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IN RE EMBASSY PROPERTIES NORTH, LTD. PARTNERSHIP

Bankruptcy No. 93-22037-11.

196 B.R. 172 (1996)

In re EMBASSY PROPERTIES NORTH, LIMITED PARTNERSHIP, Debtor.

United States Bankruptcy Court, D. Kansas.

May 24, 1996.

Attorney(s) appearing for the Case

Jonathan A. Margolies of McDowell, Rice & Smith, P.C., Kansas City, Missouri, for Debtor.

Betsy Morgan Garvin of Watson & Marshall L.C., Kansas City, Missouri, for College Life Insurance Company of America.

Cynthia L. Reams of Weisenfels & Vaughn, Kansas City, Missouri, for Farmers New World Life Insurance Company.

Fran A. Suarez, Prairie Village, Kansas, for the Resolution Trust Corporation, as Receiver for Blue Valley Federal Savings & Loan Association.

MEMORANDUM OPINION1

JOHN T. FLANNAGAN, Bankruptcy Judge.

By filing for Chapter 11 relief, Embassy Properties North, Limited Partnership, has prevented College Life Insurance Company of America from foreclosing on a mortgage and rent assignment it holds on Frolics Plaza Shopping Center. Rents in excess of those paid to operate Frolics Plaza have accumulated in a segregated account under an agreement of the parties...

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