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IN RE PALMDALE HILLS PROPERTY, LLC

BAP Nos. CC-09-1100-HPaMk, CC-09-1101-HPaMk, CC-09-1102-HPaMk, CC-09-1103-HPaMk, CC-09-1104-HPaMk, CC-09-1105-HPaMk, CC-09-1106-HPaMk, CC-09-1107-HPaMk. Bankruptcy No. SA 08-17206-ES.

423 B.R. 655 (2009)

In re PALMDALE HILLS PROPERTY, LLC, Debtor. Lehman Commercial Paper, Inc., Appellant, v. Palmdale Hills Property, LLC, et al., Appellees.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Filed December 15, 2009.

Attorney(s) appearing for the Case

Christopher Pace, Weil Gotshal & Manges, LLP, Miami, FL, Attorney for Lehman Commercial Paper, Inc.

Paul John Couchet, Winthrop Couchet Professional Corp., Newport Beach, CA, Attorney for Palmdale Hills Property, LLC.

Before: HOLLOWELL, PAPPAS and MARKELL, Bankruptcy Judges.

OPINION

HOLLOWELL, Bankruptcy Judge.

The issue presented in this appeal is whether a debtor violates the automatic stay of its creditor's bankruptcy case when it proposes to equitably subordinate the creditor's claim and transfer the lien securing the claim under § 510(c).1 Because, in this case, equitable subordination would modify the creditor's property interest, we find it violates the creditor's automatic stay. Accordingly...

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