Opinion
Nos. KS–12–105 12–22680.
2014-03-12
In re BLUEJAY PROPERTIES, LLC, doing business as Quinton Point, Debtor. Bankers' Bank of Kansas, NA, Appellant, v. Bluejay Properties, LLC, Stumbo Hanson, LLP, University National Bank, United States Trustee, KAW VALLEY BANK, JOHN LARKIN, LARKIN EXCAVATING, INC., and TICC PROPERTY MANAGEMENT, LLC, Appellees.
Without considering the merits of the legal theory expounded in Barkley and Mullen, I am not convinced the finding of adequate protection is clearly erroneous. There is ample evidence in the record that the Bank's secured claim was adequately protected by a substantial equity cushion. The bankruptcy court allowed the Debtor to use the $35,875 of cash collateral in dispute, and the uncontroverted evidence suggests that the Bank was over-secured by several million dollars. There is no evidence in the record on appeal that a claim to subordinate the Bank's lien has any merit. Thus, even though the bankruptcy court did not rely on an equity cushion in finding the Bank was adequately protected, its decision must be affirmed. The result reached is supported by the record regardless of the proffered reasoning. See Jordan v. U.S. Department of Justice, 668 F.3d 1188, 1200 (10th Cir.2011), cert. denied,––– U.S. ––––, 132 S.Ct. 2400, 182 L.Ed.2d 1039 (2012) (An appellate court “may affirm on any basis supported by the record, even if it requires ruling on arguments not reached by the district court or even presented to us on appeal.”). Because the bankruptcy court reached the correct result, we need not decide whether the theory of adequate protection adopted by the bankruptcy court is correct.