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Bankr. W.D.N.C.: In re RTJJ- Confirmation of Chapter 11 Plan

Summary:

RTJJ is the largest owner of low-income housing in Gastonia. Following first the closure of area textile mills and then the housing crash, RTJJ became unable to pay its debts and faced foreclosure by Community One, its largest secured creditor. Despite proposing a Chapter 11 plan that would have paid creditors substantially more than a Chapter 7 liquidation, Community One objected to the plan and pressed for the sale of the assets. (The Bankruptcy Court found that Community One, itself in dire financial straits and under the supervision of the OCC, was under regulatory pressures to quickly obtain cash rather than greater returns over a longer period.)

The first objection raised by Community One was that the allowance of two tardy votes of unsecured creditors was improper.… Read More

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