Federal Savings & Loan Ins. v. D & F Construction, Inc. (In re D & F Construction Inc.)

CLARK, Chief Judge:

This is a Chapter 11 bankruptcy case. D & F Construction, Inc., (“the debtor”), proposed a Chapter 11 plan of reorganization to which only Mercury Savings Association of Texas and Ben Milam Savings and Loan Association (“Mercury/Milam”) objected. *674The bankruptcy court confirmed the debt- or’s plan over Mercury/Milam’s objection under the “cram-down” provisions of 11 U.S.C. § 1129(b). The district court affirmed. Mercury/Milam appeals. We reverse the judgment of the district court upholding the confirmation and remand with directions.

On August 29, 1984 Cimarron Properties…