United States Bankruptcy Court, E.D. Pennsylvania.https://leagle.com/images/logo.png
February 1, 1982.
February 1, 1982.
Attorney(s) appearing for the Case
Melvin Lashner, Adelman & Lavine, Philadelphia, Pa., for trustee.
Marjorie O. Rendell, Duane, Morris & Heckscher, Philadelphia, Pa., for trustees of Central States, Southeast and Southwest Areas Pension Fund, First Mortgagee.
Pace Reich, Pincus, Verlin, Hahn, Reich & Goldstein, Philadelphia, Pa., for debtor, Philadelphia Athletic Club, Inc.
Morton Newman, Blank, Rome, Comisky & McCauley, Philadelphia, Pa., for Second Mortgagee, Continental Bank.
Stuart H. Savett, Kohn, Savett, Marion & Graf, P.C., Philadelphia, Pa., for Elias H. Stein and Leon W. Silverman, Objecting Parties.
Edwin M. Goldsmith, III, Dilworth, Paxson, Kalish & Levy, Philadelphia, Pa., for Philadelphia College For the Performing Arts.
Charles V. Stoelker, Jr., Meehan & Stoelker, Philadelphia, Pa., for Philadelphia Elec. Co.
Samuel Brodsky, Philadelphia, Pa., trustee.
United States Bankruptcy Court, E.D. Pennsylvania.
OPINION
EMIL F. GOLDHABER, Bankruptcy Judge:
The facts of this case are briefly:1 On August 18, 1980, Philadelphia Athletic Club, Inc. ("the debtor") filed a petition for a reorganization under chapter 11 of the Bankruptcy Code ("the Code"). The debtor remained in possession and continued to manage its main asset: the Philadelphia Athletic Club building at 306-20 North Broad Street, Philadelphia, Pennsylvania. On November 5,...
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