Bankr. L. Rep. P 72,418 in the Matter of Kermit Wayne Williams, Debtor. Kermit Wayne Williams v. Hibernia National Bank

REAVLEY, Circuit Judge:

Kermit Wayne Williams, a Chapter 11 debtor under the Bankruptcy Code, 11 U.S. C. § 1101 et seq., sought confirmation of his reorganization plan. The bankruptcy court denied confirmation and the district court affirmed. We affirm.

I

On May 9, 1986, Williams filed a voluntary bankruptcy petition under Chapter 11, 11 U.S.C. § 1101 et seq. His estate consisted of two primary assets: (1) interest in certain real estate, valued by Williams at $783,000; and (2) interest in 32 horses, valued by Williams at $134,300. While all of Williams’ real estate was mortgaged to various…