Logourl black
From our private database of 14,100+ case briefs...

In re Oneida Lake Development, Inc.

United States Bankruptcy Court for the Northern District of New York
114 B.R. 352 (1990)


Facts

Oneida Lake Development, Inc. (Oneida) (debtor) filed for reorganization under chapter 11 of the bankruptcy code. Oneida sought to sell all of its real property and physical assets under § 363 of the bankruptcy code. The property had been previously appraised at $1,250,000, but the value of the property had depreciated by the time of the sale. The highest bid submitted for the property was $776,000. That bid was later withdrawn, and the highest active bid was $750,000. The property was encumbered with three mortgages, three judgments, and delinquent real estate taxes. The encumbrances totaled over $1,300,000. Oneida had filed adversary proceedings to set aside two of the judgments, and asserted that it planned to contest the third judgment, which was held by Wood Point Venturers (Wood) (creditor) in the amount of $600,000. The bankruptcy court held a hearing on the proposed § 363 sale. Wood objected to the sale, while Oneida asserted that it had satisfied at least one of the five conditions set for under § 363(f).

Rule of Law

The rule of law is the black letter law upon which the court rested its decision.

To access this section, please start your free trial or log in.

Issue

The issue section includes the dispositive legal issue in the case phrased as a question.

To access this section, please start your free trial or log in.

Holding and Reasoning (Gerling, J.)

The holding and reasoning section includes:

  • A "yes" or "no" answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

To access this section, please start your free trial or log in.

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 220,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 14,100 briefs, keyed to 189 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.