City of Martinsville v. Tultex Corp. (In Re Tultex Corp.)

MEMORANDUM OPINION

WILLIAM E. ANDERSON, Bankruptcy Judge.

This matter came upon the Motion by the City of Martinsville, Virginia (“the City”) for Relief from the Automatic Stay and upon the Motion to Prohibit the Sale of Property. Oral argument was heard on May 3, 2000. The parties submitted several briefs to the Court in support of their respective positions.

This Court has jurisdiction pursuant to 28 U.S.C. § 1334. This is a core proceeding under 28 U.S.C. §§ 157(b)(2)(G), 157(b)(2)(N).

Facts

Tultex Corporation (“Tultex”) is a Virginia corporation whose principal place of business is in…