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IN RE PANTHER MOUNTAIN LAND DEVELOPMENT, LLC

No. 11-1900.

686 F.3d 916 (2012)

In re PANTHER MOUNTAIN LAND DEVELOPMENT, LLC, Debtor. National Bank of Arkansas, Appellant, v. Panther Mountain Land Development, LLC, Appellee, The Holloway Firm, Inc.

United States Court of Appeals, Eighth Circuit.

Filed: July 25, 2012.

Attorney(s) appearing for the Case

Stephen L. Gershner , argued, Charles Darwin Davidson, Sr. , on the brief, Little Rock, AR, for appellant.

James Henry Penick, III , argued, Richard L. Ramsay , on the brief, Little Rock, AR, for appellee.

Before LOKEN, BYE, and MELLOY, Circuit Judges.

MELLOY, Circuit Judge.

Voluntary Chapter 11 Debtor Panther Mountain Land Development, LLC (the Debtor), holds certain parcels of undeveloped land that are included within property-owners' improvement districts (the Improvement Districts) formed in accordance with Arkansas law. The Debtor formed the Improvement Districts more than one year before filing for bankruptcy. They are separate, pseudo-governmental entities with certain powers including the abilities to sue...

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