Tybee v. Coker (In re Coker)

OPINION ON DEBTOR’S MOTION FOR SUMMARY JUDGMENT

Edward J. Coleman, III, Judge

In 2009, the plaintiffs Gray Tybee II, LLC (“Tybee IP), Gray Tybee III, LLC (“Gray Tybee III”), Pannell Properties II, LLC (“Pannell II”), and Pannell Properties III, LLC (“Pannell III”) (collectively, the “Plaintiffs”) entered into a real estate transaction with the Debtor1 which included a “buy-back” provision that allowed Plaintiffs, at their option, to sell the purchased real estate back to the Debtor2 after three years. The Plaintiffs exercised their option under the “buy-back” provision in 2012, but the Debtor…