IN RE SUNNYSLOPE HOUSING LTD. PARTNERSHIP

No. 12-17241, No. 12-17327, No. 13-16164, No. 13-16180.

859 F.3d 637 (2017)

IN RE SUNNYSLOPE HOUSING LIMITED PARTNERSHIP, Debtor. First Southern National Bank, Plaintiff-Appellant, v. Sunnyslope Housing Limited Partnership, Defendant-Appellee. In re Sunnyslope Housing Limited Partnership, Debtor. Sunnyslope Housing Limited Partnership, Plaintiff-Appellant, v. First Southern National Bank, Defendant-Appellee. In re Sunnyslope Housing Limited Partnership, Debtor. First Southern National Bank, Plaintiff-Appellant, v. Sunnyslope Housing LP, Defendant-Appellee. In re Sunnyslope Housing Limited Partnership, Debtor. Sunnyslope Housing LP, Plaintiff-Appellant, v. First Southern National Bank, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Filed May 26, 2017.

Amended June 23, 2017.


Attorney(s) appearing for the Case

Edward K. Poor (argued), Quarles & Brady LLP, Chicago, Illinois; Brian Sirower and Walter J. Ashbrook , Quarles & Brady LLP, Phoenix, Arizona; for Plaintiff-Appellant.

Susan M. Freeman (argued), Henk Taylor , and Justin Henderson , Lewis and Roca LLP, Phoenix, Arizona; Bradley D. Pack , Scott B. Cohen , and David Wm. Engelman , Engelman Berger P.C., Phoenix, Arizona; for Defendant-Appellee.

Donald L. Gaffney and Jasmin Yang , Snell & Wilmer LLP, Phoenix, Arizona, for Amici Curiae Arizona Bankers Association, California Bankers Association, Hawaii Bankers Association, Idaho Banks Association, Montana Bankers Association, and Washington Bankers Association.

Dissent by Judge Kozinski


OPINION

When a debtor, over a secured creditor's objection, seeks to retain and use the creditor's collateral in a Chapter 11 plan of reorganization through a "cram down," the Bankruptcy Code treats the creditor's claim as secured "to the extent of the value of such creditor's interest." 11 U.S.C § 506(a)(1...

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