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In re Omni Lion's Run, L.P.

578 B.R. 394 ( 2017)

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In re Omni Lion’s Run, L.P.

United States Bankruptcy Court for the Western District of Texas

578 B.R. 394 ( 2017)

Facts

Omni Lion’s Run, L.P. and Omni Lookout Ridge, L.P. (debtors) owned adjacent apartment complexes, the “Lion’s Property” and the “Lookout Property.” Both complexes were managed by one general partnership, Omni GP LLP, with a sole member, Gregory Hall, who was also a limited partner in both debtors and guarantor on their secured notes to lenders. In 2016, a fire destroyed a Lookout Property building. Omni Lookout hired a contractor who repaired and rebuilt the building. The insurer paid out over $1 million, but the lender refused to pay the contractor. Meanwhile, the Lookout Property filed to reorganize in bankruptcy without a reorganization plan or disclosure statement. At the time, the property did not have appropriate management. Hall did not put up additional capital and was using rent from the complex to make personal mortgage payments. Therefore, the bankruptcy court lifted the automatic stay. When both properties defaulted in 2017, the lenders started foreclosure proceedings. Both properties filed to reorganize in bankruptcy. This time, Hall submitted disclosure statements and feasible reorganization plans and contributed additional capital, and the lenders received over $20,000 a month in protection payments. Hall also replaced the Lookout Property manager with someone with considerable experience who turned the property around, making improvements and increasing occupancy. The debtors provided monthly operating reports and testimony about ongoing negotiations that supported the prospect of reorganization. The lenders nonetheless moved to lift the automatic stay under §§ 362(d)(1) and (2) of the Bankruptcy Code.

Rule of Law

Issue

Holding and Reasoning (King, C.J.)

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