In re Premier Golf Properties, LP

ORDER CONVERTING CASE TO CHAPTER

IT IS HEREBY ORDERED as set forth on the continuation page(s) attached, numbered two (2) through nineteen (19).

The court has considered Cottonwood Cajon ES, LLC’s (“Cottonwood Cajon”) motion for relief from stay, or alternatively to dismiss case, Premier Golf Properties, LP’s (“Debtor”) opposition, Cottonwood Cajon’s reply, the United States Trustee’s (the “UST”) limited response, the respective supporting evidence, and the parties’ oral argument at the hearing on this matter. For the following reasons, the court *713 grants the motion in part, converts the case to Chapter 7, and denies without prejudice Cottonwood Cajon’s stay relief request.

Factual Background and Procedural History

Debtor, Far East National Bank, Cottonwood Cajon, the Settlement Agreements, and Debtor’s Two Bankruptcy Cases

The parties are familiar with the material facts. Debtor owns and operates a golf course and related concerns in Rancho San Diego. On December 21, 2007, Debtor gave Far East National Bank (“FENB”) an $11.5 million promissory note. On December 24, 2007, the parties entered into a loan agreement evidencing the promissory note and underlying obligation…