James F. Kost filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. First Interstate Bank of Greybull (First Interstate) held a first mortgage on the debtor’s residence near Basin, Wyoming. Appraisals and other evidence showed that the house was worth $ 116,000. The debt owed to First Interstate was almost $ 103,000 and was increasing at a rate of $ 32.46 per day. The debtor had only an 11.5 percent equity cushion in the property. Further evidence showed that (1) the Greybull/ Basin area was suffering from tough economic times, (2) there were more than 90 homes available for sale in the area, (3) the real estate market in the area was declining, (4) the condition of the house was seriously deteriorating and the debtor was not financially able to make the necessary improvements, and (5) the insurance on the property had lapsed. First Interstate moved for a relief from stay so that it could foreclose on the property and sell it. Should the motion be granted? In re Kost, 102 B. R. 829, 1989 U. S. Dist. Lexis 8316 (United States District Court for the District of Wyoming)
Answer to relevant QuestionsDonald Wayne Doyle (Debtor) obtained a guaranteed student loan to enroll in a school for training truck drivers. Due to his impending divorce, Debtor never attended the program. The first monthly installment of approximately ...Lapp Roofing and Sheet Metal Company, Inc. is an Ohio corporation headquartered in Dayton, Ohio. The company provides construction services in several states. Lapp Roofing sent James Goldick and other Lapp Roofing employees ...Marc Brandon worked for Warner Bros. Entertainment, Inc. (Warner), as vice president of antipiracy Internet operations. Brandon drove his car from his home in southern California to the Burbank Airport, where he parked his ...Getty Oil Company (Getty) operates a separation facility where it gathers gas and oil from wells and transmits them to an outgoing pipeline under high pressure. Getty engineers designed and produced a pressure vessel, called ...The American Ship Building Company (American) operated a shipyard in Chicago, Illinois, where it repaired Great Lakes ships during the winter months, when freezing on the Great Lakes rendered shipping impossible. The workers ...
Post your question