Canpartners Realty Holding Co. IV v. Vallambrosa Holdings, L.L.C. (In Re Vallambrosa Holdings, L.L.C.)

MEMORANDUM AND ORDER ON VALLAMBROSA’S MOTION TO RECONSIDER DISMISSAL PURSUANT TO BANKRUPTCY RULES 9023 AND 9024

LAMAR W. DAVIS, JR., Bankruptcy Judge.

FINDINGS OF FACT

Debtor’s case was filed May 6, 2008, on the morning of a scheduled foreclosure over a large tract of land it was developing known as Vallambrosa Plantation (“Val-lambrosa”) in Chatham County, Georgia. Movant Canpartners Realty Holding Company IV, L.L.C. (“Canpartners”) had advanced a loan in 2006 in the amount of approximately $28 million secured by the Vallambrosa real estate. The loan matured in March 2008 by terms of the Note.…