Gray v. CPF Associates LLC

CourtDistrict Court, D. Arizona
DecidedMarch 4, 2020
Docket2:19-cv-00004
StatusUnknown

This text of Gray v. CPF Associates LLC (Gray v. CPF Associates LLC) is published on Counsel Stack Legal Research, covering District Court, D. Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Gray v. CPF Associates LLC, (D. Ariz. 2020).

Opinion

1 WO 2 3 4 5 6 IN THE UNITED STATES DISTRICT COURT 7 FOR THE DISTRICT OF ARIZONA

9 Bruce W Gray, et al., No. CV-19-00004-PHX-JAT

10 Appellants, ORDER

11 v.

12 CPF Associates LLC, et al.,

13 Appellees. 14 15 Pending before the Court is Appellants’ appeal of the bankruptcy court’s Order 16 Resolving Motion for Order to Show Cause. Having considered the parties’ filings, the 17 Court now rules on the appeal. 18 I. BACKGROUND 19 This appeal involves two Chapter 11 bankruptcy petitions, one filed in May 2016 20 and the other in July 2016. (Doc. 26-1 at 5–6). Epicenter Partners LLC and Grey Meyer 21 Fannin LLC are the debtor-entities that filed in May (“May Debtors”). (Id.). Sonoran 22 Desert Land Investors LLC, East of Epicenter LLC, and Gray Phoenix Desert Ridge II 23 LLC are the debtor-entities that filed in July (“July Debtors”). (Id. at 6). Before the start of 24 these bankruptcy cases, Bruce Gray managed or controlled each of the May Debtors and 25 July Debtors (collectively, “Gray Entities”). (Id. at 7).1 26 The Gray Entities hold separate leaseholds in the area of Phoenix known as Desert

27 1 The Court shall refer to the Gray Entities and Bruce Gray together as “Appellants” for ease of reference and unless otherwise stated. Likewise, the Court shall refer to CPF Vaseo 28 Associates LLC (“CPF”) and R.O.I. Properties LLC (“ROI”) collectively as “Appellees” unless noted differently. 1 Ridge—a master planned community that currently plays host to various retail, industrial, 2 and residential properties and has plans to add more in the future. (Doc. 26-1 at 6). Desert 3 Ridge is located on land that the State of Arizona owns and holds in trust under the terms 4 of the Arizona–New Mexico Enabling Act. (Doc. 26-9 at 10–11). In 1993, the Arizona 5 State Land Department bundled trust land within the Desert Ridge area into two auction 6 packages. See generally Campana v. Ariz. State Land Dep’t, 860 P.2d 1341, 1343 (Ariz. 7 Ct. App. 1993). The package relevant to this case included “three leases for a total of 563 8 acres: (1) 332 acres of commercial core land, (2) 52 acres of resort land and (3) 179 acres 9 of golf course land.” Id. The State envisioned that the successful bidder for this package 10 “would become the master developer in charge of development of Desert Ridge . . . because 11 this bidder would have a long[-]term commitment to the community as the holder of [a] 12 99-year lease.” Id. An entity known as Northeast Phoenix Partners (“NPP”) won this 13 auction and duly entered into a lease agreement with the Arizona State Land Department. 14 Id. Thus, NPP became the master developer of Desert Ridge. 15 As the master developer, NPP had the right to “oversee and guide the development 16 of all the property in Desert Ridge.” (Doc. 26-5 at 4). Then and now, two instruments limit 17 the alienability of the master developer’s rights: the Declaration of Covenants, Conditions, 18 Restrictions and Easements for Desert Ridge Arizona (“Master CCRs”) and Commercial 19 Lease No. 03-52415 (“Core Lease”).2 For instance, section 1.33 of the Master CCRs states:

20 “Master Developer” shall be [NPP] . . . who simultaneously 21 with, and immediately following, the Recording of this Declaration, shall enter into the Core Lease to Lease the 22 Commercial Core Parcel. Any assignment by Master 23 Developer of all or part of the Master Developer’s rights, duties or obligations as master developer of Desert Ridge must be 24

