Holding: It appears that all of the fees generated by FNAC were reasonable, and taken only in efforts to move FNAC's claims forward to obtain payment or to foreclose upon its collateral in the face of a defaulted promissory note. Moreover, all other fees incurred were due to defending against the positions taken by Desert Springs--through two bankruptcies and its (never-pressed) "defenses" to FNAC's adversary proceeding. Desert Springs' arguments against awarding FNAC's fees and costs are not persuasive. Counsel for Desert Springs will be ordered to pay such fees and costs from the sums held in the trust account for said purpose.  

Memorandum Decsion

Findings of Fact and Conclusions of Law re: Complaint to Determine Secured Status and Avoid Lien

Holding: A secured creditor has moved to “designate,” or disqualify, another secured creditor’s acceptance of the plan of reorganization, pursuant to Bankruptcy Code § 1126(e),1 alleging that the acceptance was not in good faith. The Court denies the motion as untimely and moot and because there is no evidence the vote was cast out of malice, for any improper purpose, or for any reason other than enlightened self-interest consistent with both the voter’s and the plan proponent’s capacities in the bankruptcy case.