IN RE MONTCLAIR RETAIL CENTER, L.P.

BAP No. CC-94-1444-MeVHa. Bankruptcy No. SB 93-22238.

177 B.R. 663 (1995)

In re MONTCLAIR RETAIL CENTER, L.P., Debtor. MONTCLAIR RETAIL CENTER, L.P., Appellant, v. BANK OF THE WEST, Appellee.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Decided February 3, 1995.


Attorney(s) appearing for the Case

Lloyd M. Segal, Los Angeles, CA, for appellant.

James A. Tiemstra, Oakland, CA, for appellee.

Before MEYERS, VOLINN and HAGAN, Bankruptcy Judges.


OPINION

MEYERS, Bankruptcy Judge:

I

FACTS

Eli Sasson ("Sasson") obtained a $3.8 million recourse loan from Bank of the West ("Bank") in 1991. Sasson used the funds to construct a commercial shopping center in Montclair, California ("Property"). Early in 1992, Sasson defaulted on the loan and the Bank commenced a non-judicial foreclosure. The parties agreed to several continuances; however, by March 1993, the Bank refused any further extensions...

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