In re: Gregory A. Friedman and Judith Mercer-Friedman

FILED 1 ORDERED PUBLISHED MAR 19 2012 SUSAN M SPRAUL, CLERK 2 U.S. BKCY. APP. PANEL O F TH E N IN TH C IR C U IT 3 UNITED STATES BANKRUPTCY APPELLATE PANEL 4 OF THE NINTH CIRCUIT 5 6 In re: ) BAP Nos. AZ-11-1105-JuKiCl ) AZ-11-1149-JuKiCl 7 GREGORY A. FRIEDMAN and ) (Consolidated) JUDITH MERCER-FRIEDMAN, ) 8 ) Bk. No. 07-02135 Debtors. ) 9 ______________________________) ) 10 GREGORY A. FRIEDMAN; JUDITH ) MERCER-FRIEDMAN, ) 11 ) Appellants, ) 12 v. ) O P I N I O N ) 13 P+P, LLC, ) ) 14 Appellee. ) ______________________________) 15 Argued and Submitted on January 18, 2012 16 at Phoenix,…