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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38878
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I am in chapter 11, w/LLC, Single asset, single creditor case.

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I am in chapter 11, w/LLC, Single asset, single creditor case. Creditor granted relief from stay under 362 (d) (1), 362 (d) (2). The court waived 4001 (a) (3). Since the hearing, I have entered into purchase contract
on property I own as individual and from proceeds of sale I can and would commit funds to make post petition payments. Can I seek an immediate restraining order.

You can seek a restraining order and relief from the order lifting stay on grounds that new evidence has arisen which makes preservation of the status quo in the interest of both creditor and debtor. If you can show that there is a high likelihood that the sale will go through, then the court may grant the request.


There's no magic here. However, your buyer's likelihood of approval on any financing, or depositing a substantial downpayment into escrow could be pursuasive.


Hope this helps.


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Customer: replied 7 years ago.
Buyer is very financing contingency.....I don't really want to take his offer, as he is leaving me at least $3m short of current value...Transcript of relief from stay hearing just arrived and shows single creditor perjured himself signficantly. No time to get to court for reconsideration it appears. If you want to reach me by phone, I am at xxxxxxxxxx. You and I have been conversing over last week or so and I think your judgment is good.

Edited by Maria-Moderator on 10/6/2009 at 11:28 PM EST

I cannot contact you outside of this forum, because it would indicate the establishiment of an attorney-client relationship. However, I'm flattered by your offer.


That said, if you can't get to court, then the only recourse would be to offer to pay the lender for a postponement. But, if you aren't going to take the offer, then I don't see the point, because you will lose the property, and your Ch. 11 will be moot, since it's the onyl asset involved.


Not sure what else there is to suggest.


Edited by socrateaser on 10/6/2009 at 8:26 PM EST
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