In re Buena Vista Oceanside, LLC
United States Bankruptcy Court for the Western District of Pennsylvania
479 B.R. 342 (2012)
Relevant factsFree
Buena Vista Oceanside (debtor), owner of two Florida hotels, obtained a $4,368,000 loan from Optimum Bank (creditor) secured by a first-priority mortgage. In Buena Vista's Chapter 11 case, the parties' competing professional appraisals valued the properties dramatically differently — $1,690,000 according to Buena Vista and $3,375,000 according to Optimum — as part of Buena Vista's motion to value Optimum's secured claim and avoid the excess lien.
IssueFree
Whether a bankruptcy court has the power to conduct an independent property valuation when faced with conflicting property valuations in a Chapter 11 proceeding.