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Bankruptcy Keyed to Epstein 6th Ed.
Stone Hedge Properties v. Phoenix Capital Corp. (In re Stone Hedge Properties)
Citation:
191 B.R. 59 (1995)Facts
Stone Hedge Properties, a Pennsylvania general partnership, converted a family farm into an eighteen-hole golf course financed through PNC Bank. When Stone Hedge couldn’t meet its restructured debt obligations, it filed for Chapter 11 bankruptcy on June 7, 1993. Sixteen days later, PNC Bank sold its approximately $2.35 million mortgage to Phoenix Capital for $1.315 million. Phoenix, formed by former PNC Bank subsidiary employees to acquire distressed assets, filed a proof of claim for $2,592,789.36. Stone Hedge disputed Phoenix’s claim through a counterclaim, arguing that Phoenix should not be allowed to profit from insider information and that the collateral (golf course, equipment, and land development) was worth $4.5-5 million, making Phoenix fully secured. Phoenix contended its collateral was worth only $2.08 million, making it undersecured by approximately $500,000. Both parties filed competing reorganization plans, and the court had to determine the proper valuation and temporary allowance of Phoenix’s claim for voting purposes.
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