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TOWERS HOTEL CORPORATION v. LAFAYETTE NAT. BANK, ETC.

No. 141.

148 F.2d 145 (1945)

TOWERS HOTEL CORPORATION v. LAFAYETTE NAT. BANK OF BROOKLYN IN NEW YORK, et al.

Circuit Court of Appeals, Second Circuit.

February 27, 1945.

Attorney(s) appearing for the Case

Ehlermann & Crawford, of New York City (Carl Ehlermann, of New York City, of counsel), for Towers Hotel Corporation, appellant.

Walter Jeffreys Carlin, of New York City (Pallister Hamilton Feely, of New York City, of counsel), for Lafayette Nat. Bank of Brooklyn in New York, mortgage trustee, appellee.

Levy, Kornblum & Katz, of Brooklyn, N. Y. (Harry K. Nadell, of Brooklyn, N. Y., of counsel), for William C. Goodson, a certificate holder.

Before SWAN, AUGUSTUS N. HAND, and CHASE, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

In 1936 Clark and Willow Streets Corporation owned the Towers Hotel in Brooklyn, New York, which was subject to a mortgage and also to large arrears of taxes. The principal amount of the mortgage was originally $1,100,000, but was later reduced to $1,067,000. Interest was at the rate of 6%, that is, 5½% net to certificate-holders. On March 1, 1934 Clark and Willow Corporation defaulted in payment of mortgage interest. The bond...

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