IN RE WOODSCAPE LTD. PARTNERSHIP

Bankruptcy Nos. 90-4-3559-SD, Motion Nos. 91M-2072-SD, 91M-1966-SD.

134 B.R. 165 (1991)

In re WOODSCAPE LIMITED PARTNERSHIP, Debtor. The PENN MUTUAL LIFE INSURANCE COMPANY, Movant, v. WOODSCAPE LIMITED PARTNERSHIP, Respondent. BALCOR PENSION INVESTORS VI, Movant, v. WOODSCAPE LIMITED PARTNERSHIP, Respondent.

United States Bankruptcy Court, D. Maryland, at Rockville.

December 9, 1991.


Attorney(s) appearing for the Case

Tammy G. Cohen, Stephen E. Leach, Katherine J. Lichtmann, Washington, D.C., for debtor.

Theresa Hajost, Washington, D.C., for The Penn Mut. Life Ins. Co.

Emil Hirsch, Washington, D.C., for Balcor Pension Investors VI.


MEMORANDUM OPINION DENYING MOTIONS FOR RELIEF FROM STAY

E. STEPHEN DERBY, Bankruptcy Judge.

In this single real estate asset case, the pending motions for relief from stay raise the question whether Debtor's proposed plan of reorganization violates the absolute priority rule as a matter of law. The undersecured holder of a second, wrap-around deed of trust on Debtor's apartment project asserts that there is no new value exception to the absolute priority...

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