In a 17 page decision entered March 9, 2012, Judge Carey of the Delaware Bankruptcy Court granted a motion for relief from the Bankruptcy Code’s automatic stay to allow an undersecured creditor to exercise its remedies against a debtor’s collateral. A copy of Judge Carey’s opinion is available here (the “Opinion”). The Opinion was issued in a case nearly identical to that discussed in this post: Dirt-for-Debt, or Just Dirt: Judge Carey’s Latest Decision in All Land Investments, LLC.
The Debtor is related to that in the Dirt-for-Debt post. The creditor moving for relief from stay is the same. The experts are the same. Judge Carey’s decision and holdings are the same. If you like the feeling of déjà vu, by all means, read the opinion referenced in the Dirt-for-Debt post and this opinion both. If you are only going to read one, though, make it the Dirt-for-Debt opinion as Judge Carey provides more information regarding the debtors, and it makes for a better visualization of what happened.