Bankr. E.D.N.C.: In re Smithville Crossings, L.L.C.- Motion for Reconsideration under Rule 59(e)

Summary: Following a determination of the appropriate interest rate to pay on a secured claim, the creditor filed a Motion for Reconsideration under Rule 59(e).  The reconsideration of an order, the moving party must show:

1. An intervening change in controlling law;
2. New evidence not available at trial; or
3. A clear error of law or prevent manifest injustice.

In essence finding that the secured creditor was merely seeking to relitigate the issue, the Court denied the Motion for Reconsideration, finding (again) that its previous ruling was  supported by competent evidence, was not manifestly unjust, and the Debtor had made a prima facie showing that its reorganization was feasible. Smithville Crossings, L.L.C.- Motion for Reconsideration under Rule 59(e).PDF