In re Wiggins Farms, Inc., No. 12-02651-8-RDD, 2012 Bankr. LEXIS 5645 (Bankr. E.D.N.C. Dec. 6, 2012)

(court denied confirmation of Chapter 11 plan; court held debtor’s plan unfeasible as plan calls for payments of $90,000 per month by partnership leasing equipment which is majority of debtor’s projected monthly income, but debtor has no written contract with partnership and previous payments were only 60% of current projected amount; further partners in partnership were also in bankruptcy proceedings, so continued funding of partnership seemed unlikely; court also held plan was not fair and equitable to creditor; equipment securing debt was sold or transferred without creditor’s consent, additional equipment was missing, and plan failed to properly account for depreciation of equipment value; court held debtor’s plan failed to satisfy requirements of § 1129; debtor entitled to file amended plan).

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