FRBP 9023 New Trials; Amendment of Judgments (Judge Gargotta)
In re Save Our Springs (S.O.S.) Alliance, Inc. (June 16, 2008)
Issue: Should the Court (1) alter or amend its order denying confirmation of the Debtor’s First Amended Plan of Reorganization and/or (2) grant a new trial to allow the Debtor to present additional evidence in support of confirmation of the Plan?
Holding: The Court is unaware of any precedent for confirming a plan based on the principals’ beliefs, in lieu of substantiation, regarding prospects for payment. The evidence offered by the Debtor is not newly discovered so the Court denies the Motion.