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IN RE SOUTHEAST CO.

BAP Nos. CC 86-1258 VJMo, CC 86-1270, Bankruptcy No. LA 80-07010-JD.

81 B.R. 587 (1987)

In re SOUTHEAST COMPANY, Debtor.

United States Bankruptcy Appellate Panels of the Ninth Circuit.

Decided December 15, 1987.

Attorney(s) appearing for the Case

Michael H. Goldstein, Stutman, Treister & Glatt, Los Angeles, Cal., for appellant.

Gary S. Klausner, Robinson, Wolas & Diamant, Los Angeles, Cal., for appellee.

Before VOLINN, JONES and MOOREMAN, Bankruptcy Judges.

OPINION

PER CURIAM.

FACTS

The appellee, Southeast Company, the debtor herein, is a California limited partnership. Its sole asset is an apartment complex in Jacksonville, Florida. The appellant, Florida Partners Corporation, is the successor-in-interest to I.R.E. Florida Income Partners, Ltd.1 I.R.E. was the holder of a promissory note in the amount of $561,000, secured by a second mortgage on the property. The promissory...

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