Penn-Florida Hotels Corp. v. Atlantic National Bank

These suits were instituted on March 7, 1932, and Receivers were appointed in all three cases. Involved in the litigation were three mortgaged hotels, Miami Colonial, Colonial Towers and Venetian, subject to an aggregate bonded indebtedness of .$1,000,000.00 and appraised at approximately $600,000.00 in aggregate value. The Receivers continued to operate the hotels' with a resultant profit of approximately $40,000.00 for the time beginning with their appointment on March 7, 1932, and extending until October 1, 1934, a period of more than two and one-half years. The suits were brought by…