No. 13-2241.

735 F.3d 596 (2013)

In re B.R. BROOKFIELD COMMONS NO. 1 LLC, et al., Debtors-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided November 4, 2013.

Attorney(s) appearing for the Case

Jeffrey Dan , Crane, Heyman, Simon, Welch & Clar, Chicago, IL, David B. Goroff , Foley & Lardner, LLP, Chicago, IL, Ann Marie Uetz , Foley & Lardner LLP, Detroit, MI, for Debtors-Appellants.

Before BAUER, FLAUM, and ROVNER, Circuit Judges.

BAUER, Circuit Judge.

In this bankruptcy proceeding, the creditor, ValStone Asset Management, LLC ("ValStone"), succeeded to the rights of a second mortgage secured by a lien on a shopping center owned by the B.R. Brookfield Commons No. 1, LLC and B.R. Brookfield Commons No. 2, LLC ("Brookfield"). Brookfield argues that because the second mortgage is a nonrecourse loan, and there was no equity in the shopping center at the time of the bankruptcy filing, the claim...

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