IN RE INDEPENDENCE VILLAGE, INC.

Bankruptcy No. 85-09039.

52 B.R. 715 (1985)

In re INDEPENDENCE VILLAGE, INC., Debtor.

United States Bankruptcy Court, E.D. Michigan, N.D.

September 4, 1985.


Attorney(s) appearing for the Case

Dykema, Gossett, Spencer, Goodnow & Trigg by Ronald L. Rose and Leland L. Bull, Jr., Detroit, Mich., for New Century Bank.

Lambert, Leser, Hebert, Dahm, Giunta, Cook & Schmidt, P.C. by Susan M. Cook and Rozanne M. Giunta, Bay City, Mich., for debtor.

Braun, Kendrick, Finkbeiner, Schafer & Murphy, by Harvey D. Walker, Saginaw, Mich., for Official Bondholders' Committee.

Arnold S. Schafer, Birmingham, Mich., for Official Residents' Committee.

Hertzberg, Jacob & Weingarten, P.C. by Stuart E. Hertzberg, Detroit, Mich., for Lutheran Homes of Michigan, Inc.


MEMORANDUM OPINION RE: NEW CENTURY BANK'S MOTION FOR POSSESSION OF PREMISES OR IN THE ALTERNATIVE FOR RELIEF FROM THE STAY

ARTHUR J. SPECTOR, Bankruptcy Judge.

Independence Village, Inc. is a Michigan non-profit corporation which operates a 252-unit life-care facility for the elderly, located in Frankenmuth, Michigan. Its construction was financed by a loan made to it by the Economic Development Corporation of the City of Frankenmuth ("EDC"). The EDC borrowed...

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