Western Real Estate Equities v. Village at Camp Bowie I, L.P., No. 12-10271 (5th Cir. 2013)
Annotate this CaseWestern appealed a bankruptcy court order confirming a Chapter 11 cramdown plan and denying Western's motion for relief from the automatic stay. The court expressly rejected Matter of Windsor on the River Associates, Ltd. and joined the Ninth Circuit in holding that 11 U.S.C. 1129(a)(10) did not distinguish between discretionary and economically driven impairment. In light of the record in this case, the court could not conclude that the district court clearly erred in its section 1129(a)(3) analysis, particularly as the court has recognized that a single-asset debtor's desire to protect its equity could be a legitimate Chapter 11 objective. The court emphasized, however, that the court's decision did not circumscribe the factors bankruptcy courts could consider in evaluating a plan proponent's good faith. Because the court concluded that the bankruptcy court did not err in confirming the Village's plan, Western's theory of cause necessarily also failed. Accordingly, the court affirmed the judgment.
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