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IN RE VANGUARD OIL & SERVICE CO., INC.

Nos. 184-41608-260 (CBD), CV 87-2982.

88 B.R. 576 (1988)

In re VANGUARD OIL & SERVICE CO., INC., Debtor. APEX OIL COMPANY, Appellant, v. VANGUARD OIL & SERVICE CO., INC., Bayside Fuel Oil Corp., Freedom National Bank, Chemical Bank, Committee of Unsecured Creditors, Ekloff Marine Corp., The Belcher Company of New York, Thomas Itin, Appellees.

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

June 14, 1988.

Attorney(s) appearing for the Case

Simpson & Levitsky, Brooklyn, N.Y., for Vanguard Oil & Service Co., Inc.

Alfred Polizzotto, Brooklyn, N.Y., for Bayside Fuel Oil Corp.

Lawrence Mittman, Battle, Fowler, Jaffin & Kheel, New York City, for Freedom Nat. Bank.

Donald F. Mooney, New York City, for Apex Oil Co.

Beck, Halberg & Williamson, New York City, for Eckloff Marine Corp.

Frank Leavitt, The Belcher Co. of New York, Hasbrouck Heights, N.J., for The Belcher Co. of New York.

Robert Rubinger, New York City, for Thomas Itin.

Mark Lebow, Coudert Brothers, New York City, for Committee of Unsecured Creditors.

MEMORANDUM OF DECISION AND ORDER

COSTANTINO, District Judge.

On October 16, 1984, Vanguard Oil & Service Co., Inc. (the "Debtor") filed its voluntary bankruptcy petition pursuant to Chapter 11 of Title 11 of the United States Code. At that time, the Debtor's principal business was the sale of fuel oils, crude oil and other petroleum products.

Among the Debtor's assets is a parcel of real property known as and located at 1045 Atlantic Avenue,...

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