The revenue received by the debtor-hotel from the rental of its hotel rooms is personal property and a part of its estate that may be used as cash collateral in its reorganization effort.
April 07, 2011 at 01:52 PM
1 minute read
In re Ocean Place Development, L.L.C., No. 11-14295; U.S. Bankruptcy Court (DNJ); opinion by Kaplan, U.S.B.J.; filed March 31, 2011. DDS No. 42-7-1596 [19 pp.]
The debtor, Ocean Place Development, L.L.C., a beachfront resort property in Long Branch, filed a voluntary petition for relief under Chapter 11 of Title 11 of the U.S. Code. It continues to operate its business as a debtor-in-possession under 11 U.S.C. §§ 1107(a) and 1108.
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