Sewanee Land, Coal & Cattle, Inc. v. Lamb

JAMES C. HILL, Circuit Judge:

On January 28, 1982, Sewanee Land, Coal & Cattle, Inc., the plaintiff-appellant in this court, filed a voluntary petition in bankruptcy. The debtor’s primary asset was approximately 2,700 acres of land in Chattooga County, Georgia. In May, 1982, some of the defendants-appellees (creditors) of the debtor, who held mortgages on the land, requested that the bankruptcy court set aside the automatic stay, 11 U.S.C. § 362, to allow them to foreclose their mortgages. The creditors based their claim on subsection 362(d), which empowers the court to set aside the stay upon…