Kingsail Corp. of Marathon v. Sombrero Reef Club, Inc. (In Re Sombrero Reef Club, Inc.)

FINDINGS AND CONCLUSIONS

JOSEPH A. GASSEN, Bankruptcy Judge.

In this adversary proceeding the plaintiff is the holder of the third mortgage on real property owned by the defendant-debtor, a marina-resort motel in Marathon on the Florida keys which is the sole substantial asset of the debtor. Plaintiff seeks to have the court modify the automatic stay by permitting it to complete the foreclosure action in the State of Florida court in which a final judgment of foreclosure had been entered and in which a foreclosure sale was pending at the time the defendant-debtor filed its petition under…