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New Cases For the Week of March 14, 2011 - March 18, 2011
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| March 15, 2011 |
Case |
Court |
Holding |
In re Olde Prairie Block Owner, LLC
(DBN) |
Bankr. ND IL |
A debtor whose property had a $30 million equity cushion above the secured debt could not rely solely on the equity cushion to justify a $4 million priming lien. The debtor was required to prove that the respective uses contemplated for the new loan must have serious likelihoods of benefitting the property and advancing the purposes of reorganization. The debtor could not use priming loan proceeds to pay accrued, past-due expenses. |
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