BofA Slams Real Estate Group's 'Labyrinthine' Ch. 11 Plan

Law360, Wilmington (April 4, 2013, 9:36 PM EDT) -- Bank of America NA on Wednesday urged a Delaware bankruptcy judge to reject the reorganization plan presented by real estate group Security National Properties Funding III LLC and its affiliates, calling it an unconformable collection of impermissible proposals designed to strip lenders of their rights.

Unhappy with SNPF's proposed treatment of their $164.3 million debt, BofA and the other senior lenders have already voted their secured claims against the reorganization, and they contend the “labyrinthine,” “byzantine” and “convoluted” plan seeks to override their opposition through a...
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