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MATTER OF SCHWAB ADAMS CO.

No. 77 B 225.

463 F.Supp. 8 (1978)

In the Matter of SCHWAB ADAMS COMPANY, a Limited Partnership, Debtor.

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

February 2, 1978.

Attorney(s) appearing for the Case

Elson, Halperin & Mendalis by Joel N. Holstein, New York City, for Debtor.

White & Case, by John Provine, New York City, for Prudential Ins. Co. of America.

Weil, Gotshal & Manges, by Judith Garson, New York City, for Reorganization Trustee of Investors Funding Corp., of New York, et al.

Milbank, Tweed, Hadley & McCloy, by David Frauman, New York City, for Chase Manhattan Bank, N. A.

Phillips, Nizer, Benjamin, Krim & Ballon, by Martin Brecker, New York City, for Trustees of C. I. Mortg. Group.

OPINION

ROBERT L. CARTER, District Judge.

Statement of the Facts

The debtor filed a petition in the Bankruptcy Court seeking an arrangement under Chapter XII of the Bankruptcy Act. The debtor was permitted to retain possession of its sole asset, land and an apartment building erected thereon known as Schwab House located at 11 Riverside Drive, New York, New York.

Schwab House is encumbered...

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