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IN RE CROTON RIVER CLUB, INC.

No. 93 Civ. 2451 (GLG).

162 B.R. 648 (1993)

In re CROTON RIVER CLUB, INC., Debtor.

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

October 22, 1993.

Attorney(s) appearing for the Case

Barbara Balaber-Strauss, White Plains, NY, Chapter 7 Trustee, for appellees.

Shea & Gould by Joseph Ferraro and Joseph M. Vann, New York City, for appellants Half Moon Bay Homeowners Association, Inc., Steven Blust, David Cohen, Mable Fischella, Stanley Teller, Brian Trainor, Andre VanSchaffen and Ed Zafrewski.

Pryor, Cashman, Sherman & Flynn by Joseph Z. Epstein, New York City, for appellant FDIC.

MEMORANDUM DECISION

GOETTEL, District Judge.

This bankruptcy appeal arises from an adversary proceeding brought by debtor-appellee Croton River Club, Inc. ("CRC") seeking a declaratory judgment that the amount it was allocated to pay by appellants, Half Moon Bay Homeowners Association and its Board members, was invalid and improperly set.

I. FACTS

CRC was the sponsor and developer of Half Moon Bay, a multi-use condominium development...

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