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In re Oneida Lake Development, Inc.
United States Bankruptcy Court for the Northern District of New York
114 B.R. 352 (1990)
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 That bid was later withdrawn, and the highest active bid was $750,000.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
Holding and Reasoning (Gerling, J.)
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