Quimbee logo
DMCA.com Protection Status
From our private database of 18,800+ case briefs...

In re Figter Limited

United States Court of Appeals for the Ninth Circuit
118 F.3d 365 (1997)


Figter Limited (Figter) (plaintiff), the owner of Skyline Terrace, a 198-unit rental apartment complex, filed a Chapter 11 bankruptcy petition. Figter’s only secured creditor was Teachers Insurance and Annuity Association of America (Teachers) (defendant), which held a $15,600,000 promissory note secured by a first deed of trust on the property and $1,400,000 cash. Thirty-four unsecured claims were held by various creditors. Figter proposed a reorganization plan in which Teachers would be paid off in full. Skyline Terrace would be converted into condominiums, with Teachers being paid as units sold. The plan proposed paying the unsecured creditors 80 percent of the value of their claims. Teachers opposed Figter’s plan because, inter alia, the condo conversion might result in an unwieldy lien situation. Teachers offered to purchase the claims of the unsecured creditors for 100 percent of their value. The holders of 21 claims sold them to Teachers. Without objection by the unsecured creditors who did not sell, Teachers filed judicial notices for the transfer of such claims. Because Teachers withheld its acceptance of Figter’s reorganization plan on behalf of both the secured and unsecured creditor classes, the plan was not confirmable under 11 U.S.C. § 1129. The bankruptcy court concluded that Teachers had not acted in bad faith and that each of the 21 claims it purchased was entitled to a separate vote. The district court affirmed. Figter appealed.

Rule of Law


Holding and Reasoning (Fernandez, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 498,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 498,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 18,800 briefs, keyed to 985 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Questions & Answers

Have a question about this case?

Sign up for a free 7-day trial and ask it

Sign up for a FREE 7-day trial