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IN RE FAY ASSOCIATES LTD. PARTNERSHIP

Bankruptcy No. 98-956.

225 B.R. 1 (1998)

In re FAY ASSOCIATES LIMITED PARTNERSHIP, Debtor.

United States Bankruptcy Court, District of Columbia.

August 15, 1998.

Attorney(s) appearing for the Case

Stephen A. Bogorad, Richard E. Lear, Holland & Knight, LLP, Washington, DC, for Movant.

Judith A. Hoggan, Germantown, MD, Gary A. Rosen, Rockville, MD, for Debtor.

REVISED DECISION REGARDING FANNIE MAE'S MOTION TO DISMISS

S. MARTIN TEEL, Jr., Bankruptcy Judge.

The Federal National Mortgage Association ("Fannie Mae") moved to dismiss this case or alternatively to convert this case to chapter 7. At the hearing on the motion on July 28, 1998, Fannie Mae elected to urge conversion as the best course. Fannie Mae's counsel ably presented its motion, raising numerous troubling issues regarding the debtor's goals and...

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