RadLAX Gateway Hotel, LLC v. Amalgamated Bank

After RadLAX (plaintiff) defaulted on a $142 million construction loan secured by all its assets, it proposed a Chapter 11 plan to auction its assets under procedures that let the Bank (defendant), as loan trustee, bid but barred it from credit-bidding -- meaning it would have to pay cash rather than offset the purchase price against the debt owed to it; RadLAX sought to confirm this plan under the cramdown provisions over the Bank's objection, but the bankruptcy court denied confirmation, and the Seventh Circuit affirmed.