MEMORANDUM AND ORDER
SEYBERT, District Judge:
Before the Court on appeal from the United States Bankruptcy Court for the Eastern District of New York is a default judgment entered on October 28, 1994 in the amount of $500,000 against West Side Federation for Senior Housing, Inc. ("West Side") and its wholly owned subsidiary, Euclid Hall Housing Development Fund Company, Inc. ("Euclid" and, together with West Side, the "Appellants"). Both organizations...
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