Vacatur of the order entered upon appellants' default was properly denied in light of appellants' failure to demonstrate a meritorious defense. Although appellants now contend that they hold valid rent stabilized leases to the apartments at issue, the Bankruptcy Court has previously held that the subject leases are void as fraudulent transfers, and since appellants failed to establish that they were not afforded a full and fair opportunity to litigate the validity of their...
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