Opinion ID: 6931473
Heading Depth: 3
Heading Rank: 2

Heading: Other evidence of “substantial consummation”

Text: Even prior to the sale, the Trust spent millions of dollars improving, upgrading, and preparing the property for sale, countless hours in negotiation of the conveyance, and substantial amounts in appraisals, surveys, and other closing costs. The Trust additionally engaged in negotiations to renew gas production on the ranch mineral estate, to lease both the surface estate and mineral rights, and to dispose of litigation involving Trust assets. Significant amounts were paid to state taxing authorities to reduce the outstanding liability for property taxes on the ranch which had not been paid for several years. Millions of dollars in claims have been paid to date from the creditor fund established by Seattle and SeaFirst. In sum, (i) the Trust “has transferred all or substantially all of the property proposed by the [P]lan to be transferred”; (ii) the liquidating trustees have assumed the business and management of all the property dealt with by the Plan; and (iii) the Trust has “eommenee[d] distribution under the [P]lan.” 11 U.S.C. § 1101(2). Accordingly, the “substantial consummation” factor counsels convincingly against reviewing the merits of the debtors’ challenge to the Plan.