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IN RE PLAINVIEW RLTY., INC.

Bankruptcy No. 77B1542.

1 B.R. 759 (1980)

In re PLAINVIEW REALTY, INC., Debtor. Ronald LIPSHIE, Trustee, Plainview Realty, Inc., Plaintiff, v. NATIONAL BANK OF NORTH AMERICA, Aberdeen Heating & Air Conditioning Corp., A.F.V. Aluminum Company Inc., K-D Frame and Door Corp., Economy Decorating Corporation, New York State Dept. of Taxation and Finance and Hon. Harold W. McConnell, Nassau County Clerk, Defendants.

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

January 10, 1980.

Attorney(s) appearing for the Case

Ronald Lipshie, trustee, Bay Shore, N.Y., for plaintiff.

Cole & Dietz, New York City, for N.B.N.A.

Julius Schatz, Seaford, N.Y., for Economy Decorating Corp.

Nicholas S. Carlisi, Island Park, N.Y., for A.F.V. Aluminum Co.

Semon & Braverman, Jericho, N.Y., for Aberdeen Heating & Air Conditioning.

C. ALBERT PARENTE, Bankruptcy Judge.

The issue presented calls for a definitive and dispositive determination of the litigants' rights, if any, to the proceeds derived from the sale of the debtor's real property.

A synoptic review of the salient and uncontroverted facts follows.

Plainview Realty, Inc. (hereafter, plaintiff) on June 16, 1977 filed a Chapter XI petition seeking an arrangement with its unsecured creditors. Thereafter, plaintiff commenced...

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