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IN RE PALMDALE HILLS PROPERTY, LLC

BAP Nos. CC-10-1007-KiMkH, CC-10-1008-KiMkH. Bankruptcy No. SA 08-17206 ES.

457 B.R. 29 (2011)

In re PALMDALE HILLS PROPERTY, LLC, and its Related Debtors, Jointly Administered Debtors. Palmdale Hills Property, LLC; Acton Estates, LLC; SunCal Communities I, LLC; SunCal Emerald Meadows, LLC; Steven M. Speier, Chapter 11 Trustee; SunCal Beaumont, LLC; SunCal Johansson Ranch, LLC; Seven Brothers, LLC; Kirby Estates, LLC; SunCal Communities III, LLC; SunCal Summit Valley, LLC; SunCal Bickford Ranch, LLC, Appellants/Cross-Appellees, v. Lehman Commerical Paper, Inc.; Lehman Ali, Inc.; Northlake Holdings, LLC; OVC Holdings, LLC, Appellees/Cross-Appellants.

United States Bankruptcy Appellate Panel for the Ninth Circuit.

Decided August 10, 2011.

Attorney(s) appearing for the Case

Sean O'Keefe , Winthrop Couchot Professional Corp., Newport Beach, CA, for Palmdale Hills Property, LLC, et al.

Louis R. Miller , Miller Barondess, LLP, Los Angeles, CA, for Steven M. Speier, Ch. 7 Trustee.

Christopher R.J. Pace , Pachulski Stang Ziehl & Jones LLP, Los Angeles, CA, Lehman Commercial Paper, Inc., et al.

Before: KIRSCHER, MARKELL, and HOLLOWELL, Bankruptcy Judges.

OPINION

KIRSCHER, Bankruptcy Judge.

This appeal gives us an opportunity to expound on our decision in Jonas v. Farmer Bros. Co. (In re Comark), 145 B.R. 47, 49 (9th Cir. BAP 1992), to conclude that master repurchase agreements, or "repos," which provide language that "the parties intend that all transactions hereunder be sales and purchases and not loans," and which include annexes that do not alter the effect of these...

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