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IN RE HARROW LEASING CORP.

Bankruptcy No. 83-02653G, Adv. No. 83-1833G.

35 B.R. 916 (1983)

In re HARROW LEASING CORPORATION, Debtor. LASALLE NATIONAL BANK AS TRUSTEE U/A DATED MAY 5, 1981, Plaintiff, v. HARROW LEASING CORPORATION, Defendant.

United States Bankruptcy Court, E.D. Pennsylvania.

December 21, 1983.

Attorney(s) appearing for the Case

Marjorie O. Rendell, Duane, Morris & Heckscher, Philadelphia, Pa., and James E. Spiotto, William P. Smith, Chapman & Cutler, Chicago, Ill., for plaintiff, LaSalle Nat. Bank.

Marc J. Sonnenfeld, Jami Wintz McKeon, Mark M. McGuire, Morgan, Lewis & Bockius, Philadelphia, Pa., for defendant/debtor, Harrow Leasing Corp.

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue in the case sub judice is whether we should modify the automatic stay imposed by section 362(a) of the Bankruptcy Code ("the Code") in order to permit the plaintiff to proceed with foreclosure of the debtor's aircraft. We conclude that the plaintiff is entitled to such relief because its interest is not adequately protected in that: (1) the debtor has no equity in the subject aircraft; (2) the...

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