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Eldorado Canyon Props., LLC v. JPMorgan Chase Bank, N.A.

United States Bankruptcy Appellate Panel For the First Circuit

February 25, 2014

ELDORADO CANYON PROPERTIES, LLC, Debtor. ELDORADO CANYON PROPERTIES, LLC, Appellant,
v.
JPMORGAN CHASE BANK, N.A., successor-in-interest to Washington Mutual Bank and Fannie Mae, Appellee

Appeal from the United States Bankruptcy Court for the District of Massachusetts. Bankruptcy Case No. 13-12878-FJB. (Hon. Frank J. Bailey, U.S. Bankruptcy Judge).

Neil Kreuzer, Esq., on brief for Appellant.

Thomas M. Pinney, Esq., on brief for Appellee.

Before Kornreich, Tester, and Finkle, United States Bankruptcy Appellate Panel Judges.

OPINION

Page 599

Kornreich, U.S. Bankruptcy Appellate Panel Judge.

The debtor, Eldorado Canyon Properties, LLC (" Eldorado" ), appeals from a bankruptcy court order granting relief from stay and the subsequent order denying reconsideration. For the reasons set forth below, this appeal is DISMISSED.

BACKGROUND

In May 2013, Eldorado filed a petition for chapter 7 relief, without schedules or statements as required by § 521.[1] After the bankruptcy filing, JPMorgan Chase Bank, N.A. (" Chase" ), successor-in-interest to Washington Mutual Bank and Fannie Mae, filed a motion for relief from the automatic stay, seeking authorization to foreclose its first priority mortgage on certain real property owned by the Main/Hitchcock Realty Trust (the " Trust" ) of which Eldorado was " a 75% beneficiary" . Chase alleged that the mortgage secured a note from the Trust which was in default. Chase argued, inter alia, that because there was no equity in the property, it was entitled to relief under § 362(d)(2). Eldorado did not dispute that the property was encumbered beyond its value. It opposed the motion for relief, however, asserting that the Trust was invalid and that Chase lacked standing to seek relief from stay.

Following a non-evidentiary hearing, the bankruptcy court issued an order granting the motion for relief. Eldorado then filed a motion to reconsider. The bankruptcy court denied this motion on the grounds that it had been rendered moot by the subsequent dismissal of Eldorado's chapter 7 bankruptcy case on account of its failure to satisfy its obligations under § 521.

Eldorado appeals the granting of relief from stay and the denial of reconsideration.[2] On appeal, Eldorado reiterates its arguments that the Trust was invalid and that Chase lacked standing to seek relief from stay. Chase submits on appeal that, in the absence of a stay, it has completed the foreclosure and sale of the subject property.

APPELLATE STANDING

" Before addressing the merits, we must first consider whether [Eldorado] has standing to prosecute this appeal." Zambrana Arroyo v. Scotiabank de P.R. (In re Zambrana Arroyo), 489 B.R. 486, 487-88 (B.A.P. 1st Cir. 2013) (citing Weaver's Cove Energy, LLC v. R.I. Coastal Res. Mgmt. Council, 589 F.3d 458, 467 (1st Cir. ...


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