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IN RE SOVEREIGN ESTATES, LTD.

Bankruptcy No. 88-21501T.

104 B.R. 702 (1989)

In re SOVEREIGN ESTATES, LTD., a Pennsylvania Limited Partnership, t/a Victoria Place, Debtor.

United States Bankruptcy Court, E.D. Pennsylvania.

As Amended December 11, 1989.

Attorney(s) appearing for the Case

James W. Matour, Wolf, Block, Schorr and Solis-Cohen, Philadelphia, Pa., for Albert and Rene Sussman.

Alan R. Gordon, Saul, Ewing, Renick and Saul, Philadelphia, Pa., for Sovereign Group, Inc.

Andrew N. Schwartz, Schwartz & Krekstein, Philadelphia, Pa., for petitioning creditors.

Gary D. Bressler, Adelman, Lavine, Gold & Levin, Philadelphia, Pa., for debtor.

M. Melvin Shralow, Frumkin, Shralow & Cerullo, Philadelphia, Pa., for Riverside Sav. and Loan Ass'n.

Alan C. Gershenson, Blank, Rome, Comisky & McCauley, Philadelphia, Pa., for Blank, Rome, Comisky & McCauley.

P. Stephen Lerario, P. Stephen Lerario & Associates, Philadelphia, Pa., for Warwick Nursery, Ltd., Jamieson Properties, Inc.

Donald M. Collins, Stradley, Ronon, Stevens & Young, Philadelphia, Pa., for Atlantic Financial Federal.

John Francis Gough, Hoyle, Morris & Kerr, Philadelphia, Pa., for John Seal, Jr.

James J. O'Connell, Asst. U.S. Trustee, Office of U.S. Trustee, Philadelphia, Pa.

OPINION

THOMAS M. TWARDOWSKI, Chief Judge.

This case presents the question of whether we should grant debtor's motion to approve the settlement of two § 362 motions in this Chapter 11 case when the settlement agreement involves the pre-confirmation auction sale of all of debtor's assets, the release of various claims against certain secured creditors, the release by certain secured creditors of claims against non-debtor insider parties and other insider...

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