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IN RE FIDELITY AMERICAN MORTG. CO.

Bankruptcy Nos. 81-00386G, 81-00394G, Adv. Nos. 81-1176G, 81-1177G.

19 B.R. 568 (1982)

In re FIDELITY AMERICAN MORTGAGE COMPANY, a Pennsylvania Corporation, Debtor. In re WHISPERING BROOK ASSOCIATES, Debtor. FIRST NATIONAL BANK OF LOUISVILLE, Plaintiff, v. FIDELITY AMERICAN MORTGAGE COMPANY, a Pennsylvania Corporation, and Whispering Brook Associates, and Norman M. Kranzdorf, Trustee, Defendants.

United States Bankruptcy Court, E.D. Pennsylvania.

April 23, 1982.

Attorney(s) appearing for the Case

Jack B. Justice, Joseph A. Dworetzky, Drinker, Biddle & Reath, Philadelphia, Pa., for plaintiff, First Nat. Bank of Louisville.

Charles M. Golden, Barsky, Golden & Remick, Philadelphia, Pa., for debtors, Fidelity American Mortg. Corp. and Whispering Brook Associates.

Michael L. Temin, Wolf, Block, Schorr & Solis-Cohen, Philadelphia, Pa., for Howard I. Green.

Norman M. Kranzdorf, trustee/defendant.

Alexander N. Rubin, Jr., Fell, Spalding, Goff & Rubin, Philadelphia, Pa., for trustee, Norman M. Kranzdorf.

Neal D. Colton, Dechert, Price & Rhoads, Philadelphia, Pa., for the secured mortgage noteholders in FAMCO.

Edward C. Toole, Jr., Clark, Ladner, Fortenbaugh & Young, Philadelphia, Pa. and Lawrence R. Scheetz, Williams & Scheetz, Richboro, Pa., Co-counsel for creditors' committee in FAMCO.

Elizabeth K. Heize, Drexel Hill, Pa., Chairperson, unsecured creditors' committee in FAMCO.

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue presented herein is whether the automatic stay provisions of § 362(a) of the Bankruptcy Code ("the Code") are applicable to prevent a mortgagee from foreclosing on its mortgage on an apartment complex. We conclude that the automatic stay provisions are inapplicable in this case because the debtors lost all interest in the subject property prior to the time they filed their petitions under chapter...

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