In re: West Coast Real Estate & Mortgage Inc.

CourtUnited States Bankruptcy Appellate Panel for the Ninth Circuit
DecidedMay 22, 2013
DocketEC-12-1471-JuMkD EC-12-1485-JuMkD EC-12-1493-JuMkD EC-12-1498-JuMkD (cross appeals)
StatusUnpublished

This text of In re: West Coast Real Estate & Mortgage Inc. (In re: West Coast Real Estate & Mortgage Inc.) is published on Counsel Stack Legal Research, covering United States Bankruptcy Appellate Panel for the Ninth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In re: West Coast Real Estate & Mortgage Inc., (bap9 2013).

Opinion

FILED MAY 22 2013 1 SUSAN M SPRAUL, CLERK 2 U.S. BKCY. APP. PANEL OF THE NINTH CIRCUIT

3 UNITED STATES BANKRUPTCY APPELLATE PANEL 4 OF THE NINTH CIRCUIT 5 In re: ) BAP No. EC-12-1471-JuMkD ) BAP No. EC-12-1485-JuMkD 6 WEST COAST REAL ESTATE & ) BAP No. EC-12-1493-JuMkD MORTGAGE INC., ) BAP No. EC-12-1498-JuMkD 7 ) (cross appeals) Debtor. ) 8 ______________________________) Bk. No. 12-30686 DON SMITH; HOWARD BROWN, III; ) 9 WEST COAST REAL ESTATE & ) MORTGAGE INC., ) 10 ) Appellants/Cross-Appellees,) 11 ) v. ) M E M O R A N D U M* 12 ) SA CHALLENGER, INC., ) 13 ) Appellee/Cross-Appellant, ) 14 ) DOUGLAS M. WHATLEY, Trustee; ) 15 UNITED STATES TRUSTEE, ) ) 16 Appellees. ) ______________________________) 17 Argued and Submitted on March 22, 2013 18 at Sacramento, California 19 Filed - May 22, 2013 20 Appeal from the United States Bankruptcy Court for the Eastern District of California 21 Honorable Robert S. Bardwil, Bankruptcy Judge, Presiding 22 _______________________ 23 Appearances: Garland O’Bryan Bell, Jr., Esq. argued for Appellants Don Smith, Howard Brown, III, and West 24 Coast Real Estate & Mortgage Inc.; Joshua D. Wayser, Esq. of Katten Muchin Rosenman LLP, 25 argued for Appellee SA Challenger, Inc. _________________________ 26 27 * This disposition is not appropriate for publication. Although it may be cited for whatever persuasive value it may 28 have (see Fed. R. App. P. 32.1), it has no precedential value. See 9th Cir. BAP Rule 8013-1.

-1- 1 Before: JURY, MARKELL and DUNN, Bankruptcy Judges. 2 3 These appeals and cross-appeals arise from two sanctions 4 orders in favor of Appellee, SA Challenger, Inc. (SACI), and 5 against Appellants, Don Smith (Smith), Howard Brown, III (Brown) 6 and chapter 111 debtor, West Coast Real Estate & Mortgage Inc. 7 (West Coast)(collectively, Appellants), in the amount of $20,000 8 to be paid jointly and severally. 9 Appellants argue that the bankruptcy court abused its 10 discretion in awarding the sanctions under § 105 because the 11 $20,000 award was punitive in nature and the amount arbitrary 12 and lacking evidentiary support. SACI cross-appeals,2 also 13 arguing that the bankruptcy court abused its discretion in 14 determining the amount of the sanctions. According to SACI, the 15 record supports an award of $134,885.82, which includes 16 $33,459.82 in attorneys’ fees and $101,436.00 in missing rents 17 that were unaccounted for and constituted SACI’s cash 18 collateral. 19 We agree with Appellants that the sanctions award appears 20 arbitrary because the bankruptcy court did not explain how it 21 arrived at the $20,000 amount which it based on SACI’s 22 23 1 Unless otherwise indicated, all chapter and section 24 references are to the Bankruptcy Code, 11 U.S.C. §§ 101-1532. “Rule” references are to the Federal Rules of Bankruptcy 25 Procedure and “Civil Rule” references are to the Federal Rules of 26 Civil Procedure. 2 27 Appellees, Douglas M. Whatley, the chapter 7 trustee for West Coast, and the United States Trustee (UST) have not 28 participated in these matters.

