Rego Crescent Corp. v. Flagship Air Service Transfer, Inc. (In re Rego Crescent Corp.)

MANUEL J. PRICE, Bankruptcy Judge.

This is an adversary proceeding in which the plaintiff, Rego Crescent Corp. (“Rego Crescent,” or “the Debtor”), seeks specific performance of a contract for the sale of land entered into with the defendant, Flagship Air Service Transfer, Inc., (“Flagship”) on October 6, 1980. The defendant has interposed an answer and counterclaim in which it contends that it refused to accept the title to the property which was tendered to it because it was not insurable in accordance with the terms of the contract of sale and demands the return of its $5,000 deposit and the…