WC Braker files limited objection to trustees’ Chapter 11 plan

By Sarah Lizee

Olympia, Wash., Feb. 27 – WC Braker Portfolio, LLC and WC Braker Portfolio B, LLC filed a limited objection to the joint plan of liquidation for the debtors filed by Chapter 11 trustees, according to documents filed Sunday with the U.S. Bankruptcy Court for the Western District of Texas.

The debtors, which are borrowing entities of World Class Property Co., said they object to the extent that the plan seeks to deem the claims of the mortgage lender, ATX Braker SR, LLC, and the mezzanine lender, ATX Braker, LLC, as “allowed” upon the confirmation of the plan without establishing the amount of the claim, thereby cutting off the ability of a party in interest to challenge the asserted fees, costs, expenses, premiums or other amounts arising under the loan documents.

“Because the plan would impose this preclusive effect to the largest claims of these two estates, the court should not confirm the plan or otherwise strike any such limitation,” the debtors said in the objection.

World Class Property is a real estate investment company based in Austin, Tex. WC Braker filed bankruptcy on May 2, 2022 under Chapter 11 case number 22-10293.

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