In re NNN Parkway 400 26, LLC

Good Law

2014 WL 309734·505 B.R. 277

United States Bankruptcy Court, Central District of CaliforniaJanuary 28, 2014Nos. 8:12-bk-24593-TA, 8:13-bk-16598-TA, 8:13-bk-16603-TA, 8:13-bk-16608-TA, 8:13-bk-16611-TA, 8:13-bk-16612-TA, 8:13-bk-16614-TA, 8:13-bk-16616-TA, 8:13-bk-16617-TA, 8:13-bk-16706-TA, 8:13-bk-16621-TA, 8:13-bk-16623-TA, 8:13-bk-16627-TA, 8:13-bk-18271-TA, 8:13-bk-16628-TA, 8:13-bk-16633-TA, 8:13-bk-16634-TA, 8:13-bk-16635-TA, 8:13-bk-16636-TA, 8:13-bk-16637-TA, 8:13-bk-16638-TA, 8:13-bk-16639-TA, 8:13-bk-16641-TA, 8:13-bk-16642-TA, 8:13-bk-16643-TA, 8:13-bk-16645-TA, 8:13-bk-16646-TA, 8:13-bk-16696-TA, 8:13-bk-16697-TA, 8:13-bk-18271-TACalifornia5,418 words

Opinion

Lead Opinion

Albert, J.

AMENDED MEMORANDUM OF DECISION DENYING CONFIRMATION OF CHAPTER 11 PLAN AND GRANTING RELIEF OF STAY

The debtors are some 31 affiliated limited liability companies, each of which own undivided tenancies in common (collectively “debtor TICs”) in the property commonly known as 11720 and 11800 Amber Park Drive, Alpharetta, Georgia (“the property”). The property is improved by office buildings which have been partially leased. The debtor TICs each hold a percentage ownership in the property, aggregating approximately 86%. There are at least four tenants in common owning the remaining H% which are not debtors (“non-debtor TICs”). By earlier order these cases are administratively consolidated.

The plan is opposed by the major creditor in the case WBCMT 2007-C31 Amber-park Office Limited Partnership (“lender”). The lender is owed about $27 million secured by a first mortgage on the property. The lender had actually foreclosed on the property January 3, 2013 but was prevented from consummating that foreclosure by the Chapter 11 petition of the lead debtor, NNN Parkway 400 26, LLC (“lead debtor”) representing about a 2.3% ownership of the property. Despite its serious misgivings voiced at…

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