IN RE BLOOMINGDALE PARTNERS

Bankruptcy No. 91 B 11678.

155 B.R. 961 (1993)

In re BLOOMINGDALE PARTNERS, an Illinois limited partnership, Debtor.

United States Bankruptcy Court, N.D. Illinois, E.D.

June 7, 1993.


Attorney(s) appearing for the Case

Gregory G. Wrobel, Mitchell G. Jones, John D. Malarkey, Michael L. Kayman, Vedder, Price, Kaufman & Kammholz, Chicago, IL, for debtor.

Philip V. Martino, Rudnick & Wolfe, Chicago, IL, debtor's General Partners.

Peter A. Sarasek, Leonard S. Shifflett, Thomas J. Magill, Todd A. Rowden, Wilson & McIlvaine, Chicago, IL, for John Hancock Insur.

David J. Fischer, Wildman, Harrold, Allen & Dixon, Chicago, IL, for Fleet Nat. Bank.

Katy Gleason, Dept. of Justice, United States Trustee's Office, Chicago, IL, for U.S. Trustee.


MEMORANDUM OPINION

RONALD BARLIANT, Bankruptcy Judge.

The Debtor, a limited partnership, owns a single asset: an apartment building valued at $10,000,000. The building is subject to a first mortgage debt in excess of $11,100,000; the lender elected to treat its entire claim as secured, but now seeks to withdraw that election. The Debtor has proposed a Chapter 11 plan that seeks to "cram-down" the lender's claim, despite the lender's objections. The...

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