In re Jamaica House, Inc.
United States Bankruptcy Court for the District of Vermont
31 B.R. 192 (1983)
- Written by Whitney Kamerzel , JD
Facts
Jamaica House, Inc. (defendant) operated a restaurant and hotel and filed for Chapter 11 bankruptcy. Jamaica House’s bankruptcy schedules showed that it owed $120,285.78 to various debtors and had assets worth $177,700. However, Jamaica House did not submit a disclosure statement and plan to the court to identify its exact financial status and its proposed organization plan. Jamaica House’s property contained a first mortgage held by Green Mountain Bank (the Bank) (plaintiff) for $90,000 of principal and several years’ worth of unpaid interest. Jamaica House’s debts also included federal, state, and local taxes that were secured by a lien on the property. When Jamaica House filed for bankruptcy, an automatic stay of the secured creditors’ claims was imposed. The Bank filed for relief from the automatic stay, arguing that the stay was harming its secured interest because the tax deficiencies were growing each day and that this was resulting in a loss of recovery for the Bank.
Rule of Law
Issue
Holding and Reasoning (Marro, J.)
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