First Agricultural Bank v. Bianco (In Re Bianco)

MEMORANDUM AND ORDER

PAUL W. GLENNAN, Bankruptcy Judge.

On January 7, 1980, the debtors filed their petition for an arrangement under Chapter 11 of the Bankruptcy Code. They are primarily engaged in the real estate business in and around North Adams, Massachusetts.

On March 14,1980, the First Agricultural Bank filed a complaint to modify the automatic stay provisions of § 362 of the Bankruptcy Code or alternatively to dismiss the case. They averred that there is no equity in the property, that there are substantial tax arrearages due and that the debtors are unable to offer a viable plan of…