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IN RE CARMANIA CORP. N.V.

Bankruptcy No. 91-B-12048 (CB).

156 B.R. 119 (1993)

In re CARMANIA CORP. N.V., Debtor.

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

April 8, 1993.

Attorney(s) appearing for the Case

Edward J. Shapiro, Bradford F. Englander, Martin W. Flics, Amy E. Chambers, and Alan Bushlow, of Latham & Watkins, New York City, for Carmania Corp. N.V. ("Debtor").

Adam B. Gilbert, Jonathan D. Kantor, and Eric P. Wainer, of Shea & Gould, New York City, for creditor ABN AMRO Bank N.V. ("Bank").

Jennifer Boylan, Thomas B. Kinzler, of Kelley Drye & Warren, New York City, for Victor Shafferman and Drummond & Hill.

MEMORANDUM OF DECISION ON DETERMINATION OF VALUE OF 15 WEST 47TH STREET

CORNELIUS BLACKSHEAR, Bankruptcy Judge.

The future course of these proceedings hinges on the value of 15 West 47th Street, Debtor's primary asset. Value is at issue in Bank's pending motions for relief from the automatic stay, for dismissal of the Chapter 11 case, and for appointment of a trustee. If Debtor survives Bank's motions, the valuation question will be a central issue in consideration...

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