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IN RE NEW ERA CO.

Nos. 90 Civ. 5498, 90-B-20362.

125 B.R. 725 (1991)

In re NEW ERA COMPANY, Debtor.

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

April 19, 1991.

Attorney(s) appearing for the Case

Fink Weinberger, P.C. (Richard L. Koral, of counsel), White Plains, N.Y., for appellant Arthur Morrison.

Whitman & Ransom (Norman N. Kinel, Jerome Lee Davidow, of counsel), New York City, for appellee Bank Audi (U.S.A.).

OPINION

GOETTEL, District Judge:

I. FACTS

In February 1988, Bank Audi (U.S.A.) (the "Bank"), a New York corporation, loaned $615,000 to New Era Company ("New Era"), a New York general partnership, for the purchase of a five-story residential building in Manhattan. The property is the sole partnership asset and is now worth approximately $650,000. It is unclear precisely what the property was worth at the time the loan was made, but a Bank officer...

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