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IN RE DIPLOMAT ELECTRONICS CORP.

Bankruptcy Nos. 87 B 12159, 87 B 12168.

82 B.R. 688 (1988)

In re DIPLOMAT ELECTRONICS CORP., et al., Debtors.

United States Bankruptcy Court, S.D. New York.

February 11, 1988.

Attorney(s) appearing for the Case

Nachamie, Kirshner, Levine & Spizz, New York City, for the debtors; by Alex Spizz.

Shea & Gould, New York City, for CIT Group/Equipment Financing Inc.; by Stuart Hirschfield, Brian Kriger.

DECISION AND ORDER ON APPLICATION TO LIFT THE STAY

TINA L. BROZMAN, Bankruptcy Judge.

The CIT Group/Equipment Financing, Inc., (CIT) asks us to lift the automatic stay so that it may foreclose its perfected security interests in the debtors' accounts receivable and inventory. CIT claims that it is not adequately protected and that the debtors have no equity in their accounts receivable and inventory, neither of which are necessary for an effective reorganization...

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