MATTER OF GOOD TIME CHARLEY'S, INC.

Bankruptcy No. 83-0628.

54 B.R. 157 (1984)

In the Matter of GOOD TIME CHARLEY'S, INC., a corporation of the State of New Jersey, Debtor. Peter W. RODINO, III, Trustee for Good Time Charley's, Inc., Plaintiff, v. Charles BARONDESS; Commercial Trust Company of New Jersey; Matthew Rinaldo; Anthony Rinaldo; the United States of America; the State of New Jersey; Zisman, Traurig & Elblonk; Kelson, Merves & Shorts; Summit & Elizabeth Trust Company; Norman Cohen and Gregory Lacuoce, t/a State Termite & Pest Control, Defendants.

United States Bankruptcy Court, D. New Jersey.

July 31, 1984.


Attorney(s) appearing for the Case

Paul Hollander, Okin, Pressler, Cohen & Hollander, Fort Lee, N.J., for debtor.

Charles Forman, Roseland, for trustee.

William Katchen, Ravin, Katchen & Greenberg, Roseland, N.J., for Creditors' Committee.


OPINION

D. JOSEPH DeVITO, Bankruptcy Judge.

In this adversary matter, the trustee of the above debtor, Good Time Charley's, Inc. (GTC), seeks to set aside a mortgage given by GTC to Charles Barondess. The trustee moves under § 544 of the Bankruptcy Code on the grounds that the mortgage constitutes a fraudulent conveyance within the scope of the New Jersey Corporations Act, N.J.S.A. 14A:14-10[2] & [3].

On April 6, 1977, Barondess sold 100...

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