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IN RE 680 FIFTH AVE. ASSOCIATES

Bankruptcy Nos. 92-B-44734, 92-B-44735, Adv. No. 92-1032A.

156 B.R. 726 (1993)

In re 680 FIFTH AVENUE ASSOCIATES, Debtor. In re 54TH AND FIFTH LAND PARTNERS, Debtor. 680 FIFTH AVENUE ASSOCIATES, 54th and Fifth Land Partners, Plaintiffs, v. The MUTUAL BENEFIT LIFE INSURANCE COMPANY IN REHABILITATION, Defendant.

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

June 17, 1993.

Attorney(s) appearing for the Case

M. Muschel and J. Levitan, of Proskauer Rose Goetz & Mendelsohn, New York City, for 680 Fifth Avenue Associates ("680 Associates") and 54th and Fifth Land Partners ("Land Partners").

E.D. Robertson and R. Loughrey, of Cadwalader, Wickersham & Taft, New York City, for The Mutual Ben. Life Ins. Co. in Rehabilitation ("MBLI").

D. Costa, of Berlack Israels & Liberman, New York City, for the Creditors Committee.

MEMORANDUM OF DECISION ON MOTIONS FOR SUMMARY JUDGMENT UNDER 11 U.S.C. § 1111(b)

FRANCIS G. CONRAD, Bankruptcy Judge.*

This declaratory judgment proceeding1 is before us on cross motions for summary judgment and for judgment on the pleadings. 680 Associates seeks a declaration that MBLI's allowable secured claim is limited to the value of the land and building located at 680 Fifth...

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