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IN RE ILANA REALTY, INC.

No. 91 B 21407, Adv. No. 91 ADV 6200A, Nos. 92 Civ. 6105 (GLG), 92 Civ. 6106 (GLG).

154 B.R. 21 (1993)

In re ILANA REALTY, INC., Debtor. SHORT CLOVE ASSOCIATES, INC., Appellant, v. ILANA REALTY, INC., et al., Appellees.

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

March 15, 1993.

Attorney(s) appearing for the Case

McCarthy, Fingar, Donovan, Drazen & Smith, White Plains, NY (William F. Macreery, Robert M. Redis, Marianne M. Acito, of counsel), for plaintiff Short Clove Associates.

Gerarld Zisholtz, Mineola, NY, Jeffrey L. Sapir. White Plains, NY, for defendant Ilana Realty.

McCullough, Goldberger & Staudt, White Plains, NY, for defendant McCullough, et al.

MEMORANDUM DECISION

GOETTEL, District Judge.

This bankruptcy appeal stems from a real estate transaction in which the appellant Short Clove Associates, Inc. sought to purchase from appellee Ilana Realty, Inc. a property located in Haverstraw, New York. The land to be sold included on it several buildings and improvements. The purchase price was $2.5 million. Short Clove, the buyer, paid into escrow a $125,000 deposit. The closing date was set for 60 days...

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