Terra Mar Development Corp. v. Terra Mar Associates (In Re Terra Mar Associates)

MEMORANDUM AND ORDER

ROBERT L. KRECHEVSKY, Bankruptcy Judge.

A consolidated preliminary and final hearing held pursuant to § 362(d) of the Bankruptcy Code, has been concluded in this case. The plaintiff, Terra Mar Development Corporation, seeks relief from the stay imposed by 11 U.S.C. § 362(a) for the purpose of continuing a mortgage foreclosure action commenced May 19, 1978, in the Superior Court of the State of Connecticut. 1 Terra Mar Associates (“TMA”) and Dev Enterprises (“DEV”), the defendants and debtors, are two partnerships which filed Chapter 11 petitions on February 1,1980, in this…