Tampa, FL (Oct. 9, 2026) — Venable LLP secured an appellate victory in the U.S. Court of Appeals for the Eleventh Circuit on behalf of Larry S. Hyman, the Chapter 7 trustee in the bankruptcy of BAMC Development Holding, LLC. The court upheld the bankruptcy court's approval of a settlement and sale of real property that generated value for the bankruptcy estate and provided a recovery for unsecured creditors.
Venable negotiated a carve-out for unsecured creditors, resolved the secured lender's claim, and established a sales process for the property. The settlement and sale were challenged on appeal, including by an entity asserting an exclusive purchase option. The Eleventh Circuit upheld the challenged orders, preserving the value secured for the estate.
"This outcome reflects our focus on maximizing value for the bankruptcy estate and its creditors," said Eric D. Jacobs, a partner in Venable's Bankruptcy and Creditors' Rights Group. "Through a negotiated resolution and successful defense on appeal, we were able to turn an underwater asset into a meaningful recovery for unsecured creditors."
The case is BAMC Development Holding, LLC, et al. v. Larry S. Hyman, No. 25-11006, in the U.S. Court of Appeals for the Eleventh Circuit.