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IN RE FIDELITY AM. FINANCIAL CORP.

Bankruptcy Nos. 81-00385, 81-00386G, 81-00387G and 81-00388G.

33 B.R. 623 (1983)

In re FIDELITY AMERICA FINANCIAL CORPORATION. In re FIDELITY AMERICA MORTGAGE CO. (A Pennsylvania Corporation). In re FIDELITY AMERICA MORTGAGE CO. (A Delaware Corporation). In re FIDELITY AMERICA MORTGAGE CO. (A Nevada Corporation).

United States Bankruptcy Court, E.D. Pennsylvania.

October 18, 1983.

Attorney(s) appearing for the Case

Alexander N. Rubin, Jr., Robert Szwajkos, Rubin, Quinn & Moss, Philadelphia, Pa. for trustee, Norman M. Kransdorf.

Axel A. Shield, II, Hankin, Hankin & Hankin, Willow Grove, Pa., and Victor Gerstein, Haas, Goldstein, Hauser, Cohen & Gerstein, New York City, for Dresher Associates.

Franklin J. Seyfert, Media, Pa., for Olga Kralovec and Thomas F. Wilson.

Michael J. Sheridan, Norristown, Pa., Solicitor for Tax Claim Bureau.

Charles M. Golden, Robert C. Daniels, P.C., Philadelphia, Pa., for debtor, FAMCO.

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

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

Edward C. Toole, Jr., Clark, Ladner, Fortenbaugh & Young, Philadelphia, Pa., and Lawrence R. Scheetz, Williams & Scheetz, Richboro, Pa., Elizabeth K. Heinze, Chairwoman, Drexel Hill, for unsecured creditors' committee in FAFCO.

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The problem in this case is whether the trustee of one of the above chapter 11 corporate debtors, Fidelity America Mortgage Co., ("FAMCO"), can avoid a mortgage under 11 U.S.C. § 544(a)(3) on a parcel of real property owned by a corporation, all of whose corporate stock is owned by a subsidiary of FAMCO. The issue arises by virtue of an objection to the approval of an agreement which seeks to transfer the...

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