IN RE LADYCLIFF COLLEGE

No. 85 Civ. 2251 (MJL).

56 B.R. 765 (1985)

In re LADYCLIFF COLLEGE, Debtor Under the Act. MARINE MIDLAND BANK, N.A., Creditor-Appellant, v. LADYCLIFF COLLEGE, Debtor-Appellee.

United States District Court, S.D. New York.

December 20, 1985.


Attorney(s) appearing for the Case

Shaw, Goldman, Licitra, Levine & Weinberg, P.C., Garden City, N.Y., for debtor-appellee.

Walsh & Frisch, New York City, for creditor-appellant.


MEMORANDUM OPINION AND ORDER

LOWE, District Judge.

Presently before the Court are cross-appeals from the order of the Bankruptcy Court (Ryan, J.). For the reasons stated below we affirm the order.

BACKGROUND

This appeal involves the application of a well settled principle of bankruptcy law to a truly unusual factual situation. The facts are not in dispute however the parties strongly disagree on...

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