In re the Port of New York Authority

In this condemnation proceeding, Adsan Realty Corp., as fee owner, seeks payment to it of an award made for Damage Parcel No. 13. The Mutual Holding Corp. (along with creditors of Mutual claiming derivatively through it) opposed such payment claiming an interest in the award by virtue of an agreement made with Adsan. This agreement provided for the conveyance of the property froih Mutual to Adsan with an option to repurchase within a given time. The option was not exercised. Failing the exercise of the option, the agreement provided that in the event of a sale or condemnation Mutual was *20to…