In re Inwood Heights Housing Development Fund Corp., Case No. 11-13322, 2011 BL 219634 (Bankr. S.D.N.Y. Aug. 25, 2011) The United States Bankruptcy Court for the Southern District of New York granted a motion filed by several New York City agencies seeking to vacate for "cause" the automatic stay in effect following a chapter 11 petition filed by a debtor-housing development corporation. At the same time, the bankruptcy court granted the city’s request to dismiss debtor’s chapter 11 case, declaring that it would enter a dismissal order after the city sold debtor’s apartment building at a foreclosure sale.
The Housing Development Fund Corporation
The Bankruptcy Filing and Lift Stay Motion
Relief from the Stay and Dismissal were Warranted
Lack of Authority to File Petition and Bad Faith
Bankruptcy Court Grants Motion
To view additional stories from Bloomberg Law® request a demo now