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IN RE FIDELITY AMERICA MORTG. CO.

Bankruptcy No. 81-00387G, Adv. No. 81-0512G.

25 B.R. 171 (1982)

In re FIDELITY AMERICA MORTGAGE CO., a Delaware Corporation, Debtor. Irwin ALTER, Alvin Lapidus, P.A. and United Funding Corporation, Plaintiffs, v. FIDELITY AMERICAN MORTGAGE CO., Defendant.

United States Bankruptcy Court, E.D. Pennsylvania.

November 30, 1982.

Attorney(s) appearing for the Case

Lawrence J. Lichtenstein, Sklar, Lichtenstein & Sklar, P.C., Philadelphia, Pa., for plaintiffs, Irving Alter, Alvin Lapidus, P.A. and United Funding Corp.

Charles M. Golden, Daniels, Golden & Saltz, P.C., Philadelphia, Pa., for debtor, Fidelity American Mortg. Co.

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue before us is whether we should grant relief from the automatic stay imposed by section 362(a) of the Bankruptcy Code ("the Code") to permit the lenders to foreclose upon certain real property of the debtor. We conclude that the lenders are entitled to such relief because we find that the debtor lacks equity in the property in question and because the property is not necessary to the debtor's reorganization...

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