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MATTER OF HOLLY'S, INC.

Bankruptcy Nos. GG91-84931, GG91-85811, Motion No. 91-861 R.

140 B.R. 643 (1992)

In the Matter of HOLLY'S, INC., d/b/a Holly's Landing, Holly's Bistro, Holly's By Golly!, Grazin' in the Brass, Holiday Inn Expressway, Holiday Inn West, Holiday Inn-Grand Rapids South, Holiday Inn-Grand Rapids North, Holly's Holiday Lanes, Holiday Inn-Grand Rapids East, Econolodge-Grand Rapids, Econolodge-Muskegon, Meadowwood Country Club, Nob Hill Bakery, Division Laundry, Holly's Back Door Bar & Grill, Escapades, and formerly d/b/a Holly's Hotel, J.C. Grundy, Shade Tree, Cafe Amolfi, Holly's Commissary, Holly's Steak & 4, Marriott Hotel, Holly's At The Inn, Holly's Suburban, Ristorante Holly's, Rodeway Inn-Grand Rapids, Debtors. The SUMITOMO TRUST & BANKING CO., LTD., LOS ANGELES AGENCY, Movant, v. HOLLY'S, INC., Debtor-in-Possession, Respondent. In the Matter of GRAND RAPIDS HOTEL LIMITED PARTNERSHIP, d/b/a Holiday Inn Crowne Plaza, Debtor. The SUMITOMO TRUST & BANKING CO., LTD., LOS ANGELES AGENCY, Movant, v. GRAND RAPIDS HOTEL LIMITED PARTNERSHIP, d/b/a Holiday Inn Crowne Plaza, Debtor-in-Possession, Respondent.

United States Bankruptcy Court, W.D. Michigan.

April 28, 1992.

Attorney(s) appearing for the Case

Jeffrey R. Hughes, Grand Rapids, Mich., for Holly's, Inc.

Harold E. Nelson, Grand Rapids, Mich., for Grand Rapids Hotel Ltd. Partnership, d/b/a Holiday Inn Crowne Plaza.

Patrick E. Mears, Grand Rapids, Mich., Jeffrey R. Hudson, Los Angeles, Cal., Bruce Ortwine, New York City, and Robert Nelson, for Sumitomo Trust & Banking Co., Ltd., Los Angeles Agency.

Perry Pastula, Wyoming, Mich., for the creditors' committee of Holly's, Inc.

OPINION

JAMES D. GREGG, Bankruptcy Judge.

I. ISSUES

The two chapter 11 debtors entered into a prepetition hotel management agreement which has not yet been assumed or rejected. The management agreement provides that all management fees earned by the debtor which manages the hotel shall be subordinated to a bank in the event the debtor which owns the hotel is in default on its obligations to the bank. Is the management agreement, and the asserted...

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