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IN RE MEMPHIS PARTNERS, L.P.

No. 388-02771.

99 B.R. 385 (1989)

In re MEMPHIS PARTNERS, L.P. d/b/a Faronia Square Apartments.

United States Bankruptcy Court, M.D. Tennessee.

May 2, 1989.

Attorney(s) appearing for the Case

William L. Norton, III, Boult, Cummings, Conners & Berry, Nashville, Tenn., for debtor.

David Blaylock, Udelsohn, Blaylock, & Marlow P.C., Memphis, Tenn., for Richard L. Akers, John T. McCallen, James F. McCallen, Jr. and Gene L. Whitington.

MEMORANDUM OPINION

GEORGE C. PAINE, II, Chief Judge.

The case is before the court on a confirmation hearing of debtor Memphis Partners' plan for reorganization. The former owners, Richard L. Akers, John T. McCallen, James F. McCallen, Jr., and Gene L. Whitington (the McCallen Group) object to confirmation. The McCallen Group holds a first mortgage on the debtor's principal asset, the Faronia Square Apartments, to secure a wraparound promissory note. The...

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