Cases for NC
Summary:
In a “vigorously litigated case”, the Debtor proposed to surrender certain parcels of real property to satisfy the claim of Capital Bank, i.e. “Dirt for Debt”. Based on the valuations of the real property at issue, the bankruptcy court held that those properties had sufficient value to fully satisfy the claim of Capital Bank, leaving it with no unsecured deficiency claim.
Capital Bank nonetheless contended that it should not be subject to cram-down under 11 U.S.C. § 1129.