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In re Landau Boat Co. (Landau I)
United States Bankruptcy Court for the Western District of Missouri
8 B.R. 436 (1981)
- Written by Solveig Singleton, JD
Facts
Landau Boat Company (Landau) (debtor) filed for bankruptcy under Chapter 11 of the Bankruptcy Code (the code). Landau proposed a reorganization plan recognizing four creditor classes. Class 1 consisted of administrative costs, to be paid in full. Class 2 consisted of secured claims, to be paid in full. Class 3 was comprised of unsecured claims, to receive 10 percent. Class 4 was made up of stockholders, who were to retain their interest in Landau and who would receive no distributions under the plan. Class 3, the impaired class, rejected the plan. Landau asked the court to cram down the plan under § 1129(b) of the code.
Rule of Law
Issue
Holding and Reasoning (Pelofsky, J.)
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