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IN RE 139-141 OWNERS CORP.

No. 03-B-22868 (ASH).

306 B.R. 763 (2004)

In re 139-141 OWNERS CORP., Debtor.

United States Bankruptcy Court, S.D. New York.

February 3, 2004.

Attorney(s) appearing for the Case

Rattet, Pasternak & Gordon Oliver, LLP, By Jonathan S. Pasternak, Harrison, NY, for Debtor.

Backenroth, Frankel & Krinsky, LLP, By Mark A. Frankel, New York City, for Debtor.

Neubert, Pepe & Monteith, P.C., By Douglas S. Skalka, New Haven, CT, for Creditor, Development Strategies, Inc.

Robinowitz, Cohlan, Dubow & Doherty LLP, By Richard M. Cohlan, White Plains, NY, for Creditor, Golden Age Mortgage Corporation.

DECISION ON OVERSECURED CREDITOR'S RIGHT TO DEFAULT INTEREST

ADLAI S. HARDIN, JR., Bankruptcy Judge.

The main issue in this contested matter is whether an oversecured creditor may be deprived of a contract right to a default rate of interest under 11 U.S.C. § 1124(2) for the sole benefit of the debtor, where the mortgaged property has been sold for an amount sufficient to pay all unsecured creditors in full with statutory interest. As a matter...

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