IN RE PHILADELPHIA ATHLETIC CLUB, INC.

Bankruptcy No. 80-02028G, Adv. No. 82-0146G.

20 B.R. 322 (1982)

In re PHILADELPHIA ATHLETIC CLUB, INC., Debtor. PHILADELPHIA ATHLETIC CLUB, INC., Plaintiff, v. The TRUSTEES OF CENTRAL STATES, SOUTHEAST AND SOUTHWEST AREAS, PENSION FUND, Defendant.

United States Bankruptcy Court, E.D. Pennsylvania.

April 29, 1982.


Attorney(s) appearing for the Case

Pace Reich, Pincus, Verlin, Hahn, Reich & Goldstein, Philadelphia, Pa., for plaintiff, Philadelphia Athletic Club, Inc.

Marjorie O. Rendell, Duane, Morris & Heckscher, Philadelphia, Pa., for defendant, The Trustees of Central States, Southeast and Southwest Areas, Pension Fund.

Samuel M. Brodsky, Philadelphia, Pa., trustee.

Melvin Lashner, Adelman & Lavine, Philadelphia, Pa., for trustee, Samuel M. Brodsky.

Stuart Hubert Savett, Philadelphia, Pa., for Elias H. Stein and Leon W. Silverman.


OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue at bench is whether we should grant the debtor's request for a permanent injunction against the first mortgagee to prevent it from foreclosing on the debtor's major asset. We conclude that the debtor's request should be denied because, by the terms of a prior stipulation between the debtor and that first mortgagee, the debtor has waived all defenses to the first mortgagee's actions.

The facts...

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