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Matter of Spanish Peaks Holdings II, LLC

872 F.3d 892 (2017)

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Matter of Spanish Peaks Holdings II, LLC

United States Court of Appeals for the Ninth Circuit
872 F.3d 892 (2017)

  • Written by Rose VanHofwegen, JD

Facts

Spanish Peaks was a Montana resort financed with a $130 million loan secured by a mortgage assigned to Spanish Peaks Acquisition Partners LLC (SPAP). Interrelated entities owned and managed the resort. When Spanish Peaks Holdings LLC (SPH) and two related entities (debtors) filed for bankruptcy under Chapter 7, SPH had two commercial leases in place. The Pinnacle Restaurant at Big Sky LLC (Pinnacle) had a 99-year lease for $1,000 per year, and Montana Opticom LLC (Opticom), owned by a resort founder, had a 60-year lease for $1,285 per year. SPAP assigned its $122 million mortgage-secured claim to CH SP Acquisitions LLC (CH SP). The proposed liquidation plan entailed selling substantially all the debtors’ property at auction “free and clear of all liens.” Neither the list of encumbrances nor the list of protected liens mentioned the leases. The bankruptcy court authorized the auction without ruling on Pinnacle and Opticom’s objections. CH SP placed the winning bid, and the bankruptcy court approved the sale “free and clear of any Interests.” A later order clarified the sale was free and clear of leases, and the district court affirmed. Pinnacle and Opticom appealed.

Rule of Law

Issue

Holding and Reasoning (Block, J.)

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