy protection. At the time of filing, Greystone owed Phoenix approximately $9,325,000, trade creditors approximately $10,000, and taxing authorities approximately $145,000. The bankruptcy court valued Phoenix’s secured claim at $5,825,000 (the appraised value of the building), leaving Phoenix with an unsecured deficiency claim of approximately $3,500,000. Greystone’s reorganization plan separately classified Phoenix’s unsecured deficiency claim from the trade creditors’ unsecured claims, though both classes would receive the same treatment (approximately 3.42 cents on the dollar). The plan also classified tenant security deposits as a separate class. Phoenix voted against the plan, but the trade creditors and tenant security deposit holders voted to accept it. The plan also proposed a $500,000 capital infusion by Greystone’s partners in exchange for retaining 100% equity in the reorganized debtor.
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