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IN RE GRAND TRAVERSE DEVELOPMENT CO. LTD. PARTNERSHIP

Bankruptcy Nos. ST92-83818, to ST92-83820, Adv. Nos. 92-8348, 92-8585.

150 B.R. 176 (1993)

In re GRAND TRAVERSE DEVELOPMENT COMPANY LIMITED PARTNERSHIP, Debtor. In re GRAND TRAVERSE DEVELOPMENT COMPANY, INC., Debtor. In re GRAND TRAVERSE CONDOMINIUM DEVELOPERS, INC., Debtor. GRAND TRAVERSE DEVELOPMENT COMPANY LIMITED PARTNERSHIP, Grand Traverse Development Company, Inc., and Grand Traverse Condominium Developers, Inc., Plaintiffs, v. BOARD OF TRUSTEES OF the GENERAL RETIREMENT SYSTEM OF the CITY OF DETROIT, GRS Grand Hotel Corp., and Grand Traverse Holding Co., Defendants. COMMITTEE OF UNSECURED CREDITORS, Plaintiff, v. BOARD OF TRUSTEES OF the GENERAL RETIREMENT SYSTEM OF the CITY OF DETROIT, GRS Grand Hotel Corp., and Grand Traverse Development Co., Inc., Defendants.

United States Bankruptcy Court, W.D. Michigan, N.D.

February 8, 1993.

Attorney(s) appearing for the Case

Schafer & Weiner, P.C. (Daniel J. Weiner, argued) Birmingham, MI, for debtors Grand Traverse Development Co. Ltd. Partnership, Grand Traverse Development Co., Inc., and Grand Traverse Condominium Developers, Inc.

Clark, Klein & Beaumont (Michael S. Khoury, argued) Detroit, MI, for Board of Trustees of General Retirement System of City of Detroit and GRS Grand Hotel Corp.

Wallace H. Tuttle, Traverse City, MI, for Unsecured Creditors Committee.

Dean Rietberg, U.S. Trustee.

OPINION REGARDING LIFT OF THE AUTOMATIC STAY, DENIAL OF CONFIRMATION, AND REMAND OF ADVERSARY PROCEEDING

JO ANN C. STEVENSON, Bankruptcy Judge.

I. FACTUAL BACKGROUND.

Having reached the watershed point in this joint lift of stay/confirmation hearing, the historical background of this dispute bears repeating. The principal players in this Chapter 11 consist of undersecured creditor General Retirement System of the City of Detroit ("Retirement System...

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