IN RE PHILADELPHIA ATHLETIC CLUB, INC.

Bankruptcy No. 80-02028G.

20 B.R. 325 (1982)

In re PHILADELPHIA ATHLETIC CLUB, INC., Debtor.

United States Bankruptcy Court, E.D. Pennsylvania.

May 17, 1982.


Attorney(s) appearing for the Case

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

Marjorie O. Rendell, Duane, Morris & Heckscher, Philadelphia, Pa., for 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.

Samuel H. Becker, Philadelphia, Pa., for Continental Bank.


OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue before the court is whether we should approve a second stipulation entered into between the first mortgagee and the trustee which would prevent the first mortgage from foreclosing on the major asset of the estate and would allow the trustee a reasonable period within which to sell that asset. We conclude that the second stipulation should be approved.

The facts of the instant case are as follows...

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