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MATTER OF P.M.G. PROPERTIES

Bankruptcy No. 85-02964-B.

55 B.R. 864 (1985)

In the Matter of P.M.G. PROPERTIES, a Michigan corporation, Debtor.

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

December 5, 1985.

Attorney(s) appearing for the Case

Snyder & Handler, P.C. by Wallace M. Handler, Birmingham, Mich., for debtor.

Honigman, Miller, Schwartz & Cohn by Sheldon S. Toll, Detroit, Mich., for Consolidated Capital Income Trust.

MEMORANDUM OPINION

GEORGE BRODY, Chief Judge.

This is an action instituted pursuant to section 363(c)(2) of the Bankruptcy Code.

On November 4, 1983, Bonny Brook Associates (Bonny Brook), a Michigan general partnership, executed and delivered a promissory note in the amount of $2,363,764.00 to Consolidated Capital Income Trust (Consolidated). To secure payment of the note, Bonny Brook executed and delivered to Consolidated a wraparound mortgage covering...

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