IN RE SPG OF SCHENECTADY, INC.

No. 493, Docket 86-5056.

833 F.2d 413 (1987)

In re SPG OF SCHENECTADY, INC., Debtor. William M. McCARTHY, Trustee of the Bankrupt Estate of SPG of Schenectady, Inc., Plaintiff, v. Edward W. COLLINS and Pamela Murray, as Trustees for the benefit of the stockholders of Col-Mur Enterprises Inc., formerly the Crossroads Restaurant Ltd., Key Bank, N.A., National Casualty Co. (by its officers or agent authorized by appointment or law to receive process) and United National Insurance Company, (by its officers or agent authorized by appointment or law to receive process), Defendants, J.T.I. Restaurants, Ltd., now known as Iaia's Crossroads Restaurant, Ltd., Defendant-Appellant, National Casualty Co. (by its officers or agent authorized by appointment or law to receive process), Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided November 13, 1987.


Attorney(s) appearing for the Case

Nicholas J. Criscione, Albany, N.Y., for defendant-appellant Iaia's Crossroads Restaurant, Ltd.

Peter A. Pastore, Albany, N.Y., (McNamee, Lochner, Titus & Williams, David J. Wukitsch, of counsel), for defendant-appellee Nat. Cas. Co.

Before OAKES, CARDAMONE and WINTER, Circuit Judges.


PER CURIAM:

The subject of this appeal is a restaurant business encumbered originally by a single mortgage to a bank. The owner sold the business and took back a mortgage. Shortly thereafter, the purchaser in turn sold the property and also took back a mortgage as part of the purchase price. The third owner then had a restaurant saddled with three mortgages. While such "borrowing" may not have dulled the third owner's "edge of husbandry," it did result in a cash crunch...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases