In re: River West Plaza-Chicago, L.L.C., No. 11-2085 (7th Cir. 2011)
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Plaintiff had filed a state suit against the corporation, which owned and operated a shopping center, alleging that he was entitled to a percentage of profits under a written agreement. After the bankruptcy petition, a stay automatically issued against the state-court litigation, 11 U.S.C. 362(a). Plaintiff filed a notice of claim with the bankruptcy court; he argued that a lis pendens that he filed in connection with his state-court lawsuit made his claim a secured one. The bankruptcy court disagreed and later disallowed the claim in its entirety, reasoning that plaintiff could have nothing more than an equity interest, which would necessarily be subordinate to all other creditors' claims and thus worthless. The Seventh Circuit dismissed an appeal, noting plaintiff's failure to obtain a stay of the sale of the debtor's property pending appeal, as required under 11 U.S.C. 363(m), and his failure to file a notice of appeal that challenged the bankruptcy court order approving the joint liquidation plan that distributed the sales proceeds.
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