Leonor C Zimerman

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UNITED STATES BANKRUPTCY COURT
CENTRAL DISTRICT OF CALIFORNIA
SAN FERNANDO VALLEY DIVISION
In re:
Leonor C Zimerman
Debtor(s).
Case No.: 1:11-bk-14045-GM
CHAPTER 11
COURT WRITTEN TENTATIVE RULING
REGARDING MOTION FOR RELIEF FROM
THE AUTOMATIC STAY BY WEBER WAY
LJM, LLC
Date: July 8, 2014
Time: 10:00 a.m.
Courtroom: 303
Service: Ok.
Background:
Leonor C. Zimerman (“Debtor”) filed a voluntary Chapter 11 petition on April 1,
2011. On May 8, 2012, Debtor filed a Second Amended Modified Chapter 11 Plan of
Reorganization (“Plan”). The Plan was confirmed on June 29, 2012. Under the Plan,
Class #8, First Citizens Bank & Trust Company (“FCB”) was a senior secured lender
holding a lien on property located at 12838 Webber Way, Hawthorne, California. FCB
was to receive monthly mortgage payments in the amount of $6,974.19 commencing
April 1, 2012. Additionally, it was to receive monthly arrearage payments in the amount
of $3,060.47 commencing April 1, 2012. However, prior to confirmation of the Plan and
as of May 8, 2012, Debtor decided to abandon the Weber Way Property back to FCB.
On January 7, 2013, an Order was entered Granting Final Decree and Closing
Chapter 11 Case. On February 13, 2013, an Order was entered Amending the Order
FILED & ENTERED
JUL 11 2014
CLERK U.S. BANKRUPTCY COURT
Central District of California
BY DEPUTY CLERK	Remy
Case 1:11-bk-14045-GM Doc 158 Filed 07/11/14 Entered 07/11/14 12:29:27 Desc
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Confirming the Debtor’s Second Amended Modified Chapter 11 Plan so that a
Discharge may be Granted.
Motion for Relief from Stay:
On June 10, 2014, Weber Way LJM, LLC, filed a Motion for Relief from the
Automatic Stay under 11 U.S.C. §362(d)(1) and (d)(2)(A). The Weber Way property is
the subject of this Motion. Movant, Weber Way LJM, contends that it is the assignee of
the original holder’s interest in the Weber Way Property. Movant contends it is not
adequately protected. Moreover, Weber Way LJM contends that Debtor has no equity
in the property and the property is not necessary to an effective reorganization.
According to Weber Way LJM, the fair market value of the Weber Way Property
is $1,700,000. Weber Way LJM contends it is owed $1,766.217.03. Further, Movant
contends no post-petition payments have been made.
Analysis:
Weber Way LJM attaches various deeds which ultimately evidences the transfer
of the Weber Way Property to Weber Way LJM. Based on the Assignment of Deed of
Trust, Debtor executed a Deed with Temecula Valley Bank on November 3, 2008 for the
Weber Way Property. This Deed was subsequently assigned to FCB. FCB then
assigned its interest in the Property to Beverly Palm Properties. Finally, on May 8,
2014, Beverly Palm Properties granted the Property to Weber Way LJM. See, Exh. 5 to
Motion for Relief from Stay.
Pursuant to the confirmed Plan, the confirmation of the Plan revests all of the
property of the estate in the Debtor. Moreover, pursuant to the Plan, the Weber Way
Property was abandoned back to FCB on May 8, 2012.
Pursuant to 11 USC §362(c), the stay of an act against property of the estate
terminates when the property is not longer property of the estate. This property was
removed from the estate by the terms of the Plan and therefore this motion appears
merely to be a request for a "comfort order," which is frowned on by the Court.
Therefore, based on the terms of the confirmed Plan, it appears there are no
grounds to approve relief from the automatic stay as no automatic stay exists and the
Weber Way Property is no longer part of Debtor’s estate and the Debtor has not interest
in it.
No appearance necessary if you submit on the tentative ruling. Except in the case of a trustee's final
report and simultaneous hearing on applications for approval of professional fees, the prevailing party is
to lodge a proposed order in conformance with this tentative ruling within seven court days after the
hearing, serving all interested parties with a copy of the proposed order.
Date: July 11, 2014
Case 1:11-bk-14045-GM Doc 158 Filed 07/11/14 Entered 07/11/14 12:29:27 Desc
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