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IN RE BIRDNECK APARTMENT ASSOCIATES, II, L.P.

Bankruptcy No. 91-23164-T.

156 B.R. 499 (1993)

In re BIRDNECK APARTMENT ASSOCIATES, II, L.P., Debtor.

United States Bankruptcy Court, E.D. Virginia, Norfolk Division.

May 12, 1993.

Attorney(s) appearing for the Case

Frank J. Santoro, Marcus, Santoro & Kozak, Portsmouth, VA, for debtor.

David W. Elmquist, Richard J. Martin, Scott A. Fenske, Bradford F. Englander, Winstead Sechrest & Minick, P.C., Washington, DC, for Potomac Equity Portfolio L.P.

James Thomas Lloyd, Jr., Office of the U.S. Trustee, Norfolk, VA.

MEMORANDUM OPINION

DOUGLAS O. TICE, Jr., Bankruptcy Judge.

This case comes before the court on hearing on confirmation of Birdneck Apartment Associates' ("debtor's") Amended Plan of Reorganization ("plan"). Debtor's sole asset is a 100-unit apartment complex known as Ashley Oaks Apartments. Potomac Equity Portfolio Limited Partnership, L.P. ("Potomac") is secured by a deed of trust on the property and a security interest in all revenues.

Potomac...

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