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IN RE NEW YORKETOWN ASSOCIATES

Bankruptcy No. 83-04486G, Adv. No. 83-2303G.

40 B.R. 701 (1984)

In re NEW YORKETOWN ASSOCIATES a/k/a Yorketown Associates, Debtor. NEW YORKETOWN ASSOCIATES a/k/a Yorketown Associates, Plaintiff, v. PIERCE, URSTADT, MAYER & GREER, INC., Defendant.

United States Bankruptcy Court, E.D. Pennsylvania.

May 23, 1984.

Attorney(s) appearing for the Case

Nathan Lavine, Adelman, Lavine, Krasny, Gold & Levin, Philadelphia, Pa., for debtor/plaintiff, New Yorketown Associates a/k/a Yorketown Associates.

Jack B. Justice, White & Williams, Philadelphia, Pa., for the defendant, Pierce, Urstadt, Mayer & Greer, Inc.

Charles M. Golden, Daniels, Golden & Saltz, P.C., Philadelphia, Pa., for Fidelity American Mortg. Corp.

Norman M. Kranzdorf, Bala Cynwyd, Pa., Trustee, Fidelity America Mortg. Corp.

Alexander N. Rubin, Jr., Rubin, Quinn & Moss, Philadelphia, Pa., for trustee, Norman M. Kranzdorf.

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 & Schildt, Richboro, Pa., Co-counsel for creditors' committee in FAMCO.

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The predominant issue in the controversy before us is whether a debtor may set aside a sheriff's sale under 11 U.S.C. § 548 of the Bankruptcy Code ("the Code") when that sale occurred within one year prior to the filing of the bankruptcy petition and generated less than a reasonable equivalent value for the property. For the reasons set forth below, we hold that while the sheriff's sale may be set aside under...

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