25 2 The briefs also discuss, but only in cursory detail, other rights arising from the Declaration of Covenants, Restrictions and Easements for Desert Ridge Commercial Core that 26 Appellants call the “Core Declarant Rights” and Appellees call the “Master Declarant Rights.” Initially, NPP held these rights as the Declarant under this instrument. The parties 27 seem to agree that these rights are “bundled with” the master developer’s rights and neither argues that different provisions of the Master CCRs or the Core Lease, or different 28 documents altogether, govern their transfer. Thus, the Court shall refer to the totality of rights at issue here as “master developer’s rights.” (See Docs. 20 at 7 n.4; 25 passim). 1 made concurrently with and appurtenant to an assignment of all or a portion of the Core Lease. The document evidencing 2 such an assignment shall: (a) specifically set forth the scope of 3 the obligations assigned by Master Developer; (b) be approved by Declarant, [defined as the Arizona State Land Department,] 4 which approval shall not be unreasonably withheld; and (c) be 5 Recorded. 6 (Doc. 20-3 at 12). Section 2.1 of the Core Lease also limits the alienability of the master 7 developer’s rights:

8 Master Developer. Lessee shall be the master developer of 9 Desert Ridge. Lessee may not assign its duties and responsibilities as master developer of Desert Ridge without 10 the express written consent of Lessor, which shall not be 11 unreasonably withheld. If portions of this Lease are assigned according to the provisions of Article 17, [which allows Lessee 12 to make certain assignments to affiliated entities without 13 Lessor’s approval,] such Assignments shall not include any assignment of Lessee’s obligations and duties as master 14 developer of Desert Ridge unless the document evidencing the 15 Assignment specifically sets forth the scope of the obligations assigned by Lessee and assumed by the Assignee and is 16 approved by Lessor. 17 18 (Doc. 20-2 at 12). In sum, under these instruments, any purported assignment of the master 19 developer’s rights must be specific, must be appurtenant to an interest in the Core Lease, 20 must usually be recorded, and must receive state approval. 21 Eventually, NPP found itself embroiled in litigation against the May Debtors. (Doc. 22 26-1 at 7). Ganymede Investments, Ltd. (“Ganymede”) funded the May Debtors’ litigation 23 efforts. (Id. at 8). After a jury issued a verdict in the May Debtors’ favor that exceeded 24 $110 million, NPP and the May Debtors entered into a settlement agreement whereby NPP 25 assigned the May Debtors a leasehold to 96.5 acres of vacant land in Desert Ridge (“the 26 96.5 Acre Lease”) and the master developer’s rights. (Docs. 26-1 at 7; 26-5 at 4). This 27 assignment complied with the applicable terms of the Master CCRs and the Core Lease 28 outlined above. (Doc. 26-10 at 10). At around the same time, the May Debtors executed a 1 promissory note in Ganymede’s favor for $50,713,000 with interest accruing at 35% a year. 2 (Doc. 26-1 at 8). Before the May Debtors filed their bankruptcy petition, they assigned a 3 20-acre portion of their rights under the Core Lease to the July Debtors (“the 20 Acre 4 Transfer”). (Doc. 26-12 at 17). 5 After the 20 Acre Transfer, the May Debtors assigned an interest in the master 6 developer’s rights to Ganymede “as additional security” on the promissory note. (Doc. 25 7 at 13). The May Debtors eventually fell into default on the Ganymede note. (Doc. 26-1 at 8 9). Separately, the July Debtors also defaulted on two notes—for $26,000,000 and 9 $3,700,000—executed in favor of an entity known as Pacific Coach, Inc. (Id.). Shortly 10 before the Gray Entities filed their bankruptcy petitions, CPF acquired these promissory 11 notes from Ganymede and Pacific Coach, Inc. (Id. at 8–9). 12 The bankruptcy court considered several competing reorganization plans for the 13 Gray Entities and ultimately selected CPF’s. (Doc. 26-1 at 61). It confirmed that plan, with 14 required modifications, on May 1, 2018. (Doc. 26-2 at 2). Among other things, that plan 15 vests the liquidating trustee—ROI—with the power to market and sell the “DR property” 16 which specifically includes the master developer’s rights. (Id.

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Gray v. CPF Associates LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/gray-v-cpf-associates-llc-azd-2020.