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IN RE VMS NAT. PROPERTIES

Bankruptcy No. LA 91-65783-GM.

148 B.R. 942 (1992)

In re VMS NATIONAL PROPERTIES, an Illinois Joint Venture, Debtor.

United States Bankruptcy Court, C.D. California.

December 8, 1992.

Attorney(s) appearing for the Case

Kathryn Koorenny, Oscar Garza, Gibson, Dunn & Crutcher, Irvine, CA, for Property Capital Trust.

Thomas Given, David Klaristenfeld, Murphy, Weir & Butler, Los Angeles, CA, for VMS National Properties.

Jeffrey C. Coyne, Coyne, Miller, Uriarte & Lorch, Pasadena, CA, Bill Cormany, F.D.I.C., Irvine, CA, for F.D.I.C.

Maxine F. Miller, Andrews & Kurth, Los Angeles, CA, for Laguna Hills Property.

Alan I. White, Drummy, King & White, Costa Mesa, CA, for Norman Nemrow, Michael Shatsky & Five Star Management.

Daniel H. Willick, Stephen F. Biegenzahn, Varet, Marcus & Fink, Los Angeles, CA, for Contitrade Service.

Ronald D. Kent, Sonnenschein, Nath & Rosenthal, Los Angeles, CA, for VMS Realty Partners.

Stephen M. Blitz, Gibson, Dunn & Crutcher, Irvine, CA.

Patrick A. Murphy, Murphy, Weir & Butler, Los Angeles, CA.

Marcy J. Tiffany, Los Angeles, CA, U.S. Trustee.

MEMORANDUM OF OPINION ON MOTION OF DEBTOR TO ASSUME AND ASSIGN NORTHBROOK GROUND LEASE AND MOTION OF LESSOR TO REJECT NORTHBROOK GROUND LEASE

GERALDINE MUND, Bankruptcy Judge.

On October 29, 1992, the Court heard the motion of Property Capital Trust, the Northbrook ground lessor, to reject the ground lease held by VMS National Properties, debtor in this case. Simultaneously, the Court heard the debtor's motion to assume the Northbrook ground lease and to assign...

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