Opinion ID: 562073
Heading Depth: 1
Heading Rank: 4

Heading: property value at default

Text: 20 In his cross-appeal, the Trustee argues that the bankruptcy court was clearly erroneous in determining that Ironwood I had a market value of $320,000 on September 30, 1986. He claims that a payment of $775,000 by Ticor Title Co. to Northwest Bank & Trust in settlement of a claim on the fraudulent title policy procured by McConnell and Dabney is conclusive evidence of Ironwood's value. The bankruptcy court did not specifically refer to this evidence in her opinion, having been more impressed by other evidence of value, namely, the testimony of Bustamante and the appraisers called by each party. Weighing their opposing projections of apartment occupancy rates, deferred maintenance charges, and federal tax law changes--all in light of the sharp economic downturn Houston was undergoing in 1986--the court found the market value to be $320,000. From our remote appellate perch, we cannot say that the court's evaluation of the quality of this testimony was clearly erroneous.