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IN RE FORD PRODUCTS CORP.

Bankruptcy No. 92-B-20622 (HS), Adv. No. 93-5255A.

159 B.R. 693 (1993)

In re FORD PRODUCTS CORPORATION, Debtor. FORD PRODUCTS CORPORATION and the Official Committee of Unsecured Creditors of Ford Products Corporation, Plaintiffs, v. The BANK OF NEW YORK, Defendant.

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

October 15, 1993.

Attorney(s) appearing for the Case

LeBoeuf, Lamb, Leiby & Macrae, New York City, for debtor.

Michael R. Gottlieb, Middletown, NY, for defendant.

Robinson, Brog, Leinwand, Genovese & Gluck, P.C., New York City, for Official Committee of Unsecured Creditors.

Hochfelder & Weininger, White Plains, NY, for F.D.I.C.

DECISION ON SECURED CREDITORS' OBJECTION TO CONFIRMATION OF CHAPTER 11 PLAN

HOWARD SCHWARTZBERG, Bankruptcy Judge.

Two secured claimants, the Federal Deposit Insurance Corporation ("FDIC") and the Bank of New York ("BNY") have objected to confirmation of the Chapter 11 petition of reorganization proposed by the debtor, Ford Products Corporation. FDIC, as receiver of Dollar Dry Dock Savings Bank holds a first mortgage against the debtor's warehouse property...

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