IN RE WASHINGTON ASSOCIATES

CV 92-3027 (RJD).

147 B.R. 827 (1992)

In re WASHINGTON ASSOCIATES, Debtor. 266 WASHINGTON ASSOCIATES, and H.P.H. Development Co., Appellants, v. CITIBANK, N.A., Appellee.

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

December 10, 1992.


Attorney(s) appearing for the Case

Harvey Greenbaum, New York City, for appellant-debtor 266 Washington Associates.

Michael V. Blumenthal and Bruce J. Zabarauskas, Haythe & Curley, New York City, for appellant H.P.H. Development Co.

Stephen L. Ratner and Shalom Jacob, Rosenman & Colin, New York City, for appellee Citibank, N.A.


MEMORANDUM AND ORDER

DEARIE, District Judge.

This bankruptcy appeal involves a debtor whose single asset is a multifamily rental property and a lender with a multimillion dollar secured interest in that property. In pursuing its Chapter 11 petition, the debtor, 266 Washington Associates (the "Debtor" or "266 WA") proposed a "cramdown" plan of reorganization, hoping to retain possession and full control of the property. The secured creditor, appellee Citibank...

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