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IN RE OUTLOOK/CENTURY LTD.

Bankruptcy No. 91-3-0874-TC, No. RS 91-0329-TC.

127 B.R. 650 (1991)

In re OUTLOOK/CENTURY LTD., a California limited partnership, Debtor.

United States Bankruptcy Court, N.D. California.

May 13, 1991.

Attorney(s) appearing for the Case

Latham & Watkins, Brad R. Godshall, Gregory M. Pettigrew, Los Angeles, Cal., Latham & Watkins, D.R. Edwards, San Francisco, Cal., for movant New West Fed. Sav. and Loan Ass'n.

George D. Giddens, Jennie Deden Behles, J.D., P.A., Albuquerque, N.M., Craig K. Welch, Welch, Stromsheim & Olrich, San Francisco, Cal., for debtor.

OPINION

THOMAS E. CARLSON, Bankruptcy Judge.

The principal issue raised in this case is whether there is a "new value" exception to the absolute priority rule of section 1129(b)(2)(B) of the Bankruptcy Code. I conclude that no such exception exists. Because Debtor cannot confirm a plan of reorganization unless there is a new value exception, Debtor's motion for use of cash collateral is denied, and secured creditor's motion for relief from the automatic...

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