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Single Asset Real Estate C11 - what about three asset=
101(51B)'s"single asset real estate" casetriggers earlyAPO paymentsunder 362(d)(3)(B)
101(51C)'s"small business debtor" that triggers 1116 requirements.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400* Toll Free: (800) 307-3328 * Fax: (310) 391-2462
________________________________
To: "cdcbaa@yahoogroups.com"
Sent: Tuesday, December 11, 2012 8:19 PM
Subject: Re: [cdcbaa] Single Asset Real Estate C11 - what about three assets?
I'm fairly certain the following is correct but I didn't look at case law.
If you can find any reason not to designate as SARE, don't designate it as such because it pigeon holes you into filing a plan ASAP. Debtors usually need the breathing room.
The only tactic could be if you want to use cash collateral to pay interest only payments to the creditor, SARE designation lets you do that w/o permission from anyone and no 90 day plan issue. Of course very risky.
Multiple, discontinuous properties can be considered SARE but I can't cite cases.
Michael --
Sincerely,
Michael Avanesian
Attorney and Counselor at Law
818-817-1725
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