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IN RE PRESQUE ISLE APARTMENTS, L.P.

Bankruptcy No. 87-00064E, Motion No. 89-586.

118 B.R. 332 (1990)

In re PRESQUE ISLE APARTMENTS, L.P., Debtor.

United States Bankruptcy Court, W.D. Pennsylvania.

August 30, 1990.

Attorney(s) appearing for the Case

Stephen H. Hutzelman, Erie, Pa., for debtor.

Richard Jankell, New York City, for Rosalind Cohen, Joseph Cohen, Stanford Klapper, Richard Jankell, Northwestern Nat. Ins. Co. of Milwaukee, Wis., and Edward S. Markman.

OPINION

WARREN W. BENTZ, Bankruptcy Judge.

BACKGROUND

Presque Isle Apartments, L.P. ("Debtor") filed objections to the unsecured claims of Joseph and Rosalind Cohen, Stanford Klapper, Edward S. Markman and Richard Jankell (collectively "Creditors"). Richard Jankell's claim has been assigned to Northwestern National Insurance Company of Milwaukee, Wisconsin. The basis of the Debtor's objection is that the contract rate of interest of 24% per annum...

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