Chatham-Phenix National Bank & Trust Co. v. Hotel Park-Central, Inc.

The plaintiff in these two foreclosure actions applies for the appointment of a receiver. The two mortgages which are being foreclosed cover the premises known as the Park-Central Hotel, at Fifty sixth street and Seventh avenue, Manhattan. The basis for the foreclosure is not contested; a default has occurred. However, bondholders’ committees, representing $5,000,000 out of a total of $8,220,000 of first mortgage bonds and first mortgage bond certificates, issued under the mortgages, earnestly and vigorously oppose receivership as unnecessary and detrimental to the best interest of those…