In re: Olde Prairie Block Owner, LLC, 10 B 22668, involves a single asset case where a secured creditor is asking the Court to lift the automatic stay and grant the secured creditor’s motion to dismiss to allow it to proceed with its foreclosure action against the debtor.
In granting the secured creditor’s motion to lift the automatic stay and motion to dismiss under Chapter 11, the Court ruled that Debtor’s plan was not economically feasible as required under Section 1129(a)(11) of the Bankruptcy Code. The Debtor’s Plan must have a reasonable possibility of being confirmed within a reasonable time. The court ruled that the Debtor failed to establish this and therefore granted the secured creditor’s motion.