MATTER OF ANCHORAGE BOAT SALES, INC.

Bankruptcy Nos. 880-00884-17, 880-0113.

4 B.R. 635 (1980)

In the Matter of ANCHORAGE BOAT SALES, INC., Debtor. MIDLANTIC NATIONAL BANK, Plaintiff, v. ANCHORAGE BOAT SALES, INC., Debtor and Debtor-in-Possession, Defendant.

United States Bankruptcy Court, E.D. New York.

June 16, 1980.


Attorney(s) appearing for the Case

Hahn, Hessen, Margolis & Ryan, New York City, by Gabriel B. Schwartz, Gilbert Backenroth and Jerald E. Podair, New York City, for plaintiff.

Jules V. Speciner, Great Neck, N.Y., Arnold M. Schotsky, Melville, N.Y., for defendant.


BORIS RADOYEVICH, Bankruptcy Judge.

On February 22, 1980, Anchorage Boat Sales, Inc., a retailer of new and used pleasure boats, filed a petition for reorganization under chapter 11 of the Bankruptcy Code. On March 3, 1980, the Midlantic National Bank (hereinafter referred to as "Midlantic" or "plaintiff"), a secured creditor which had been providing the debtor with floor plan financing, sought and obtained an order temporarily restraining the debtor from using, transferring...

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