In re: CH. PROPERTIES, INC.

CourtUnited States Bankruptcy Court, D. Puerto Rico
DecidedJanuary 12, 2006
Docket05-06118
StatusUnknown

This text of In re: CH. PROPERTIES, INC. (In re: CH. PROPERTIES, INC.) is published on Counsel Stack Legal Research, covering United States Bankruptcy Court, D. Puerto Rico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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In re: CH. PROPERTIES, INC., (prb 2006).

Opinion

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF PUERTO RICO 1 IN RE: : CASE NO. 05-06118 2|| CH. PROPERTIES, INC., : CHAPTER 11 FILED & ENTERED

Debtor JAN j 3 5006 : 5 OPINION AND ORDER ‘SAN JUAN, PUERTO RICO. 6 Before the court is debtor’s motion for leave to assume lease contract and the

oppositions thereto by Compafiia de Parques Nacionales de Puerto Rico and Comité de

9 Vecinos de Isla Verde. For the reasons set forth below, this court will abstain from

40 addressing the debtor’s request to assume the lease contract until the decision of the

11 Superior Court of Puerto Rico, holding the lease contract invalid, is final and firm in accordance with the laws of the Commonwealth of Puerto Rico. Background At the hearing held on November 8, 2005, the parties agreed that the facts set

46 forth in debtor’s motion to assume the lease contract were uncontested; accordingly, they

17 are set forth below and adopted as this court’s findings of fact. 18 1. On July 1, 2005, debtor filed its voluntary petition for relief under the 6 provisions of 11 U.S.C. § 1100 ef seq. and as of that date has been managing its affairs as

a debtor in possession pursuant to 11 U.S.C. § 1107.

99 2. On May 15, 1965, the Ports Authority of Puerto Rico (“Ports Authority”), the

93 Recreation Development Company of Puerto Rico (“RDC”), and Compafiia de Parques 24 Nacionales (“CPN”) executed deed number 16 before notary public Rafael Rivera Genaro 20 for the segregation and sale by the Ports Authority to RDC of the properties described as 26

follows in the Spanish language: 1 (a) URBANA: Predio de terreno de forma irregular 5 radicado en el Barrio Cangrejo Arriba de Carolina, propiedad de la Compafiia de Fomento Recreativo de 3 Puerto Rico, con una cabida superficial de 45 cuerdas con 3,984 diez milésimas de otra y en lindes: por el Norte, con 4 el Océano Atlantico y con la antigua Carretera Estatal numero 187 (la cual radica dentro del predio); por el Sur, con la carretera de Isla Verde; y por el Oeste con terrenos 6 de la Compafiia de Fomento Recreativo. 7 Inscrita al tomo 720, folio 72, finca numero 36,908, 3 Seccion I de Carolina.

9 (b)) URBANA: Predio de terreno el cual constituye parte de la antigua Carretera Estatal ntimero 187, radicado en el 10 Barrio Cangrejo Arriba de Caroline, con una cabida superficial de 5.4686 cuerdas; en lindes por el Norte, con " terrenos de la Autoridad de Puertos de Puerto Rico; por el 40 Sur, con terrenos de la Autoridad de Puertos de Puerto Rico y la Carretera de Isla Verde; y por el Este, con la Carretera 13 de Isla Verde. 14 Inscrita al tomo 720, folio 82, fina numero 36,909, Seccién 45 I de Carolina. 16 3. The segregation and sale of the above described properties were approved by the ‘?pianning Board of Puerto Rico through its Report Number 63-p-2025, project number 62-18378, 18 dated April 3, 1963. 19 4. The segregation and sale contemplated the construction of buildings on the properties, 20 o4 th the exception of that portion to the South of the Limit Line, as described in the deed.

99 5. On October 11, 1990, RDC as landlord and the Municipality of Carolina 24{Municipality’) executed a lease and usufruct contract as to the two properties described above a period of 10 years from the approval of the contract by the Governor of Puerto Rico, with 25 26

option for two additional 10-year periods. This contract was renewed in the year 2000.

