In re Craddock-Terry Shoe Corporation

Craddock-Terry (debtor) owed Lincoln and Westinghouse (plaintiffs) roughly $9.6 million secured partly by the customer mailing list of its Hill Brothers division; the creditors moved to lift the automatic stay or obtain adequate protection, presenting expert testimony that the list's value had fallen from $8.7 million to $5.7 million since the petition date, while Craddock-Terry's own expert found a much smaller decline from $700,000 to $330,000, reasoning the list was worth far more to Craddock-Terry itself than to a third party. The evidence also showed Craddock-Terry was selling assets to fund Hill Brothers' reorganization.