In Re Antilles Yachting, Inc.

FINDINGS AND ORDER

WILLIAM T. HOLMES, Bankruptcy Judge.

On April 11, 1980, Citibank, a secured creditor holding a $106,000 mortgage lien on Debtor’s property, filed a complaint starting an Adversary Proceeding to lift the automatic stay made operative by Section 362 of the Bankruptcy Reform Act (11 U.S.C. § 362).

The original petition for reorganization was filed February 25, 1980 stating that Debtor intends to file a plan under Chapter 11 of the Code.

The late filed schedules and statements of affairs shows Debtor operates a shipyard on St. Thomas. In addition to Citibank’s first mortgage, there…