Romley v. Sun National Bank (In re Two "S" Corp.)

CHOY, Circuit Judge:

OVERVIEW

The bankruptcy trustee, Donald Romley (“Romley”), appeals from a partial summary judgment in favor of two of the debtor’s secured creditors, Sun National Bank and North American Bank (the “Banks”). In granting the partial summary judgment, the Bankruptcy Court held that the price obtained for the debtor’s equipment at a court ordered sale represented the “value” of that equipment for the purpose of determining the extent to which the Banks’ claims were secured under 11 U.S.C. § 506(a). The Bankruptcy Court’s decision was affirmed by the Bankruptcy Appellate Panel.…