In Re Flamingo 55, Inc.

Gregory Grantham and John Saba appeal the district court’s order affirming the bankruptcy court’s decision that they were not entitled to subrogation pursuant to the provisions of 11 U.S.C. § 509 . We affirm.

The bankruptcy court issued a lengthy and detailed opinion dealing with the facts and issues before it and we perceive no reason to iterate the details of its discussion. Therefore, we adopt the bankruptcy court’s statements of facts in part II of its decision. In re Flamingo 55, 378 B.R. 893, 900-04 (Bankr.D.Nev.2007).

With one clarification and one exception, we also adopt the bankruptcy court’s discussion and determination denying Grant-ham and Saba’s assertion that they were entitled to subrogation pursuant to 11 U.S.C. § 509 . See Flamingo 55, 378 B.R. at 919-21 (part V).

(1) Clarification:

The bankruptcy court determined that Grantham and Saba’s predecessor in interest, Broadway-Acacia, LLC, and the debt- or Flamingo 55, Inc., were partners or coventurers in a venture to develop certain property, and that the loan in question was to them for the purpose of pursuing that venture. As a result, the bankruptcy court determined that Grantham and Saba do not come…