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8737319.1
that the Sale Agreement was “proposed in good faith”, that the “purchase price is fair and
reasonable”, that “the price was reached after an exhaustive marketing process”, and that
“[t]he sale of the Property as contemplated by the Sale Agreement, is in the best interest of
Seaview, the Lender, and the Property”. (Emphasis added.)
Debtor’s bankruptcy petition and self-stated objective of re-marketing the Property
through Mr. Goldwasser is improper as it seeks to void the Order Approving Sale. Such action is
prohibited by the Rooker – Feldman doctrine, res judicata, collateral estoppel, and comity.
Excuse from the provisions of 11 U.S.C. §543(a) and (b) and sale of the Property is
necessary to implement the properly entered Order Approving Sale and prevent the return of the
Property to the Debtor. A return of the Property to the Debtor would be unreasonable,
counterproductive, and detrimental to all parties, including the City of Newport News, Virginia.
As set forth more fully below, the Debtor allowed the Property to fall into such a state of
disrepair that it has been condemned by the City of Newport News twice, both times requiring all
of the then tenants to vacate the Property. The second condemnation required an emergency
evacuation, and that second condemnation remains in effect. Excusing FourLeaf and the
Receiver from the provisions of 11 U.S.C. §543(a) and (b), thereby preventing the return of the
Property to Debtor, will allow for the implementation of the Order Approving Sale. The sale of
the Property will lead to the remediation of the long-standing deplorable condition of the
Property, the resolution of a settlement agreement between FourLeaf and the tenants of the
Property, and the long awaiting rehabilitation of the Property.
In support of this application FourLeaf relies upon the Declaration In Support Of
FourLeaf Federal Credit Union’s Application For An Order Granting Adequate Protection to
Case 25-23251-MEH Doc 18-20 Filed 12/22/25 Entered 12/22/25 20:08:18 Desc
Memorandum of Law Page 3 of 20
ANN public copy | complete ECF 18-20 | combined source PDF 458/478
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