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IN RE SOMBRERO REEF CLUB, INC.

Bankruptcy No. 80-01266-BKC-JAG, Adv. No. 80-0273-BKC-JAG-A.

7 B.R. 480 (1980)

In re SOMBRERO REEF CLUB, INC., d/b/a Latitude 24° Club Resort, and d/b/a Latitude 24° Vacation Club, a Florida Corporation, Debtor. KINGSAIL CORPORATION OF MARATHON, INC., Plaintiff, v. SOMBRERO REEF CLUB, INC., d/b/a Latitude 24° Club Resort, and d/b/a Latitude 24° Vacation Club, a Florida Corporation, Defendant.

United States Bankruptcy Court, S.D. Florida.

December 12, 1980.

Attorney(s) appearing for the Case

Law Office Samuel L. Heller, P.A., Fort Lauderdale, Fla., for debtor.

A.M. Schwitalla, c/o Schwitalla & Lombana, Coral Gables, Fla., for plaintiff.

FINDINGS AND CONCLUSIONS

JOSEPH A. GASSEN, Bankruptcy Judge.

In this adversary proceeding the plaintiff is the holder of the third mortgage on real property owned by the defendant-debtor, a marina-resort motel in Marathon on the Florida keys which is the sole substantial asset of the debtor. Plaintiff seeks to have the court modify the automatic stay by permitting it to complete the foreclosure action in the State of Florida court in which a final judgment...

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