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In re Landau Boat Co. (Landau II)

13 B.R. 788 (1981)

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In re Landau Boat Co. (Landau II)

United States Bankruptcy Court for the Western District of Missouri
13 B.R. 788 (1981)

SS

Facts

Landau Boat Company (Landau) (debtor) proposed a Chapter 11 reorganization plan (the plan) calling for Landau to issue new common stock and cancel all old stock. The new stock would be priced at $1 per share, and all buyers of the new stock would be required to lend Landau $3 for each $1 of stock purchased. Creditors were eligible to buy the new stock. Unsecured creditors were to be paid from the proceeds of the stock sale, but their claims would still be impaired. The unsecured creditors voted to reject this plan. Landau moved for the court to cram down the plan under § 1129(b) of the Bankruptcy Code (the code).

Rule of Law

Issue

Holding and Reasoning (Pelofsky, J.)

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Bankruptcy

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