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IN RE GEORGETOWN BLDG. ASSOCIATES

Bankruptcy No. 97-02262. Adversary No. 98-0086.

240 B.R. 124 (1999)

In re GEORGETOWN BUILDING ASSOCIATES, LIMITED PARTNERSHIP, Debtor. Citicorp Real Estate, Inc., Plaintiff, v. PWA, Inc., et al., Defendants.

United States Bankruptcy Court, District of Columbia.

October 15, 1999.

Attorney(s) appearing for the Case

David F. Williams, Seth Shapiro, Cadwalader, Wickersham & Taft, Washington, DC, for plaintiff.

Janet M. Nesse, Darrell W. Clark, Morrison & Hecker L.L.P., Washington, DC, for debtor.

Steven L. Greenfeld, Gins & Greenfeld P.C., Washington, DC, for PWA, Inc.

John Freeman, Jan Freeman, trustees.

Peter A. Greenburg, Greenburg & Green, P.A., Rockville, MD, for Joseph D. Dreyfuss.

FINDINGS OF FACT AND CONCLUSIONS OF LAW

S. MARTIN TEEL, Jr., Bankruptcy Judge.

This decision holds that two $2,325,000 promissory notes should be classified as equity instead of as debt. The promissory notes were issued by the debtor, Georgetown Building Associates, Limited Partnership ("GBA"), to its controlling partners, Joseph D. Dreyfuss, II, and Joseph R. Schuble, who sold them to defendants PWA, Inc...

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