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IN RE IONOSPHERE CLUBS, INC.

Bankruptcy Nos. 89 B 10448 (BRL), 89 B 10449 (BRL) and 91 B 10287 (BRL), Adv. No. 91-5238A.

134 B.R. 528 (1991)

In re IONOSPHERE CLUBS, INC., Eastern Air Lines, Inc., and Bar Harbor Airways, Inc., d/b/a Eastern Express, Debtors. FIRST FIDELITY BANK, NATIONAL ASSOCIATION, NEW JERSEY, Plaintiff, v. MIDLANTIC NATIONAL BANK, as trustee, United Jersey Bank, as trustee, the Connecticut National Bank, as trustee, Eastern Air Lines, Inc., as debtor and M.R. Shugrue, Jr., as chapter 11 trustee, Defendants.

United States Bankruptcy Court, S.D. New York.

December 18, 1991.

Attorney(s) appearing for the Case

Weil, Gotshal & Manges, New York City by Matthew Cantor, for Trustee.

Bruce H. Roswick, New York City, Riker, Danzig, Scherer, Hyland & Perretti, Newark, N.J. (Dennis J. O'Grady, of counsel), for First Fidelity Bank, N.A. as Collateral Trustee.

Gibson, Dunn & Crutcher, New York City (Mitchell A. Karlan, and Stephen A. Kaplan, of counsel), for Connecticut Nat. Bank as Third Series Trustee.

Clapp & Eisenberg, P.C., Newark, N.J. (Karen L. Gilman, of counsel), for United Jersey Bank as Second Series Trustee.

Shanley & Fisher, P.C., New York City (Robert K. Malone, A. Dennis Terrell, and Susan M. Wortman, of counsel), for Midlantic Nat. Bank as First Series Trustee.

MEMORANDUM DECISION ON THE MOTIONS OF COLLATERAL TRUSTEE AND SERIES TRUSTEES SEEKING INSTRUCTIONS

BURTON R. LIFLAND, Chief Judge.

BACKGROUND

Eastern Air Lines, Inc. ("Eastern") and First Fidelity Bank, National Association, New Jersey ("FFB" or "First Fidelity") executed a Secured Equipment Indenture and Lease Agreement dated as of November 15, 1986 (the "Indenture").1 The Indenture...

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