In re Kvamme

93 B.R. 698 (1988)

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In re Kvamme

United States Bankruptcy Court for the District of North Dakota
93 B.R. 698 (1988)

Facts

Tim and Teri Kvamme (debtors) filed for Chapter 11 bankruptcy. The Kvammes submitted multiple proposed reorganization plans over nearly two years. At a hearing on the Kvammes’ third amended plan, the bankruptcy court warned the Kvammes that they had only one more chance to propose a confirmable plan. The Kvammes subsequently filed their fourth amended plan. Farmers Home Administration (FmHA) (creditor) objected to the plan. FmHA had a claim against the Kvammes for $174,234.72 and had elected under 11 U.S.C. § 1111(b) to have its claim treated as a secured claim. The Kvammes’ plan proposed to pay FmHA for the value of FmHA’s collateral, including (1) cattle with a market value of $45,400, amortized over 15 years with 9 percent interest and paid in 15 installments of $5,632.27 and (2) machinery with a market value of $5,600, amortized over seven years at 7 percent interest and paid in seven installments of $1,112.67. The total combined amount of these payments equaled $92,272.74. FmHA asserted that the plan did not reflect FmHA’s § 1111(b) election because the plan did not provide for FmHA to receive payment of its total allowed claim of $174,234.72. In addition to FmHA’s objection, another creditor moved to dismiss the bankruptcy proceeding based on the Kvammes’ failure to propose a confirmable plan.

Rule of Law

Issue

Holding and Reasoning (Hill, J.)

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