In re Holmes (02-52793)
The Chapter 11 debtor proposed a plan of liquidation. The debtor proposed to pay his creditors by selling his primary asset, a 6,708 acre tract of land. A secured creditor argued that the debtor proposed an unreasonable length of time to market the land. The Court held that the creditor 's claim was fully secured and thus adequately protected. The Court held that six to twelve months was needed to market the land and close the sale.
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Date:
Thursday, October 30, 2003