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IN RE CITADEL ASSOCIATES

Bankruptcy No. 81-00389G, Adv. No. 82-5012G.

33 B.R. 977 (1983)

In re CITADEL ASSOCIATES, Debtor. OFFICIAL LIMITED PARTNERS COMMITTEE OF CITADEL ASSOCIATES, On Behalf of CITADEL ASSOCIATES, Debtor and Debtor in Possession, Plaintiff, v. BANK LEUMI LE-ISRAEL, B.M., Charles Fox, Howard I. Green, U.S. Management Corporation, and Norman M. Kranzdorf, Trustee in Bankruptcy For Fidelity America Mortgage Company, Defendants.

United States Bankruptcy Court, E.D. Pennsylvania.

November 2, 1983.

Attorney(s) appearing for the Case

Nathan B. Feinstein, Cohen, Shapiro, Polisher, Shiekman, & Cohen, Philadelphia, Pa., for the Official Limited Partners Committee of Citadel Associates.

Roberto Rivera-Sota, Philadelphia, Pa., for Bank Leumi Le-Israel, B.M., defendant.

Michael L. Temin, Wolf, Block, Schorr and Solis-Cohen, Philadelphia, Pa., for defendants, Howard I. Green and U.S. Management Corp.

Alexander N. Rubin, Jr., Rubin, Quinn & Moss, Philadelphia, Pa., for Norman M. Kranzdorf, Trustee, Fidelity America Mortg. Co.

Joseph A. Dworetzky, Drinker, Biddle & Reath, Philadelphia, Pa., for Old Kentucky Real Estate Inv. Trust.

J. Gregg Miller, Pepper, Hamilton & Scheetz, Philadelphia, Pa., for Finance Co. of America.

Howard N. Greenberg, Philadelphia, Pa., for defendant, Charles Fox.

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

In the case at bench, the Official Limited Partners Committee ("the committee") of Citadel Associates ("the debtor") seeks to avoid a lien held by Bank Leumi Le-Israel, B.M. ("the bank") against a certain apartment premises owned by the debtor situated on real property owned by the debtor's general partner. Because the amount of the bank's lien exceeds the fair market value of the subject premises, we will grant...

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