-2- 1 reasonable attorneys’ fees. As a result, we are unable to 2 determine how the court exercised its discretion and thus cannot 3 conduct a meaningful review of the award. We therefore VACATE 4 the sanctions orders and REMAND to the bankruptcy court so that 5 it can make additional findings and explain its conclusions 6 regarding the amount of the award. We do not express any 7 opinion whether the amount of the sanctions previously awarded 8 based on SACI’s attorneys’ fees should or should not be changed. 9 Because of our remand, we conclude that SACI’s cross- 10 appeals challenging the amount of the sanctions awarded based on 11 its attorneys’ fees are moot. However, on the issue of 12 sanctions based on the missing rents, we AFFIRM the bankruptcy 13 court’s decision for the reasons discussed below. 14 I. FACTS AND PROCEDURAL BACKGROUND 15 The facts leading up to the entry of the sanctions orders 16 are a textbook example of bad faith. Appellants’ conduct that 17 gave rise to the sanctions involved the transfer of real 18 property owned by chapter 11 debtor, Sundance Eldorado Self- 19 Storage LP (Sundance). Sundance, through Brown, transferred the 20 property by grant deed to West Coast after U.S. Bank (Bank) 21 obtained relief from the automatic stay in Sundance’s bankruptcy 22 and on the eve of the Bank’s foreclosure. The transfer of the 23 property was immediately followed by West Coast’s filing of a 24 chapter 11 petition, signed by Smith, the 100% owner of West 25 Coast and its president. Needless to say, West Coast’s 26 bankruptcy filing halted the Bank’s efforts to foreclose on the 27 property due to the imposition of the automatic stay. The facts 28 relating to the transfer of the real property are not disputed

-3- 1 on appeal3 and are as follows. 2 Sundance was a self storage business located in Eldorado 3 Hills, California. On January 12, 2007, Pacific National Bank 4 (PNB) loaned $5.95 million (Loan) to Sundance. The Loan was 5 secured by a deed of trust, assignment of rents, security 6 agreement, and fixture filing recorded against Sundance’s real 7 property. At Sundance’s request, PNB modified the Loan three 8 times over two years. After the last modification, the Federal 9 Deposit Insurance Corporation placed PNB into receivership and 10 the assets of PNB, including the Loan, were sold to the Bank. 11 Sundance defaulted on the Loan in February 2010. 12 Sundance’s First Bankruptcy Case 13 On May 31, 2010, Sundance filed a chapter 11 petition. The 14 bankruptcy court dismissed the case because Sundance did not 15 file the required documents. After dismissal, the Bank filed a 16 Notice of Default and Election to Sell Under Deed of Trust with 17 respect to the property. 18 Sundance’s Second Bankruptcy Case 19 On June 25, 2010, Sundance filed a second chapter 11 20 petition, Case No. 10-36676 (Second Sundance Bankruptcy). Smith 21 signed the petition as manager of operations. On July 19, 2010, 22 the Bank filed its first motion for relief from the automatic 23 stay. 24 Sundance then filed a motion to use the Bank’s cash 25 collateral. Because Sundance was in the process of finding a 26 27 3 Many of the facts are taken from the bankruptcy court’s 28 written rulings dated June 27, 2012, and August 29, 2012.

-4- 1 buyer for the property, the Bank agreed that Sundance could use 2 its cash collateral with the qualification that such use 3 terminated if the Bank obtained relief from stay. The Bank also 4 required Sundance to pay 60% of its monthly interest payment on 5 its Loan. Sundance could not secure a buyer. 6 After an unsuccessful second motion for relief from stay, 7 the Bank sought relief from stay for a third time on June 15, 8 2011. The latter motion was continued several times to give 9 Sundance the opportunity to reorganize the property. 10 On January 17, 2012, Sundance filed its third amended plan 11 and disclosure statement. Peninsula Capital Group Inc. 12 (Peninsula) was the general partner for Sundance and a joint 13 proponent of the plan along with Brown, who was the owner and 14 sole officer of Peninsula. Peninsula was seen as a potential 15 source of new funding and guarantor of the plan. 16 On March 28, 2012, the bankruptcy court held an evidentiary 17 hearing on plan confirmation and took the matter under 18 submission. 19 On April 12, 2012, the bankruptcy court issued a Memorandum 20 Decision granting the Bank relief from stay and denying 21 confirmation of Sundance’s plan of reorganization.

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