IN RE ASHGROVE APARTMENTS OF DeKALB COUNTY, LTD.

Bankruptcy Nos. 2-89-06843, 2-89-06845.

121 B.R. 752 (1990)

In re ASHGROVE APARTMENTS OF DeKALB COUNTY, LTD. In re SHANNON WOODS APARTMENTS OF UNION CITY, LTD., Debtors.

United States Bankruptcy Court, S.D. Ohio, E.D.

September 28, 1990.


Attorney(s) appearing for the Case

Robert J. Bahal, Crabbe, Brown, Jones, Potts & Schmidt, Columbus, Ohio for Ashgrove Apartments of DeKalb County, Ltd.

Dean S. Cooper, Associate Gen. Counsel, Richard J. Martin, Reston, Va., Joseph C. Winner, McFadden and Winner, Columbus, Ohio, for Federal Home Loan Mortg Corp.

Victor S. Krupman, Columbus, Ohio, for Shannon Woods Apartments of Union City, Ltd.

Jay Alix, Southfield, Mich., Chapter 11 Trustee.

Michael L. Cook, Sally M. Henry, Skadden, Arps, Slate, Meagher & Flom, New York City, Gen. Counsel to the Trustee.

Marilyn Shea-Stonum, Jones, Day, Reavis & Pogue, Columbus, Ohio, Sp. Counsel to the Trustee.

Charles M. Caldwell, Asst. U.S. Trustee, Columbus, Ohio Columbus Office of the United States Trustee for Region IX.

Lori Lapin Jones, Dewey, Ballantine, Bushby, Palmer & Wood, New York City, Leon Friedberg, Benesch, Friedlander, Coplan & Aronoff, Columbus, Ohio, for the Official Committee of Unsecured Creditors of Cardinal Industries, Inc.

P. Steven Kratsch, Kilpatrick & Cody, Atlanta, Ga., for the Official Committee of Unsecured Creditors of Cardinal Industries of Florida, Inc.

Harvey S. Minton, Minton & Leslie, Columbus, Ohio, for Cardinal Industries of Georgia, Inc., Cardinal Industries Mortg. Co. and Cardinal Parts Service Co.

Charles J. Taunt, Birmingham, Mich., for Cardinal Industries Services Corp., Cardinal Industries of Florida Services Corp., Cardinal Industries of Georgia Services Corp., and Cardinal Furniture Leasing Co.

Thomas R. Noland, Altick & Corwin, Dayton, Ohio for Cardinal Partnership Corp. and Cardinal Partner Corp.

Gary H. Cunningham, Schlussel, Lifton, Simon, Rands, Galvin & Jackier, Southfield, Mich., for Cardinal Lodging Group, Inc. and Cardinal Apartment Management Group, Inc.

Sara J. Daneman, Chester, Hoffman, Willcox & Saxbe, Columbus, Ohio, for Cardinal Industries Development Corp.


OPINION AND ORDER ON MOTIONS FOR RECONSIDERATION

BARBARA J. SELLERS, Bankruptcy Judge.

This matter is before the Court upon motions filed by Chapter 11 debtors, Ashgrove Apartments of DeKalb County, Ltd. ("Ashgrove") and Shannon Woods Apartments of Union City, Ltd. ("Shannon Woods"), seeking reconsideration of this Court's Opinion and Order entered August 13, 1990 which granted Federal Home Loan Mortgage Corporation ("FHLMC") relief from the automatic stay...

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