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United States Court of Appeals for the Eleventh Circuit
June 29, 1987
Nos. 86-5286, 86-5386
[*377] GODBOLD, Circuit Judge:
These consolidated appeals are before us on two separate but related district court decisions: (1) affirmance of the bankruptcy court's confirmation of a proposed reorganization plan (No. 86-5286); and (2) dismissal of a separate action against the Bank of New York (No. 86-5386). We dismiss these appeals as moot.
Appellants are the five debtors in the underlying Chapter 11 proceeding: Theodore Gould; Holywell Corporation (Gould is sole stockholder and president); Miami Center Corporation (wholly-owned subsidiary of Holywell with Gould as president); [**2] Chopin Associates (general partnership between Gould and Miami Center Corporation); and Miami Center Limited Partnership (Gould and Miami Center Corporation are general partners and owners of some limited partnership shares). These debtors developed the Miami Center Project, which consisted of an office building, a hotel, retail space and a garage in downtown Miami. The Bank of New York financed the construction of the Project.
Debtors filed voluntary petitions for bankruptcy when the Bank instituted foreclosure proceedings against the Project. The filing of the petitions automatically stayed all actions against debtors, including the Bank's foreclosure action. Over 400 creditors have or had an interest in the bankruptcy proceeding.
Both debtors and the Bank filed competing reorganization plans in the bankruptcy proceeding. 2 [**3] The creditor committees and individual creditors overwhelmingly approved the Bank's plan and rejected debtors' plan. The bankruptcy court subsequently confirmed the Bank's plan, over [*378] debtors' and debtor-affiliated entities' objections. 3
Debtors sought to stay the implementation of the reorganization plan pending an appeal to the district court. The bankruptcy court conditioned such a stay on the posting of a $ 140 million bond, later reduced by by the district court to $ 50 million. We dismissed an interlocutory appeal of this bond requirement for lack of jurisdiction. Debtors failed to post the bond within the required time limit, and the trustee began implementing the reorganization plan, including the sale of the Miami Center Project to the Bank's designee for $ 255.6 million.
Debtors appealed the bankruptcy court's confirmation of the reorganization plan. District Judge Aronovitz of S.D. Florida denied the Bank's motion to dismiss the appeal and remanded the case to the bankruptcy court for entry of explicit [**5] findings of fact and conclusions of law upon which the district court could properly base its appellate review. On remand the bankruptcy court held an evidentiary hearing and solicited proposed findings of fact and conclusions of law from each party. The bankruptcy court adopted the Bank's proposed findings and again confirmed the Bank's proposed reorganization plan. On appeal Judge Aronovitz affirmed the bankruptcy court's confirmation order. 59 Bankr. 340.
Full case includes Shepard's, Headnotes, Legal Analytics from Lex Machina, and more.
820 F.2d 376 *; 1987 U.S. App. LEXIS 8126 **; Bankr. L. Rep. (CCH) P71,885
Miami Center Limited Partnership, Miami Center Corporation, Theodore B. Gould, Chopin Associates, and Holywell Corporation, Plaintiffs-Appellants, v. Bank of New York, Defendant-Appellee; Miami Center Corporation and Chopin Associates, Plaintiffs-Appellants, v. The Bank of New York, et al., Defendants-Appellees
Subsequent History: Petition for Rehearing Denied September 8, 1987; Petition for Rehearing Denied and Petition for Rehearing in Banc Denied March 10, 1988.
Prior History: [**1] Appeals from the United States District Court for the Southern District of Florida.
reorganization plan, moot, confirmation, effective relief, bankruptcy court, appeals, district court, funds
Bankruptcy Law, Administrative Powers, Automatic Stay, Judicial Review, Civil Procedure, Entry of Judgments, Stays of Judgments, Automatic Stays, General Overview, Procedural Matters, Judicial Review, Judgments, Relief From Judgments, Real Property Law, Bankruptcy, Secured Claims, Plans, Postconfirmation Effects