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In re Oceanside Mission Associates

192 B.R. 232 (1996)

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In re Oceanside Mission Associates

United States Bankruptcy Court for the Southern District of California
192 B.R. 232 (1996)

Facts

Oceanside Mission Associates (Oceanside) (debtor) owned undeveloped real property that generated no income. The property was subject to secured claims that exceeded $4 million. After Oceanside filed for bankruptcy, Oceanside’s senior secured creditor (creditor) sought relief from the Bankruptcy Code’s automatic stay of certain collection actions. The creditor asserted that relief was appropriate under 11 U.S.C. § 362(d)(3), which allows relief with respect to an act against “single asset real estate” unless the debtor files a reorganization plan or starts making interest payments within 90 days of filing the bankruptcy petition. It was undisputed that Oceanside had failed to file a plan or make payments within 90 days of filing, so the issue for the bankruptcy court’s consideration was whether Oceanside’s undeveloped real property was “single asset real estate.”

Rule of Law

Issue

Holding and Reasoning (Bowie, J.)

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