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IN RE CASTLE BEACH APARTMENTS

No. 360.

113 F.2d 762 (1940)

In re CASTLE BEACH APARTMENTS, Inc.

Circuit Court of Appeals, Second Circuit.

July 19, 1940.

Attorney(s) appearing for the Case

Clark, Gagliardi & Cunningham, of White Plains, N. Y. (Frank M. Gagliardi and Charles T. Murphy, both of White Plains, N. Y., of counsel), for appellants.

Lawrence Wiseman, of New York City, for trustee-appellee.

N. William Welling and Lillian D. Rock, both of New York City, for debtor-appellee.

Before L. HAND, CHASE, and PATTERSON, Circuit Judges.

CHASE, Circuit Judge.

The debtor owns, as practically its only assets, an apartment house in Mamaroneck, N. Y., known as the Orienta Point Apartments. It purchased the property at a foreclosure sale which was the result of an attempt by a previous owner to reorganize the property in a proceeding under state law in the New York Supreme Court for Westchester County. The debtor, not a party to the proceedings in the state court, bought the property for $500,000 of which...

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