1 6. On June 2, 1994, RDC issued Resolution Number 94-05, authorizing its Executive

rector to lease parcel (b) above to the former Hotel Holiday Inn Crowne Plaza, now Courtyard. bi Marriott, for development of a private project consisting of a tower with hotel, convention 4 . hall, tennis courts and parking, among others, to which the Municipality and the Tourism 5 (pmpany of Puerto Rico agreed. 7 7. Consequently, on March 11, 1996, RDC as landlord and Desarrollos Hoteleros De olina, Inc. (“Desarrollos Hoteleros”) as lessee, and the Municipality and the Department of tural Resources of the Commonwealth of Puerto Rico (the “Department”), as consenting 10 parties to the termination of the lease and usufruct agreement therewith, executed a lease 14 i eement for a portion of property (a) above, described as follows in the Spanish language:

43 (b) URBANA: Predio de terreno radicado en el Barrio Cangrejo Arriba del Municipio de Carolina, con una cabida 14 superficial de diecinueve mil seiscientos cincuenta y uno punto novecientos setenta y ocho (19,651.978) metros 1 cuadrados; equivalentes a cinco (5.00) cuerdas y en lindes 46 por el NORTE, con la zona maritima-terrestre que la separa del Océano Atlantico; por el ESTE, con la finca matriz de 17 la cual se segrega, propiedad de la Compafiia de Fomento Recreativo; por el SUR, con la Avenida Boca de Cangrejos 18 (Carretera Estatal niimero ciento ochenta y siete [187]) y 49 parcela de la Autoridad de Acueductos y Alcantarillados; y por el OESTE, con terrenos de H.L Isla Verde, Inc. 20 Inscrita al tomo 873, folio 276, finca numero 39,831, ai Seccién I de Carolina. 8. The property described in the preceding paragraph is the result of a segregation 23 made pursuant to deed number 9 executed in San Juan, Puerto Rico on the 10" day of 24

95 August, 1999, before notary public Etienne Totti del Toro.

2 °

9. The lease to Desarrollos Hoteleros was for the development, construction and

1 operation of a first-class hotel, and such other activities as are customary in the hotel 2 industry and in connection therewith, including without limitation, at Desarrollos Hoteleros’ sole discretion, operation of a casino, and/or with the prior written consent of

RDC, which was not to be unreasonably withheld or delayed, for any other lawful

6 purpose. 7 10. The Secretary of Natural Environmental Resources appeared in the lease to

8 Desarrollos Hoteleros since the demised premises are adjacent to the maritime terrestial 9 zone, for the purpose of approving and consenting to the terms and conditions thereof, pursuant to Law Number 38 of September 27, 1949, as amended, and Law Number 23 of

June 20, 1972, as amended, both as interpreted in Opinion Number 2 of January 16, 1990,

13 issued by the Secretary of Justice of Puerto Rico, and pursuant to his opinion of May 10,

14 1995. 1 11. As per the terms and conditions of an Assignment of Lease dated August 9, 1999, bearing affidavit number 19,365 of notary public Arline V. Bauza Figueroa, Desarrollos Hoteleros assigned, transferred, and conveyed to Sunshine Isle Inn, LLC

49 (“Sunshine”), a limited liability company organized under the laws of Delaware, all of its

20 rights, title, interests, and privileges in and to the lease agreement regarding the property 21 described in paragraph 7 above, with the consent and participation of all interested and necessary parties. 12. On November 19, 1999, deed number 6, of amendment, conversion, and

95 ratification of agreement of lease to public instrument, before notary public Ricardo E.

Soto Miranda, was executed by RDC as landlord, Sunshine as tenant, and the

1 Municipality and the Department, regarding the property described in paragraph 7 above, 2 for the purpose of converting the lease agreement to a public instrument and petitionoing ° the Registrar of the Property to record the same. 13. Deed number 6 sets forth the terms of the lease and the rent to be paid

6 pursuant thereto, for the purpose of giving notice thereof and not to supersede or

7 diminish, add to, or change any of its terms or conditions, except as otherwise set forth in 8 the deed. ° 14.

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