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In re Buena Vista Oceanside, LLC
United States Bankruptcy Court for the Western District of Pennsylvania
479 B.R. 342 (2012)
Buena Vista Oceanside, LLC (Buena Vista) (debtor) owned and operated two small hotels in Florida. Optimum Bank (Optimum) (creditor) loaned Buena Vista $4,368,000 and retained a first-priority mortgage lien on the properties. Buena Vista filed for reorganization under chapter 11 of the bankruptcy code, and Optimum filed a proof of claim. Buena Vista filed a motion to obtain a valuation of Optimum’s secured claim and for avoidance of the lien. Both Buena Vista and Optimum hired professional real-estate appraisers to appraise the value of the mortgaged properties. Based on the appraisers’ valuations, Buena Vista asserted that the collective value of the two properties was $1,690,000. Optimum asserted that the collective value was $3,375,000.
Rule of Law
Holding and Reasoning (Fitzgerald, J.)
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