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IN RE DIAMOND BEACH VP, LP

Bankruptcy No. 12-10175. Adversary No. 12-01006.

506 B.R. 701 (2014)

In re DIAMOND BEACH VP, LP, Debtor(s). International Bank of Commerce, Plaintiff(s) v. Randall J. Davis, et al., Defendant(s).

United States Bankruptcy Court, S.D. Texas, Brownsville Division.

Signed March 6, 2014.

Attorney(s) appearing for the Case

Whitney V. Ables, John F. Higgins, IV, Porter & Hedges, Joshua Nielson Eppich Shannon, Gracey, Ratliff & Miller, LLP, Thomas Andrew Woolley, III, Carrigan, McCloskey, & Roberson L.L.P., Houston, TX, for Plaintiff.

Lisa Marie Norman, Attorney at Law, Houston, TX, Annie E. Catmull, Melissa Anne Haselden, Edward L. Rothberg, Hoover Slovacek LLP, Houston, TX, for Defendants.

MEMORANDUM OPINION

MARVIN ISGUR, Bankruptcy Judge.

Diamond Beach VP, LP was formed for the purpose of developing Diamond Beach Condominiums, a 240 unit luxury condominium project in Galveston, Texas. Diamond Beach completed 116 of these units, with financing for the land and construction provided by International Bank of Commerce. The debt to IBC was guaranteed, in part, by Diamond Beach's principal owner, Randall Davis.

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