In Re Philadelphia Athletic Club, Inc.

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The facts of this case are briefly: 1 On August 18,1980, Philadelphia Athletic Club,, Inc. (“the debtor”) filed a petition for a reorganization under chapter 11 of the Bankruptcy Code (“the Code”). The debtor remained in possession and continued to manage its main asset: the Philadelphia Athletic Club building at 306 — 20 North Broad Street, Philadelphia, Pennsylvania. On November 5, 1980, the first mortgagee 2 on that property filed a complaint for relief from the automatic stay to permit it to proceed with mortgage foreclosure proceedings. After…