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IN RE MEADOW GLEN, LTD.

Bankruptcy Nos. 87-50294, 87-50514 and 87-51236.

87 B.R. 421 (1988)

In re MEADOW GLEN, LTD., the Appleridge, Ltd., Thousand Oaks, Ltd., Debtors.

United States Bankruptcy Court, W.D. Texas, San Antonio Division.

June 1, 1988.

Attorney(s) appearing for the Case

Frank B. Lyon and J. Ray Oujesky of Lynch, Chappel, Allday & Alsup, Austin, Tex., and Patrick McManemin of Gardner, Carton & Douglas, Dallas, Tex., for debtors.

Alfredo R. Perez and Susan C. Matthews of Bracewell & Patterson, Houston, Tex., for First Nationwide Bank.

AMENDED MEMORANDUM OPINION

R. GLEN AYERS, Jr., Chief Judge.

The three cases addressed in this opinion are single asset real estate cases. Each Debtor is an operating apartment complex. Aran B. Katz is the general partner of each debtor and the first lien on the assets of each is held by First Nationwide Bank (hereinafter FNB). The current market value of the assets of each debtor is below the amount of the debt secured by the liens held by FNB. The deficiencies...

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