In Re Colonial Daytona Ltd. Partnership

MEMORANDUM OF OPINION ON MOTION TO DISMISS FOR “CAUSE”

ALEXANDER L. PASKAY, Chief Judge.

THIS IS another all-too-familiar recurring scenario which involves Colonial Day-tona Limited Partnership (Debtor), a limited partnership with one single asset, as usual an apartment house complex already involved in foreclosure. In the present instance, the challenge of the Debtor’s right to seek and ultimately obtain the benefits designed by Congress through Chapter 11 of the Bankruptcy Code, is interposed by the mortgagee, American Savings of Florida, F.S.B. (American Savings). American Savings seeks a…