Orix Credit Alliance, Inc. v. Mills (In re Beach Television Partners)
United States Court of Appeals for the Eleventh Circuit
38 F.3d 535 (1994)
- Written by Douglas Halasz, JD
Facts
Beach Television Partners (BTP) (debtor) owned and operated two independent television stations. BTP bought almost all of its broadcasting equipment using funds from Orix Credit Alliance, Inc. (Orix) (creditor). As security, BTP pledged its personal property, including two Federal Communications Commission (FCC) broadcasting licenses. BTP eventually filed for bankruptcy. During the bankruptcy proceedings, the FCC approved the sale of the two broadcasting licenses to private third parties for approximately $140,000. Orix filed a motion seeking payment of the proceeds from the sale of the broadcasting licenses. The bankruptcy court ruled that Orix did not have a valid security interest in the proceeds of the sale and denied Orix’s motion. The district court affirmed. Orix appealed.
Rule of Law
Issue
Holding and Reasoning (Hatchett, J.)
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