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IN RE HERITAGE HIGHGATE, INC.

No. 11-1889.

679 F.3d 132 (2012)

In re HERITAGE HIGHGATE, INC. and Heritage Twin Ponds, L.P., Debtors. Charles Scagliotti IRA, Frank Cortese IRA, Gerald Bowes IRA, Gary Cortese IRA, George Mee Marital Trust, Tom-Parks IRA, Pollock Family L.P., Robert Preston IRA, John Rogers, Lynne Summers Marital Trust, John R. Yaissle IRA, Yee III Trust Highgate and Robert Preston (collectively "Cornerstone Investors"), Appellants.

United States Court of Appeals, Third Circuit.

Opinion Filed: May 14, 2012.

Attorney(s) appearing for the Case

Albert A. Ciardi, III, Esq. , Nicole M. Nigrelli, Esq. , Ciardi Ciardi & Astin, Philadelphia, PA, for Debtors.

Joseph S. D'Amico, Jr., Esq. , Douglas J. Smillie, Esq. [ARGUED], Fitzpatrick, Lentz & Bubba, Center Valley, PA, for Plaintiff-Appellant, Cornerstone Investors.

Samuel H. Israel, Esq. [ARGUED], Joshua T. Klein, Esq. , Michael G. Menkowitz, Esq. , Fox Rothschild, Philadelphia, PA, Michael J. Viscount, Jr., Esq. , Fox Rothschild, Atlantic City, NJ, for Defendant-Appellee, Unsecured Creditors Committee.

Before: RENDELL, FISHER and CHAGARES, Circuit Judges.

OPINION OF THE COURT

RENDELL, Circuit Judge.

This appeal requires us to decide how bankruptcy courts should value collateral retained by a Chapter 11 debtor in order to determine the amount of a creditor's secured claim under 11 U.S.C. § 506(a). Appellants, a group of creditors known as the Cornerstone Investors, claim that the Bankruptcy Court erred by valuing their secured claims at zero based on an appraisal...

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